Hello
I have a friend in an iva and she has been approached by a group called consumeraction.org who say she would be better off fileing for bankruptcy and they will assist her. I was just wondering if anyone knows if this it a legit company or another one of those scams where you end up worse off. I have tried googleing it for her but only seem to keep getting their own website. Her computer is not working so I said I would find out what i could. They own their own home although have no equity in it so would they loose this if filed for bankruptcy??? Also they have a large loan secured on their home that wasnt included in their iva...would this have to be included in the bankruptcy?? She seemed to think this comapny were fab but im worried she's going to get herself into more problems.
Thanks in advance
Emma
Tell your friend to ignore this company. They haven't a clue about your friends circumstances, they have just got her name from the insolvency register. They will charge her a lot of money to make her bankrupt.
If her IVA is running ok then she should leave it as it is, otherwise she should approach her own IP to try and sort any problems out.
These companies are ambulance chasers and should be stopped!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There is no way that they could give your friend that kind of advice with such a limited amount of information.
Their website is a horrible example of the kind of marketing that is designed to confuse and cause doubt- I'd stay well away from them and report them to Trading Standards and the OFT.
A number of these companies have been shut down, but unfortunately they keep springing up.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi - your friend is unlikely to be better off in BR and if this letter has piqued her interest she should speak to her own IP.
Off the cuff - her house would be in jeopardy and payments would likely last for three years if she can afford an IVA and finally her credit file will be shot for a further six years.
These companies work by making people feel they are being conned for repaying more in an iva than they would in BR...but this difference is changing as there has been a lot of new guidelines around BR.
thanks very much...I had my doubts as we have been approached by a few of these type of companies that have said they can end our iva eary but this company almost tried to make out they were part of a government scheme which i think sold it to her even more. I dont post very often, but sometimes have a read and this site is invaluable, everyone is always so helpful so thank you all
They're nothing to do with the government and they should not be leading people to think this.
If your friend has a letter from these people, get her to send it to Size5 who posts on here - his details can be found under the Ask a Question section on the forum. His boss likes to take these firms on!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Why would anyone take seriously someone claiming to know about their own personal circumstances, when they cannot possibly have accurate information? I cannot understand how people continue to get hooked into these scams.
Hi
I think the OFT would be interested in this company.
It is just the type of misleading trading name that they are stamping down on. Smacks of the infamous IVA Council trading style
Regards
Unfortunately Mel there are people out there who will believe this and it only takes a few to sign up to them for them to make money.
As always, if it sounds too good to be true, it most probably is.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I send everything from these firms straight to my iva company now-apparently a great number of their clients are being bombarded with these letters and as we are with quite a large company they are looking into this with great interest-hopefully might get a few shut down.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
The thing is when in debt i think its easy to get hooked into any scam that sounds great!! Being in an iva can be very stressful, cause arguements between you and your partner and make you feel like theres no light at the end of the tunnel! I have hit these points a couple of times during the 3 and a half years that we've been in an iva and almost threw the towel in when i felt i just couldnt afford to live! If a company offers you a quicker and easier sounding solution sometimes in times of desperation you want to take them up on that offer!! I know a couple of people that filed for bankruptcy during the time i have been doing my iva, they were discharged within a year and one of them has even been able to get a mortgage for a 3 bedroom house. I can only afford to rent a 2 bedroom house and because of the iva cannot get a mortgage and wont be able to for a long time. I know getting in debt was my fault in the first place but ive learnt my lesson and i do believe im paying for it now! I certainly have nothing to show for the debt i got in and i cartainly dont own my own home so when you see people around you managing this having gone bankrupt and then a company gets in touch offering you this easy solution believe me it is very easy to get sucked in
Hi
I agree, when you are struggling just to make ends meet it can be very tempting to agree to something that seeems so much easier. As I have said before on here there is a place for bankruptcy assist companies, and this is exactly what this company is although they have dressed it up as some kind of public action group,they do however need to be upfront with the pros and cons of bankruptcy and any fees must reflect the amount of work undertaken.
Regards
