Thanks for your comments Melanie.She is intending to go BR using her own funds in October, but it still leaves a bad taste in the mouth.
I'm sure there are other people with similar clauses that we accept as we feel the eventuality of bankruptcy is covered with the fees being saved for you within the payments being made at the start of the IVA. This is misleading and my friend is going to try and get somewhere with the FSA or OFT.Whatever the creditors or IP state, if a financial product has been missold, the IP could be on a very sticky wicket ! They are hiding behing jargon and "professional" double talk to cover up what is clearly a con.The IVA provider is initials WP..and i suggest everyone steer well clear of them in future
I understand your concern - but it does seem like the original proposal clause was overturned by a variation accepted by creditors. The provision to retain monies to fund the cost of bankruptcy is there as a safety net for creditors and not the debtor I am afraid. But do keep us in touch with her progress.
