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| djdazla |
Posted - 13 May 2009 : 14:15:11
im in a ive and have been approached by iva watchdog that claim there can make me bankrupt , i do struggle to make the monthly payments , but after reading about this company im concerned its a scam |
| 3 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 13 May 2009 : 15:09:31
I would say avoid them like the plague! They are another incarnation of the IVA Council, who ended up paying damages to Cleardebt last year.
They (and companies like them) trawl the insolvency register and mail shot people on there. They then offer to help with BR at an extortionate fee, whether it's in your interest or not. The IVA Council also used to claim that as people had been 'missold' an IVA they would be able to get their money back as they had several test cases, which as far as I know never saw the light of day.
If you are struggling with your IVA then speak to your IP before doing anything else. You may be able to have your payment varied, but if not and BR is your best option, please don't pay a company like this to do something you can do yourself.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
22 IPA payments made, 14 to go - on the home straight! |
| John |
Posted - 13 May 2009 : 14:51:06
Hi
the approach is likely to be from a company that earns its income from charging fees to take clients through bankruptcy.
I myself work for such a company however we most certainly do not trawl the Insolvency Register trying to persuade those in IVA to declare bankruptcy.
Whilst the offer of assistance may be perfectly legitimate in this respect, and not a scam in itself, the methods this company uses to acquire business is generally frowned upon within the Insolvency industry,and rightly so.
So to answer your question, it probably isn't a scam, and bankruptcy may well be a cheaper option than struggling with payments as you are now. BUT, is bankruptcy right for you?
In bankruptcy payments still have to be made if you have sufficient disposable income and by virtue of your being in an IVA at all this would suggest you could. These repayments last for 3 years so if you are 2 years or more into the IVA then the period of payment will not be reduced and may be increased.
That said there is every chance that the payment itself is more affordable in bankruptcy than in IVA as the expenditure allowances are generally accepted as being more generous AND you will be required to pay between 50% and 70% of your DI, not 100% as in IVA.
John White
England Jackman & Spacey |
| gettingoutofdebt |
Posted - 13 May 2009 : 14:49:53
Definitely sounds like a scam. An IVA can fail but only once you have missed 3 payments. Any creditors should not be contacting you once the IVA has started so forward the details to your IP who will advise you further. |
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