IVA – Avoid Upfront Fees
All IVA providers’ charges but most of them not ask you for any payment before investigating your case details, consulting your lenders and formally committed to provide you an affordable debt solution. Generally they merge their service charge with your monthly loan repayment instalment and make it easier to you. As exception is everywhere, there are some IVAs who, after having a preliminary discussion with you, will ask you to pay some upfront fees so that they can start working on your case. In most of the cases they are agent of some reputed IVA companies.
Most often they bypass the work along with the information they gather from you to any IVA debt management company and basically they will be getting paid twice from you and the concerned IVA. Dealing with these kinds of agents will delay your process and the money you are paying to them could better be used in your IVA payments. Throughout this delay period your lender may get scope to take legal action against you. Most importantly these agents are not as experiences as the IVA insolvency practitioner so far debt management is concern. So it is better to avoid any organisation that asks you for any upfront fees.