we keep getting letters from companys saying they can get us out of the iva and help repair our credit witin 12 months simple debt soloutions who we are with have told us to ignore these letters as they are trying to get us to go for bankruptcy , is that correct ?
Hi Carole and welcome to the Forum.
It sounds like bankruptcy assist companies who are trying to rip you off. If you are happy with your IVA you should continue on and if there is an issue speak to your IP. Do not be conned by these companies who trawl the IVA register for names and then try and convince the clients that it is a good idea to pay them £1,000 to complete the bankruptcy paperwork. These people are unregulated and unscrupulous so avoid them at all costs.
ok thanks for the advice it is tempting though as we have just had our monthly payment reduced but only at the cost of adding another year onto the agreement so it feels like a good way to solve the debt problem quickly !
If bankruptcy is your best option you can do it yourselves and do not need these type of cowboy outfits to fill out the forms. If you do petition now your credit file will be damaged for the next six years and you may get an income payments order for the next three.
If you are struggling with your IVA and there is a long time left you should consider bankruptcy but discuss this with your IP and do not get ripped off.
I totally agree with Michael. The court fees are £600 and you would have to pay this firm for their 'assistance' and it doesn't come cheap.
Do you have any assets that would be at risk if you did go BR?
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
well we dont know what would be included in "assets"!we think we have some equity in the house though and presume that would be sold as we have a secured loan on it as well as the iva !
I did mean things like a house. Do you have a car worth more than about £2k? If so then that would have to be sold and a cheaper one bought.
If you do want to go BR it is cheaper to do it yourself.
I wouldn't touch any of these companies with a ten foot barge pole.
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
