IVA secrets 7 and 8: Never pay the Insolvency Practitioner any money in advance

by admin on 4 March 2008

IVA secret 7:
Never pay the Insolvency Practitioner any money in advance

Insolvency Practitioners are legally obliged not to start charging you until you have actually started your IVA. Make sure you postpone any fee payment until after the creditors meeting.

IVA secret 8:
Get the initial meeting for free.

Most Insolvency
Practitioners will give you an initial free meeting. Ensure that they don’t retrospectively charge you for this by invoicing you after the IVA has been proposed to your creditors. In general you shouldn’t receive any invoices as fees are written into the arrangement.

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