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Bankruptcy Protection Fund - AVOID!
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LeMans2005
Posts: 7 Forumite
Hi folks. I'm new here, this is my first post. I feel I really need to warn folks about the Bankruptcy Protection Fund (BPF).
Briefly, I was made bankrupt by HMRC last year. In all the bumf I received through the post I was impressed by that from the BPF. [TEXT DELETED] They told me what I would need to do to get the Bankruptcy annulled, so that I could keep my house. I signed-up with them, they then put me in touch with a company, Alpha Mortgages, who [TEXT DELETED] while they sorted-out a remortgage. The rate of interest was hoorendous, but it was only to be for 3 months while they arranged the remortgage. The bridging loan was arranged through a company, Consolidated Finance.
To cut a long story short, [TEXT DELETED], Consolidated Finance waited a further 3 months, then took me to Court to apply for a possession order against my property. By this time the cost of the bridging loan had increased from £5000 to £11000!
[TEXT DELETED] BPF, Alpha Mortgages, and Consolidated Finance are all part of the same group.
Luckily I found a decent mortgage broker, who arranged the remorgage in principal with Halifax. The solicitors for Consolidated appeared in court this morning demanding a possession order. I appeared for myself, told the story to the Judge and asked for the possession hearing to be postponed. The judge read through the paperwork, [TEXT DELETED], ordering a rehearing of the case later in April. He criticised Consolidated Finance for "[TEXT DELETED]", their solicitor arguing with him did not help their case.
[TEXT DELETED]
Briefly, I was made bankrupt by HMRC last year. In all the bumf I received through the post I was impressed by that from the BPF. [TEXT DELETED] They told me what I would need to do to get the Bankruptcy annulled, so that I could keep my house. I signed-up with them, they then put me in touch with a company, Alpha Mortgages, who [TEXT DELETED] while they sorted-out a remortgage. The rate of interest was hoorendous, but it was only to be for 3 months while they arranged the remortgage. The bridging loan was arranged through a company, Consolidated Finance.
To cut a long story short, [TEXT DELETED], Consolidated Finance waited a further 3 months, then took me to Court to apply for a possession order against my property. By this time the cost of the bridging loan had increased from £5000 to £11000!
[TEXT DELETED] BPF, Alpha Mortgages, and Consolidated Finance are all part of the same group.
Luckily I found a decent mortgage broker, who arranged the remorgage in principal with Halifax. The solicitors for Consolidated appeared in court this morning demanding a possession order. I appeared for myself, told the story to the Judge and asked for the possession hearing to be postponed. The judge read through the paperwork, [TEXT DELETED], ordering a rehearing of the case later in April. He criticised Consolidated Finance for "[TEXT DELETED]", their solicitor arguing with him did not help their case.
[TEXT DELETED]
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Comments
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OMG that is really terrible!!The worst cliques are those which consist of one man ~ George Bernard Shaw
Holiday Saving fund 2010 = £25.00
WeightLoss 2010 = +6lbs 
BSC 292
June NSD 11 :TJuly NSD 15:TAugust NSD 14:TSeptember 9:T October 19:jNovember 15/110 -
They send one to all new BRs as they apear on the insolvency website.
Well said dojo
Sizzler:)0 -
I never had one? but I shant take it personal as they sound awful:j0
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oooooo its them again.0
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Have you posted about this before under a differant username LeMans2005?
If not, sadly your not the first:(Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all ………….
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I went bankrupt last Weds - and had the bumf from the Bankruptcy Protection Fund arrive in the post today. They're quick off the mark, I'll give 'em that much.
The leaflet, though, went straight in the bin, which is what I suggest everyone does with it unless they can think of a more productive use for it. (Propping up a wonky table leg, for example!)
Wish they'd sent a reply paid envelope with it. I'd have sent it back to 'em - ideally with a hefty weight attached.0 -
You could always send it back, within some extra weight, and not include a stamp... that way they'd have to pay to recieve it.0
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Hi went BR last thurs and had that pack off BPF yesterday, it went straight in the shredding pile0
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oh no i'm sorry to hear that! i can't believe how bad they are! i got one but ignored it, i had nothing to rescue...0
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According to their September 2008 accounts, they own 100% of Consolidated Finance Brokers Limited. Whilst their ultimate parent company is based in Malta.
Their Sept 2009 accounts are due to be filed by end of June
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