head in sand

[ostrich]

Hello everyone new here. [:D]

Everything came to a head last week and my debts came and bit me on the bum. I enquired about going bankrupt and a company called Swift finance called me to chat through things. I decided to go with an IVA as it would take me a while to get the £1300 fees to gether to go bankrupt.(i have and attachment to earnings that needs stopping so was told another £500 on top of the £700) Anyway it was worked out that i would pay £105 a month for the 60 months. My proposal was drawn up, i still havent recieved it and an appointment is booked for thurs for the proposal to be collected.
For the first few days i heard from someone nearly everyday. I have not heard from anyone now for a few days.

Must be because they have recieved their fee off me lol. Anyway im a bit concerned that my proposal will be refused. Dont ask me why, i just always think the worst and that i can never see an end to all this. I just want to get the paperwork, read it through and then get the meeting overwith and get it going so i know what my fate will be for the next 5 years.

Sorry this is such a long post but ive been reading this forum for the last week and only just had the guts to post here tonight. I hope my paperwork turns up tomorrow. [:(!]

[luluj]

Welcome to the forum. My best advice would be to tell Swift you have not received the paperwork and that until you do can they cancel the collection until after Easter.
In the mean time identify a couple of other IVA providers and have conversations with them to see if the advice given is similar. Taking time now to decide who will become yiur best friend for the next 5-6 years is vital and you should not be rushed into signing Swift paperwork until you are sure.

[lifenoteasy]

Swift has cropped up here a number of times - check to see if they are actually handling the IVA or acting as an "introducer" - if the latter anything you have paid may just be their fees.

[Foggy]

Personally I would not go with a firm which charges fees up front. Most firms work on a "no win (accepted IVA), no fee" basis, which means they have something to lose if they don't do the work !

[Michael Peoples]

It is not necessary to pay upfront fees as most firms do not charge one. However now that you have it may be difficult to get it back unless there is a cooling off period. It would do no harm to get a second opinion from an insolvency firm or even a bank funded charity to make sure your advice is correct.

I am confused about the additional £500 to be paid in bankruptcy because of the attachment of earnings [AEO]. The AEO automatically ceases when the bankruptcy order is granted so the standard bankruptcy fees are all that you would need. Go back to these people and seek clarification of this extra cost and see if they will explain it in writing.

[longslog101]

Ostrich,

I would suggest do not go any further, don't depart with any money. A reputable firm will not charge you anything upfront, I wholeheartedly agree with getting a few other opinions. I have used McCambridge Duffy (firm Michael above is part of) and found them to be very professional,.

There are other providers too., get lots of advice first, act in haste repent at leisure.

Glad you posted here, before hopefully it's too late and you depart with money you don't need to (or anymore of it).

Distant selling rules means you're entitled to a refund on anything you buy over phone or web. If it wasn't too long ago you can recoup any money paid using these rules.

http://www.which.co.uk/consumer-rights/ ... egulations

All I would say personally is if comms is poor from a company at the initial sales stage, it doesn't bode well for subsequent customer services.

The decision you make now could be the best or worse of the next 3-6 years of your life and very much affect them. [:)]