TV advert

mariejader

My very good mate is in real trouble, I keep seeing the tv advert about being debt free and the loop hole in legisation that could allow you to write off your debts.

I am sure it's to good to be true but does anyone have any idea's what they are talking about?

Burlesque_Babe

I've seen the advert....can't remember the company, but it mentions IVA's in the small print at the bottom of the screen if that is any help.

tomstickland

Had to happen I suppose. I don't watch daytime TV.

southernscouser

Gizmo is spot on!

I don't know who you are talking about but I wouldn't touch them with a bargepole!

The CCCS are a registered charity, so there only interest is to help you, not to make a profit out of you. They don't charge a penny for their services and are very highly thought of on these boards. In fact I don't think I've heard a bad word about them yet!

mariejader

That's what I had thought I have given her the info on the charity company's but she is to upset to do anything about it, I keep on at her to stop burying her head in the sand, but to be honest it's all starting to make her ill!

What's:-

IVA's in the small print at the bottom of the screen if that is any help.

Xbigman

Insolvency voluntary arrangement.

You agree to pay back a percentage of your debts over (typically) 5 years. A percentage is written off. The majority of your creditors have to agree. This is all done by an insolvency practioner. Basicly they take all your spare income and give it to your creditors for you. Unscrupulous companies can rip you off and put your payments up even if you are struggling. They can also take a % of the equity in any property you own. This is quite restrictive in many ways and is only for those who are in dire need but with a good free income after basic living costs are paid. It is not as drastic as bankruptcy but does not always work, or rather its a case that a lot fail.
Regards



X

micheleen

Debt Free Direct are the main daytime advertiser I see

mariejader

I think that's the one, not seen the ad today

jen_jen_2

individual voluntary arrangement (not insovency)

basically is a formal arrangement with your creditors, go see Citizens advice or ring one of the free advice agencies, if an iva is appropriate they will tell you. its not a legal loophole, is a form of insolvency (as is bankruptcy) do not pay anyone to help you sort out your debts, theyare only making profit from your misfortune, stick to the free agencies.

oh its debt free direct by the way - saw the ad this afternoon with the birds flying free from the cage awww sweet!!

Harassed_2

They're just RIP OFF merchants. I am formulating a complaint to both the ASA (Advertising Standards Authority) and the Office of Fair Trading).

fuzzgun19

I just saw this idvert, and it says 'it wont cost you a penny'