HI,
I have been contacted by consumeraction.org.uk saying thet I was not avised correctly by another company to proceed with an IVA of which our 1st year has been completed this month without issues, they suggest I should by following a voluntary Bankruptcy for a sum of £1450 instead. I am concerned this is a company wanting money and little else etc,please advise
You'll get a few of these in year 1 and 2. In year 3 they stopped for me. I assume they decide that once you've got that far you are unlikely to take any notice of them so don't bother. Not that I took any notice of them earlier.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Bankruptcy doesn't cost £1,450. I'm assuming that this includes some hefty fees from CA.org.uk.
If they didn't make that clear then the OFT would be interested in a copy of that letter. The trading style alone would be cause for concern as it makes them look official (which they are most definitely not).
Hi David! You're spot on. They are charging a whacking great fee for helping you go BR and the only thing they know about you is that you could be a cash cow for them. The court fees are only about £600 or £650 (I'm sure someone will have the exact figure)so the rest must be their fee. If you are happy in the IVA then carry on and speak to your IP as and when any problems come along.
If they have a freephone number give them a call and ask all your questions. Maybe spend an hour or so before you decide that it is not right for you and I doubt if they will pester you any longer.
ok thanks for the input from everyone, not used your services before so hope this is the correct way to respond, very busy within the hospital so taken a while to reply, I would like to keep the thread going for a while but need to change email addresses to my home one soon, it looks as though from your advice that I keep with the company that I have to say have been very good,
I do have concerns about a pension lump sum which I can take in May but worried that I will lose it, is it better to try and settle the iva with an offer from this income?
Hi again - your pension may be excluded from your IVA in which case it will not be requested by creditors. You'll need to speak to your own IP as pensions are a bit of a grey area (no pun intended)! When you chNge your email you may also think about a different username if this is your real one. x
You could offer to draw down the funds and pay it over as a full and final settlement but this would impact on retirement. It may be worth taking financial advice before you do this and also keep your IP informed of what you are proposing.
I agree with Michael about your pension, get independent advice and speak to your IP as well.
Ignore these letters, they should just be consigned to the shredder.
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
thanks again, have contacted IP about pension and says that the lump sum should be ok but the monthly income from it may be included in the review if I go ahead with it now.
Yes the name was provided by return of email by the forum, will choose another anyway soon
