IP going into administration - should I be worried!!?

timberflake

I'm in the process of offering my creditors a F&F settlement so have been in touch with my IP a lot lately.

Yesterday, they rang me to tell me that they are willing to but my offer to creditors, but he also mentioned that the company, Synergi Partners had gone into administration!

Question is, if they go under, what will happen to all the money I've paid + the F&F settlement? Is it safe?

Also, if creditors reject my offer and I have to pay over the remaining term (10 months) and Synergi go under, what will happen then? Surely my IVA can't be failed on the basis of the IP going out of business!!!?

Charco_2

Administration doesn't mean the company vanishes, it means someone (a professional) steps in to realise the assets of the company for the benefit of the creditors... In this case, one of the assets is the book of clients the company already has in debt solutions. I believe someone has come in to purchase Synergi's caseloads, as in, their Work in Progress (WIP) ie You and all the other clients.

You have NOTHING to worry about.

Synergi is part of Relax Group... it's Relax the company as a whole who have gone into Admin, the Synergi IVA part of the group is a profitable wing of the company and I believe has already been taken care of.

However even if the company did vanish, your IVA (and ALL IVAs) are protected by an insurance called Bordereau that is paid on each IVA as part of the set up fee...

Relax and enjoy a cuppa - your IVA is safe!

For further reading,

www.iva.co.uk/forum/topic.asp?whichpage=1.6&TOPIC_ID=26190&#249767

There is already a whole section about it over on this forum and there are even Synergi staff on there answering questions i believe!

timberflake

Charco wrote: »

Administration doesn't mean the company vanishes, it means someone (a professional) steps in to realise the assets of the company for the benefit of the creditors... In this case, one of the assets is the book of clients the company already has in debt solutions. I believe someone has come in to purchase Synergi's caseloads, as in, their Work in Progress (WIP) ie You and all the other clients.

You have NOTHING to worry about.

Synergi is part of Relax Group... it's Relax the company as a whole who have gone into Admin, the Synergi IVA part of the group is a profitable wing of the company and I believe has already been taken care of.

However even if the company did vanish, your IVA (and ALL IVAs) are protected by an insurance called Bordereau that is paid on each IVA as part of the set up fee...

Relax and enjoy a cuppa - your IVA is safe!

For further reading,

www.iva.co.uk/forum/topic.asp?whichpage=1.6&TOPIC_ID=26190&#249767

There is already a whole section about it over on this forum and there are even Synergi staff on there answering questions i believe!

Cheers Charco! They've said they will put the offer you suggested to creditors so fingers crossed it'll be all tied up by the end of Jan!

cheapround

We also have an IVA with Synergi and I only found out about the administration as I received some junk mail from a company offering us more advice and it stated it in their letter! Nice to be told by Synergi!

Tried to call them but no answer, I have read the attached link and it has reassured me, although our review is due in January, I am not sure how this will work or if they try and stitch us up??!!

timberflake

cheapround wrote: »

We also have an IVA with Synergi and I only found out about the administration as I received some junk mail from a company offering us more advice and it stated it in their letter! Nice to be told by Synergi!

Tried to call them but no answer, I have read the attached link and it has reassured me, although our review is due in January, I am not sure how this will work or if they try and stitch us up??!!

How would they try to stitch you up?? Even if they do go under, someone will probably buy their book of business and keep servicing it.

Charco_2

Someone has ALREADY bought their IVA book i believe! There is very little in the way of transition to worry about, your contract (the terms and conditions of your IVA proposal) is still the same.