Do take a second opinion from an independent, professional firm as bear in mind that Stepchange are funded by the very creditors to whom you owe money. In addition, they farm out IVAs to other firms so even if it is the right option for you there is a possibility that your IVA could be handled somewhere else. Ask to speak to the IP and get confirmation that your IVA will be dealt with in-house before you commit.
I would suggest a chat with one or two small / medium firms, with a decent IP / client ratio and where you can talk directly to the guy who you are paying if need be. Perversely, in my experience, the firms where you have free access to your IP are those where you rarely actually need to speak to your IP.
Lincolnshire123 wrote:That's great thankyou Michael. I went to step change as I've read online to make sure you use one of charities etc etc. How long does it generally take to get an Iva through? And in regards to my change in job will this be a problem? Many thanks
The so called "charities" are funded by the creditors and are, possibly, somewhat biased in their direction (only my, uninformed, opinion) , which is why the creditors themselves advise going to them (maybe!?).
It usually takes around 8 - 12 weeks, depending upon the speed you can get your details / paperwork to them. Job change shouldn't be a problem -- you can show them your job offer, early payslips, confirming your stated income, which will also be backed up by bank statements --- they may wish to see wage slips monthly, going forward, to establish the pattern --- some firms ask for them anyway as it keeps things on track more efficiently.
The process should take between six and eight weeks depending on the difficulties in the case. It can be quicker and sometimes longer but that would be a reasonable average. If you have a fresh bank account and all your details the process could be as short as three weeks but that is very unusual.
Lincolnshire123 wrote:Thanks michael. I obviously haven't committed to anything with stepchange yet so what would be a typical fee for Iva with an indépendant firm and is the fee only paid if and Iva programme is successfully set up?
As Michael mentioned the charities get the same fee as independant firms --- usually set or amended by the creditors who prefer a percentage based fee (typically 15% of realisations for the Supervisors fee) and a set fee of around £1500 for the Nominees fees ( setting up the IVA). Most firms do not charge anything if the IVA is not agreed. All of these fees come out of your regular monthly payment and are not additional.
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