Commercially corrupt bankruptcy advice firm shut down

Options
Charco_2
Charco_2 Posts: 1,677 Forumite
"Between about October 2007 and June 2008 the core business of UKB was generated by leads provided by an organisation called the IVA Council , an unincorporated association which purported to be a voluntary independent body that monitored the insolvency industry.

In reality IVAC was a marketing tool that generated leads for UKB by suggesting to individuals that they had been “mis-sold” an Individual Voluntary Arrangement and they would be better placed financially by petitioning for their own bankruptcy.


The fees, often running into thousands of pounds, bore no correlation to the work undertaken or the extent of the clients’ level of debt. The advice given was often very basic and could easily have been obtained for free.

In some cases the fees charged to clients’ credit cards rolled into the ensuing bankruptcy whilst the amount of fees appeared to equate to the amount of credit still available on their cards. This action meant that, in effect, the clients’ creditors were funding the company’s fees with no prospect of repayment. The investigation also found evidence that some clients allowed the company to maximise the amount of fees charged to their cards, in return for which they were given “cash back”."


I warned more than a few people on here about this, and hope you heeded my advice!
Would you ask the wolves to look after the sheep?
CCCS funded by banks
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 608.9K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards