iva debtline, are they trying to scam us ?

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addbridge

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Post by addbridge » Wed Sep 22, 2010 6:58 pm
Hi just wondered if anyone new anything about iva debtline as i have had a mailshot from them claiming that most people should not be in an iva but need to go bankrupt. I phoned them as curious and they claim that you should pay them to do the legal work and that we would be better off bankrupt. As anyone else had dealings or spoken with these people and are they trying to scam us
BABYCATCHER
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 7:07 pm
Ignore them totally. They are trying to get you to pay them money to do something you can do yourself if needs be.

Are you having trouble with your IVA? If so then speak to your IP otherwise continue on with it.

They are ambulance chasers and should be banned!
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
 
 

MRBLUESKY

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Post by MRBLUESKY » Wed Sep 22, 2010 7:07 pm
it isnt straight forward but you can declare yourself bankrupt for aprox £600 so i would ignore them.
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 7:08 pm
They trawl the Insolvency Register and send out the same letters to everyone.
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
 
 

addbridge

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Post by addbridge » Wed Sep 22, 2010 8:51 pm
Thanks everyone just confirmed what i felt to be the case. Such a disgrace that people can try to make money off the back of peoples who are having hard times should be banned
BABYCATCHER
 
 

Shining

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Post by Shining » Wed Sep 22, 2010 8:56 pm
Like other posters they really do annoy me and I always write to them, I do realise other people can't be bothered or just don't bother, but I always demand an apology and an assurance no other mail will be sent to my house as I'm a member of MPS etc., etc., and to date have always recevied a reply and a reassurance and no other letters sent. But....that's just me and never give in. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 9:10 pm
I just bin the letters - they're not worth the paper they are written on.

Unfortunately there are far too many people who receive these letters, who've not found us to be told that they are purely out for what they can get.
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
 
 

Shining

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Post by Shining » Wed Sep 22, 2010 9:16 pm
I agree they're not but it's part of my OCD, I need it sorted for me and until I get the reply I will badger them x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

openmind

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Post by openmind » Thu Sep 23, 2010 4:20 pm
Lets not be too precious here folks. Not all IVAs ARE appropriate. As a mortgage broker of 27 years I've seen a few, as I was asked to remortgage for equity clause on many occasions. Now of course that can't be done, 82% of uk mortgages comes from 5 lenders. We used to have over 300 lender pre crunch. All lenders consider ivas as bankrupt. Fact, ask them!.
Now I've seen a few IVAs swhere bankruptcy would have been a better option, see it with a calculator and not emotion. You see iva companies warn of the 'consequencies and stigma of Br ' in fairness as you no longer go in the paper and the 'consequencies are identical. why go in a 6 year plan if you don't have to? Having said that IVAs are great for most people if properly advised. I had a client who had lost his income and had no equity , he answered a lot of these flyers and he told me the people at this debtline place were very very good ,not pushy and made it very clear that he could do all of the work himself.At the end of the day most IVA companies use the same mailing method so what's the difference, they buy mailing lists of people in financial trouble! Bankruptcy is not about just filling in forms. Think that in peril, if you have possessions and income ,cars buy to let properties it's very complicated and needs experts and experts don't work for free. So if you do your own tax don't complain if you paid too muchh, pay an accountant and you pay less!All advice should be free but action costs, end of. Debt is the enemy after all.And by the way does your IVA company charge fees?
 
 

Adam Davies

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Post by Adam Davies » Thu Sep 23, 2010 4:29 pm
Hi
A very well balanced post from openmind
There are or have been some bad "selling" of IVAs and there is also a market for bankruptcy assist companies.
Would be good if they could work together
Regards
Andam Davies
 
 

Michael Peoples

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Post by Michael Peoples » Thu Sep 23, 2010 4:44 pm
While I accept that many people would be much better off bankrupt than in an IVA, I do not accept a pattern of misselling throughout the industry. There are undoubtedly the odd bad apple but overall the insolvency and debt management businesses do a very good job and much better than that offered by the so called 'free' sector.

I have found that the main reason people propose IVAs as opposed to bankruptcy is that they are genuine people who borrowed the money in good faith, and feel an obligation to at least try and repay what they can afford. They know it is not going to be easy but an IVA gives them something to aim for and you can see how many contributors on this site put the number of months remaining beside their names.

All of our clients and I am sure those of all firms are extensively counselled on bankruptcy and many choose that option. What annoys me is that people who then enter an IVA and are delighted to have their proposal approved are targeted by unqualified jackals who attempt to lie and undermine all the good work done.

There is certainly a need for professional bankruptcy assist firms as it can be a complicated and scarey process, but we do not need cowboys trawling the IVA register and sending standard letters to clients when they have no idea of that person's individual circumstances.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

kallis3

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Post by kallis3 » Thu Sep 23, 2010 4:49 pm
There is a market for some bankruptcy assist companies - those who charge minimal fees.

The ones who deserve to be kicked into touch are those who contact people who are in an IVA and charge a lot of money for doing something which may not be necessary.
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
 
 

liamjames

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Post by liamjames » Thu Sep 23, 2010 5:17 pm
As long as the fees for the bankruptcy assistance companies are clearly stated, the customer knows what they are paying for before they receive the service and they are not coerced into receiving the service, I see no issue. Regrettably, these problems have been common throughout the industry.

I welcome the tightening regulation of the debt management industry. We've seen a number of companies get shut down for unethical behaviour recently, and hopefully this is encouraging a number of others to review their processes, change their advertising tactics and ensure that their staff are offering the best possible advice.

Fingers crossed!
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Thu Sep 23, 2010 5:25 pm
I have to disagree Liam!

Some companies don't charge an awful lot, and I have no problem with them, others charge a fortune on top of court fees.

They should not be able to trawl the internet and contact vulnerable people who's IVA may be the best thing for them and they think they are being helped out.

Cold calling and unsolicited mail should not be allowed.
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
 
 

liamjames

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Post by liamjames » Thu Sep 23, 2010 5:34 pm
kallis3 wrote:

They should not be able to trawl the internet and contact vulnerable people who's IVA may be the best thing for them and they think they are being helped out.

Cold calling and unsolicited mail should not be allowed.
I can't see where we disagree Jan!

That's a nasty unethical marketing tactic, and I believe that several of the major culprits have already been shut down. I was talking about the existence of these "bankruptcy assist" companies in the first place, and saying that whilst I agree that they could be useful, it is the horrible advertising, mis-selling and poor advice that I disagree with.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
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