She didnt go to CCCS

MrsTinks

I know you're trying to be helpful etc and lend her the money - DON'T DON'T DON'T DO IT!
STOP bailing her out! You're not helping her at all you are just aiding her in not having to face the trouble she's in. She got into this and SHE has to get out of it and don't let anyone bully you into lending her any money. Money she will have no legal obligation to pay you back.

I've also never heard of a £1000 fee to protect any equity in the house... you might find some more info on this from the bankruptcy forum though...

Your sister has to wake up and face reality - there is NO quick fix to debt - if there was then there'd be little need for this forum

So STOP bailing her out and instead let her learn from her mistakes. As others have said there is NO guarantee the creditors will accept her IVA proposal - 75% of her creditors have to accept it for it to be formalised. If they don't then she's likely to be put through BK anyway...

milliemonster

Jackie, your sister is wrong about the CCCS, they would not charge her a penny.

You have to now decide where you are going with this, I think your sister is being completely unreasonable with you and her whole attitude towards you lending her this money speaks volumes about her grasp on the dire financial situation she is in.

If you want to keep any credibility with her, you need to stick to your guns and reiterate that you are unwilling to lend her the money until she has spoken to an impartial debt advisor, then leave the ball in her court and wiat until she gets back in touch with you with an update

MrsTinks

OK if you insist on lending her the money then the condition has to be that she goes through the CCCS and take whichever solution THEY deem to be suitable and that you are allowed full access to any advice they give her.

As for the guy not having any reason to give her bad advice... I'm sorry does she live on planet earth????

MrsTinks

milliemonster wrote: »

Jackie, your sister is wrong about the CCCS, they would not charge her a penny.

You have to now decide where you are going with this, I think your sister is being completely unreasonable with you and her whole attitude towards you lending her this money speaks volumes about her grasp on the dire financial situation she is in.

If you want to keep any credibility with her, you need to stick to your guns and reiterate that you are unwilling to lend her the money until she has spoken to an impartial debt advisor, then leave the ball in her court and wiat until she gets back in touch with you with an update

Actually they will if she goes for an IVA... but they will only recommend this if it is the right solution unlike the cowboys that normally "sell" IVA's...

RAS

Hi Jackie

Advice from CCCS is free but if she goes on an IVA, then she has to pay fees (about £5-6000) for the Insolvency Practitioner's fees. She has to pay these who ever she arranges the IVA with.

This is another reason why an IVA/trust deed is such a stupid idea IMO. She could do DMP or go bankrupt without paying those sort of fees. DMPs are free if organised with debt charities. Not sure what the Scotish fees for Bk are but they are less than £500 in England.

I think you need to be with ehr when she speaks to the Money matters person.

Does she realise how hard it is going to be to re-mortgage on an IVA? It is almost easier as a discharged bankrupt.

And do you all realsie that if she goes bankrupt the OR can review and undo any arrangments that she has made to reduce her assets over the previous 5 years. They tend not to go back more than 2-3 years but they can legally do this for 5 years. So there is no guarantee that this supposed fix will work?

milliemonster

MrsTine wrote: »

Actually they will if she goes for an IVA... but they will only recommend this if it is the right solution unlike the cowboys that normally "sell" IVA's...

Sorry Mrs Tine, I meant the CCCS didn't charge for advice/DMP setting up, as far as I was aware, CCCS didnt charge for anything? as they don't set up IVA's they just refer you to an IVA company? maybe I got that wrong

jackie_w

Thanks Millie & Mrs Tine,

Ive phoned the CCCS and explained and the lady I spoke to cant believe that she is rushing into thigs, she also said that they dont charge a penny, she said my sister must be getting mixed up with something else.

Im going to go onto the Bankrupcy board and ask them about this £1000.

Someone asked if she would listen to my mum, well, my mum was with her when this man saw her yesterday, and she also thinks she should go with him, but then, my mum is another one that cant work her money.

And no, I dont think she is living on planet earth either.


Jackie

milliemonster

RAS wrote: »

Hi Jackie

Advice from CCCS is free but if she goes on an IVA, then she has to pay fees (about £5-6000) for the Insolvency Practitioner's fees. She has to pay these who ever she arranges the IVA with.

This is another reason why an IVA/trust deed is such a stupid idea IMO. She could do DMP or go bankrupt without paying those sort of fees. DMPs are free if organised with debt charities. Not sure what the Scotish fees for Bk are but they are less than £500 in England.

I think you need to be with ehr when she speaks to the Money matters person.

Does she realise how hard it is going to be to re-mortgage on an IVA? It is almost easier as a discharged bankrupt.

And do you all realsie that if she goes bankrupt the OR can review and undo any arrangments that she has made to reduce her assets over the previous 5 years. They tend not to go back more than 2-3 years but they can legally do this for 5 years. So there is no guarantee that this supposed fix will work?

So Jackie, is your sister then going to come to you for a further £5-6k to set up the IVA that she will need? as she doesn't have the equity currently to remortgage?

petrafyde

The only problem you'd have with that, is if she just 'said she would' do what you want for that money.

Sorry to sound horrible, but I'd tell her that there's no way you're gonna lend her that money when she can have help for free? I'd write all the details of CCCS, this forum and any other bumph you think she needs and give it to her after you've told her - along with the reassurance that you're there for her but she has to do it the right way - which is your way. That's the condition of your support if you like?

milliemonster

If this guy is coming back on Friday to sign the paperwork with your sister, is there anyway you can be there?, if your sister is determined to go through with this and you are going to lend her this money, then I think you have every right to be there and ask questions yourself