Debt Management, an IVA & Freeman Jones

ocelot0411

Charco wrote: »

Ocelot, apologies if anything i said was taken as rude or argumentative, it was not my intention. Let me clarify...

When I said you had made unqualified statements, I did not mean that you as an individual were unqualified to have an opinion. I meant that there were no parameters in your statements - they were very wide sweeping and general! This is the interent, this is a forum and you don't need a university qualification to have an opinion!.

charco for someone who doesn't mean to be rude, you are exceptionally talented at it. I was not inviting you to speculate about the level of my education, I was simply stating that I was not an IFA but your rather rude assumption that I am not educated to university level is noted.

Charco wrote: »

Has Paul Brindley of Midlands Business Recovery done a study of ALL Insolvency Practitioners? ALL Debt Management Companies? Has Paul decided this from his experience within his own company? Is Paul's one in twenty an accurate reflection of the market? Sounds a bit coincidental that it's "one in twenty" doesn't it? Why not 1 in 17, or one in twenty three? Do these figures not make as good a sound-bite for Paul's media statements or online adverts?

I have no idea, why don't you ask him. Whilst you are looking up his contact details you may also wish to note that he does not provide personal insolvency services which rather negates your accusations about his advertising strategy.

Charco wrote: »

DM companies are of course different from IP companies... One is heavily regulated the other is not - YET!?

I find this comment fascinating on many levels. Firstly you state that DM companies are different from IP companies, really? Lets look at a little case study here using our good friends Freeman Jones. Freeman Jones sell both DMPs and IVAs. So what are they in your analysis a DM or an IP company? Lets say for the sake of arguement, that by virtue of the fact that they sell IVAs they are an IP company, which in your own words are 'heavily regulated'. Tell me how does this help the consumer when this IP company sells an entirely unsuitable DMP to a consumer? Which regulatory body does the consumer go to? The IPs licencing body? Well no of course not as an IP had no requirement to be involved in a DMP, so who else then?

Also my understanding of the situation is as follows, the IP as the individual is licenced to practice and therefore regulated by their licencing body. The company they work for and their 'advisors' are not regulated by anybody at all. Unless therefore you were advised by the IP themselves when approaching an 'IP' company you are getting unregulated and quite possibly unqualified advice. This also means that in the event that this advise is bad or incorrect advice, you have no come back through any regulatory body.

Charco wrote: »

You might be right in your assertion that the frontline employees that speak to potential clients are not "qualified" however, they must have some sort of training in their area. .

Well that is a great comfort to us all isn't it? Allow me to use another little case study. You go to a hospital for surgery and are advised that the hospital receptionist, who has had some training in their area, will be performing the operation. Do you go ahead with it? I am guessing not. However the other fundamental point which this analogy raises is that in this case you know that the hospital employee is not suitably qualified by virtue of the fact that their job title is 'receptionist' rather than 'surgeon'. When you approach a DM company or an IP company (I use your own distinction here for ease of reference whilst remaining entirely unconvinced that such a distinction really exists) the person that you are dealing with has the rather ambiguous title of 'advisor'. My own view is that this is, at best, misleading.

Charco wrote: »

As i said DMPs are unregulated but IVAs are heavily regulated, no IP is going to let an untrained employee make comments or offer advice that could eventually result in large fines or restirctions or blemishes on his licence to practice.

Rubbish. It happens every day. IVAs are not regulated at all, the IP (the individual) is. As for the effect this has on an IPs licence when an unqualified employee of the company they work for mis-sells an IVA, remains to be seen.

You stated that you worked for a company which provides IVAs. The fact that you either don't seem to know the above, or if you do, don't want to make this common knowledge, presents my side of the arguement much more effectively than I could ever do myself and for that I thank you.

ocelot0411

alan8817 wrote: »

ocelot0411 - this paragraph has changed my life. After reading this, I realised that this is not the way to go forward and that I had 'other' options.

I cannot thank you enough.

Alan, if I have saved someone the misery that one of these arrangements has caused me then I am delighted. Do explore your other options as your debt problems obviously need addressing and make use of all of the free help and advise that is out there. If you still end up in a DMP / IVA then so be it, but at least you know you did everything possible first. These arrangements are truly the LAST RESORT.

I wish you the very best of luck.