Invocas in Glasgow & related questions

Sixfoot8

Hi guys, as some of you have been following my story I thought I would update you and ask for more advice. We had our meeting with this firm last Thursday, and all appeared well. The company is called Invocas. They handled the situation professionally and we felt quite relaxed. There were with us for about an hour and a half and answered lots of questions. So far so good.

They ended the meeting by saying that I have to get our property valued by a professional surveyor, and gave me the number to call them today.

Let me give you a brief rundown of our situation. My wife intends on buying my share of the equity so that we do not lose the house. Only I am contemplating bankruptcy, it does not effect her luckily. My business is failing and I have no income as such, but our finances remain separate. I have put every penny and four years into my business and its a sorry state to see it like this but such is life. At least I have a roof over my head!

But back to the plot.. Even though I got two estate agents round (as recommended by them themselves!) I have to use these guys apparently. So I give them a call today and find out they want £350 + VAT for the service! I had no idea they would want payment for this - I was under the impression everything would have been handled by Invocas, the team handling my bankruptcy. Originally I was going to sign the dotted line there and then, and they would have got these guys round and that would have been that - but because I disputed a few things, (obviously had questions) and we wanted to know how much money my wife would need to raise initially in order to protect the house they said they would get them to contact me directly.

Simply put, I don't have the means to pay this, especially with the situation I find myself in. Furthermore I was not made aware of any payment required during our meeting, so I have called Invocas this morning and await a call from the chap handling my case. Apparently he will come back to me later today. But it doesnt stop my brain hurting.. I'm really stressing over this whole affair. I wish it was done and dusted.

This leads me on to a few questions - has anybody dealt with Invocas up here in Scotland? They have a good website, and have a good reputation too from all accounts. But I am concerned about a few things - they say their payment is taken from the equity in our property - and asked me to get the estate agents round in the first place - obviously the higher the value of the property the more money they stand to make, and at the end of the day they are a business in it to make money. So could they have some sway in how the house is valued or am I paranoid? Our house is worth about £260k and the higher the equity the higher the amount my wife needs to borrow!

Thanks for any advice!

rog2

With charges like that, no wonder they can afford to 'look professional'.
My advice is short and simple. Do NOT sign anything before you have spoken to one of the Debt Counselling Services.If you are in Scotland? Scottish Debtline is the Scottish arm of CCCS and can be found at http://www.scottishdebtline.co.uk

fermi

Yep. Please contact scottishdebtline (as rog2 says) or:

• [SIZE=-1] Your local CAB Office and ask to speak to a 'money advisor'.[/SIZE]
• [SIZE=-1]National Debtline - Tel: 0808 808 4000 [/SIZE]
• [SIZE=-1]Payplan - Tel: 0800 917 7823.[/SIZE]

There is absolutely no need to pay a third party a fortune to deal with your bankruptcy. You will be pouring money down the drain.

Just like the 'Official Receiver' in England the 'Accountant in Bankruptcy' (AIB) in Scotland is paid by the state to administer your bankruptcy or appoint a trustee to do so. Should a third party need to become involved, to sort out the legal aspect of 'beneficial interest' for example, they can organise this at the lowest possible cost to you or recommend who to go to.[SIZE=-1]

[/SIZE]

hunny

Hi

I am with Invocas in Edinburgh they are dealing with my Trust Deed and they have been brillaint I have had no problems at all. I realise I have different circumstances to yourself as I do not own my own home, I do however own a car which I have been luck to have been allowed to keep.

I hope you manage to get things sorted out

Hunny