please can someone help

[zebbedee]

I have an IVA which i have been paying for 11 months. i am struggling to pay it and am considering bankruptcy as a last resort. I need some solid advice as UK bankruptcy have contacted me telling me i've been "mis-sold" my IVA?? please can someone help. thanks

[Moneystinks]

Hi

Sorry I canot help with your query. There have been a few threads in relation to mis selling but would not want to give you the wrong information. An expert will be along shortly to advise you.

Good luck and welcome.

[zebbedee]

Thanks for the advice so far. UK bankruptcy advised me to STOP PAYING my IVA, pay them £1050 and then forget about the debt!! they will put me forward for bankruptcy and will "hide" my financial details from the court, including the fact that i own my car!! sound advice or a BIG SCAM!!

[Moneystinks]

I think big scam but cannot be totally sure and definately do not want to give you wrong information.

[pixie]

complete scam!! and sounds like fraud too!
As others have said, your first port of call should always be your IP. If you do decide that BR is the way you want to go then you can do this yourself. It might also be worth contacting Paul Johns from Reviva UK who's a BR expert and forum expert.

[Skippy]

Hiding assets from the OR is a definite no. If they find out (and there's a chance they will) you will most likely get a restriction order. I don't know how they plan to hide your car - the DVLA must be informed of any changes of ownership.

Zebbedee, if you are struggling to pay your IVA you would be better speaking to your IP to see if there is anything they can do to help you.

[Adam Davies]

Hi
Quote "UK bankruptcy advised me to STOP PAYING my IVA, pay them £1050 and then forget about the debt!! they will put me forward for bankruptcy and will "hide" my financial details from the court, including the fact that i own my car!! sound advice or a BIG SCAM!!"
It really is about time the OFT and the Goverments Insolvency Services put a stop to this company.It is simply appalling that they can advise to hide assets and other financial details.
It sounds like fraud to me
Regards

[Skippy]

I've just had a look at their website and they claim to be able to instigate 'real debt solutions that work, including exploitable loopholes and constructive lateral thinking within the confines of the current insolvency laws.

Since when has hiding assets and financial details been within the confines of insolvency laws. It seems a good way to get a BRU to me!

[MelanieGiles]

I cannot believe I have just given this outfit a "beneift of the doubt" post on an earlier thread and I am now reading this. Absolutely appalling. Andy do you feel it is worth contacting Toby (who Debbie has given a glowing report about this evening) and seeing if we could arrange to meet with him to discuss these issues on behalf of forum members? Maybe Debbie could assist with this, as I would love to understand where they are coming from.

[Moneystinks]

This goes to show that for people like me this site is invaluable. I would have 3 months ago seriously considered letters from the IVA council and this uk bankruptcy as letters from companies in the know. I would have thought I had made the wrong choices.

Thank you for all the good, reliable and genuine advic and thank god for everyone who posts these threads!

[Soulgrowth]

Mmmmm ... probably a bit of an exageration ... but isn't this what IPs did in the old days ... before IVAs which are a relatively new invention?

Debbie

[MelanieGiles]

We actually also did Deeds of Arrangement Debbie - which have been around since 1914! Those needed 100% acceptance, and were quite rare, but then so was the horrendous mountain of consumer debt which has grown since the 1986 act.

And I also act frequently as Trustee in bankruptcy, and Liquidator and Adminstrator in company insolvency - as do most IPs other than those who work in "IVA factories".

[Soulgrowth]

Considering the rise in personal debt of latter years then Melanie ... do you consider that the role of the IP has changed somewhat with the introduction and popularity of personal IVAs? Has the balance of alleigance to either debtor or creditor changed at all do you think?

Debbie

[MelanieGiles]

Personally I don't think so Debbie - our role is very clear, regardless of the type of insolvency we are administering. And our primary duty of care is to those who appoint us - and that is the creditors.

[Soulgrowth]

That's really interesting Melanie. So how does that work? I assumed that in approaching McCambridge Duffy (which actually of course I didn't ... I was introduced!!) that I was appointing them to act on my behalf ... they approach my creditors on my behalf and so on, and so forth. So at what point does the shift occur that the IP goes from being appointed by the debtor in the instance if an IVA ... to be appointed by the creditors?

Debbie