bankruptcy

sunsetgal

I am very confused too. Even more so since my daughter has been in the hands of Debt free direct paying at least half her income monthly and living with us as she has no assets and no home since her last job which included accommodation.

She has been contacted by a company called consume action group and tol d that she should go into voluntary bankruptcy and they can help her as she only has to pay a small amount to them for 6 months and then pay for the court fees and that's it. I am very worried as I don't see how this can be the case. My daughter doesn't understand how this all works and is very financially naive. That's how she got in to debt.

The company that contacted her mentioned this website in favourable terms and seemed to imply that they were approved of...! I find it difficult to help my daughter as she is an adult and feels should be coping but when I find her constantly depressed and suicidal I don't know how to help. My husband is retired and I should be but can;t while worrying about her. Is there any likely truth in what this company is saying. We are in a state over this. The TV debt co doesn't seem to be paying the money they take from her to the debtors as they send her statements and they don't show the money has been paid to them....

debtinfo

Hi, first on this site we dont endorse companies that you make payments to up front, it is easily possible to fill in the bankruptcy forms herself for free.

Next try talking to the CAB, national debtline or CCCS as these offer FREE impartial advice.

thirdly you can ask any specific questions here if you open a new thread then you will get a better response

Also welcome

sunsetgal

Thanks will do as you suggest.

fermi

sunsetgal wrote: »

The company that contacted her mentioned this website in favourable terms and seemed to imply that they were approved of...!

:eek::eek::eek::eek:

Approved of? Not on your bloomin life!

As said, all can be done for free with impartial advice.

Take advice from the organisations in my signature, and don't pay these vultures a penny.

sunsetgal

Thanks Fermi I assume that having signed up with the TV DMP she must stay until the 5yrs are done and that the other company that has contacted her are not going to be a helpful outcome.. Daughter believes that they will be the answer as she thinks that she has been told that bankruptcy is best for her. Surely it will cost her to leave one co and go with the other even though they are suggesting bankruptcy in 6months time.... It doesn't make sense to me...especially as she has paid the TV DMP co for over 2yrs..

fermi

It bis possible that going bankrupt would be a better option for her.

However, that advice should come from somewhere that does not have a vested interest in her doing or not doing that.

This 'company' is after their fee, so their advice will be biased towards that. Debt Free Direct makes money from the IVA, so they will be biased towards her continuing with that.

So that is why we say that she needs to take independent and impartial advice.

If, and only if, the best option is to 'chuck in' the IVA and go bankrupt then she goes forward from there.

As said, there is no need to pay this company for this. In fact, it is a pure waste of money.

tigerfeet2006

She doen't have to finish the IVA that she is in. She can stop payments as soon as she likes. This will make the IVA fail and they should send her a letter to say the IVA has failed after some months of not paying, she can then go BR.

Get her to phone someone like National Debtline and go through her options with them. Be aware they are very busy and it may take most of the day to get through, but keep trying.

Any questions you have just ask and someone should be able to answer them.

ETA Fermi got there before me.:)

fiveyearplan

I answered on your other post but agree with everyone above, phone one of the debt charities detailed in Fermi's signature.