feedback invited about IVA Council

[Cybus]

He's better than an IP Cybus - he is a "Chartered Accountant IP"! They seem to think that that variety is the better form! I think that you will find his quote in one of his articles on their forum - unless of course that has been removed as well.

Perhaps there was a time when all you needed to do was collect tokens from a Cornflakes packet and get a free license? Or perhaps they are given as a reward for referrals to the psychiatrists [;)]

[ianmillington]

Given what I was doing over the weekend I suppose that makes me a "Painter and Decorator IP". Still, means I can spot whitewash from miles away!

Ian

[sillymoo]

[:D][:D][:D]

[TheMatrix]

What you are suggesting these people do is default on their arrangements and go bankrupt.

Could I ask who benefits from that? IVA Council by referring the debtor to UK Bankruptcy? What referrral fee do you get?

A big fat wedge of money, they are sharks and in it for themselves, and do not care whose lives they ruin

2 years in to an IVA. He heeds your advice and petitions for his own bankruptcy. A Bankruptcy Order is made. The Trustee is going to contact his Supervisor and ask for some background on his IVA (I explain this for the benfit of others as you no doubt are already aware of the process). The Supervisor is going to advise the Official Reciver that actually up until a point, this particualr debtor had complied with the terms of his arrangement. He was making contributions of �X per month, never missed a one. The Trustee is going to immediately apply for income payments. Those income payments are going to have to be made for 36 months.

So this debtor is still faced with a further three years in contributions, albeit to a Trustee in Bankruptcy. His Credit record is marked for a further six years from the date of the Bankruptcy order. He has had to pay someone for the privilege of filling forms out. Financially, he's worse off, yes?

Precisely my position with 27 payments down, and apparantly I am better off according to them going BR now as I have no assets, and some reason need to see a shrink.

Why would I want an IPO for another 36 months after BR. Yeah right, DONT THINK SO, ID NEED A SHRINK IF I DECIDED TO TAKE THEM UP ON THEIR OFFER. And on top of all that I pay them a fee for all this, when I could petition for BR myself. Cheeky vultures!