Insolvencies down across the board

Depth_Charge

Thrugelmir wrote: »

Increasing numbers of DMP's and arrangements to pay.

Hi

That is what is happening now.

DMPs can be the right solution long term of just as a temporary arrangement however not always.

Creditors not freezing interest and charges.

Creditors and their collection agency buddies making nonsense demands and requests for payments still being practiced.

Things have got better on the DMP front with the introduction of the OFT guidelines and there is also the fee chargers new protocol (try not to laugh at this one) that is coming in.

The trend with DMPs will shift towards self administering in my opinion especially with debt and financial issues coming into mainstream education and with the continued development of IT, this will happen despite the attempts of some to tone the subject down for their own ends too in my opinion.

There was an attempt or 'mooted sound bite' at a formal debt management plan a number of years ago with seminars up and down the country but it never happened with some of the meetings turning into near on slanging matches between some of the reps from the genuine free and the fee charging debt advice sectors (we all love each other really:)

You see the fee chargers have a financial interest so does anybody think they are going to put that at risk, hardly in my opinion, and it is a clear contradiction.

There is talk of resurrecting the issue of a formal Debt Management Plan but to be fair there are many issues that would need agreeing & ironing out if such a scheme would ever realistically be viable (not to mention my comments in the above paragraph)

The formal insolvency solutions are there as remedies to get people out of the misery of unsustainable debt and give them that genuine fresh start.

A genuine fresh start is good for the debtors, confidence, health, relationship and the economy as a whole, thats what is supposed to be all about.

People should not enter any debt solution, formal or informal and still be struggling and in some cases ending up even worsr off that they were at the start.

People have to pay high fees to petition for bankruptcy and I will not even go there with IVAs and there is the fee for DROs too.

The idea is to clear peoples debts and give them a fresh start not as a punishment as some commission & profit minded bodies appear to allude to or to be a continued struggle and misery and perhaps incurring furthe debt.

Debt solutions for some (with this number likely to increase) are in a bit of a mess at the moment.

Remember the Official Receivers & their examiners are not the law and they can, have and are being successfully challenged on a regular basis.

With IVAs - there are no such thing as free ones - all companies charge

Debt Relief Orders are done completely free by many agencies apart from the standard £90 fee - no need to pay anybody for any so called 'preparation work' either.

The key is as always - get full genuine independent impartial advice on all your options, preferably from a genuine free agency who have no financial interest in what route you eventually take.

Having said the above it always has to be personal choice if someone goes to the free or the profit making sectors.

Just make absolutely sure you fully understand the implications, pros & cons both short and long term and dont take too much notice of marketing, commission and sales people along the way, they are probably only in it for the money as we are now clearly seeing more than ever where certain issues are concerned.

The way things are and going then something has to happen if people are to genuinely see the light at the end of the tunnel.

Some of us predicted all this - unfortunately looks like we will be proved right.

Just my take & opinions as always.

Depth_Charge

fermi wrote: »

Will be interesting to see what effect the ending of any early discharges later this year, and the removal of the court from making BR order (just an adjudicator will be needed) in 2014/5, will have.

Hi fermi

It looks like the proposed new B/R procedure that should make it smoother and less stressful to petition for bankruptcy etc MAY not be going down too well with some in the insolvency industry.

I really cant think why:)

Depth_Charge

tigerfeet2006 wrote: »

Well ED's have been as rare as hens teeth anyway for a while so that won't be too much of a problem and The non court adjudicator system should hopefully make life a little easier. I wonder who will do it? Most places like the CAB are over run as it is.

Hi

Its a good question

Im prepared to think about giving it a go, they only have to ask:rotfl:

I should be able to get a reference or two, maybe ask DEMSA or The DRF people for one ??

debt_doctor

Depth_Charge wrote: »

The changes in bankruptcy from a couple of years ago have not helped either.

Bankruptcy is supposed to be available to give people a genuine new start.

Upping payment orders and the treatment of motor vehicles (cars) in bankruptcy makes me wonder what definition of a new start they mean at times.

They can be successfully challenged though but this should not keep having to happen and wastes time and money not to mention the totally unecessary worry, stress and perhaps continued struggle.

The I/S & O/R offices will put themselves out of a job at this rate, talk about backfire.

Depth_Charge wrote: »

A genuine fresh start is good for the debtors, confidence, health, relationship and the economy as a whole, thats what is supposed to be all about.

The idea is to clear peoples debts and give them a fresh start not as a punishment as some commission & profit minded bodies appear to allude to or to be a continued struggle and misery and perhaps incurring furthe debt.

Remember the Official Receivers & their examiners are not the law and they can, have and are being successfully challenged on a regular basis.

Blimey! - Have I become the victim of identity theft?:rotfl:

You sum up my thoughts and actions entirely. In bankruptcy, the Insolvency Service have become no better than the creditors - threats of court action if you don't enter in to one of their illegal IPAs to stop them becoming bankrupt again as they did in 2010!

Keep fighting, Depth Charge!

DD

Depth_Charge

debt_doctor wrote: »

Blimey! - Have I become the victim of identity theft?:rotfl:

You sum up my thoughts and actions entirely. In bankruptcy, the Insolvency Service have become no better than the creditors - threats of court action if you don't enter in to one of their illegal IPAs to stop them becoming bankrupt again as they did in 2010!

Keep fighting, Depth Charge!

DD

Hi

No identity theft my friend, nothing ever changes with me and my colleagues, its the real deal:)

Got to agree with your points.

Jousting with a number of O/R offices and examiners has become part of the bankruptcy advice procedure now for us in all too many cases.

It puts a drain on our time and resources, can prolong the procedure unecessary.

The treatment of motor vehicles is a somewhat contentious area for us at the moment, probably same with you and I think this issue amongst others may be holding some people back on B/R

Info on motor vehicles below for anyone considering bankruptcy

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part2/31-2.htm

What will happen to my car? (MSE)
OR's Case Help manual - Motor Vehicles (March 2007)
What will happen to my motor vehicle (IS factsheet)


IPAs & IPOs we seem to be getting there with our local O/R offices, but on occasions still, maybe not

I personally believe it has gone too far and has to be addressed, people deserve better, its supposed to be a fresh start.

What is right is right in my book, simple as that.

The CABs are supposed to be independent and impartial and thast should mean what it says, O/R or whoever it should make no difference, CABs should not be in anyones pockets either.

Thats what the social policy is all about isnt it, pick and choosing where it applies should not be an option.

Face to face advisers dont always have the luxury of being miles away at the end of the telephone and clients have a habit of coming back in and asking why they are being told something different to the original advice sometimes involving a lot of money and rightly so - they can on occasions be very angry and again rightly so.

There is not really any other option other than to stand and fight otherwise who will take us seriously and the credibility will be in tatters especially when advising on other options and aspects of debt advice.

It is difficult sometimes and getting harder, but if you stick to your guns on a consistant level then nobody can really touch or undermine you, but they will try:)

Useful & interesting links below on I/S complaints & section 303 of the Insolvency Act 1986 -

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/complain.htm

http://www.legislation.gov.uk/ukpga/1986/45/section/303

Best wishes debt doctor and keep up the good work

Just my opinions and take as always