Bad Advice

I went bankrupt in 2012 after getting professional advice from a company that sent a flyer through my door. I was in a debt management scheme prior to seeking advice but it was clear from the outset that their advisor was  steering me towards going down the bankruptcy route. At the time I had a home and was paying the mortgage but living well beyond my means. Stupidly I took their advice and at the end of it all I lost everything including my home which they had said all along would not happen. Am I too late to make a claim for poor advice as this has bugged me for years and whether or not I could do something about it.


  • First things first, are they still trading?
  • edited 17 December 2020 at 4:12PM
    MEM62MEM62 Forumite
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    edited 17 December 2020 at 4:12PM
    icam0108 said:
    advice from a company that sent a flyer through my door. 

    In terms of reliability that probably come a close second to taking advice from "the guy down the pub".  If the company is still trading and if they are regulated then you should be able to lodge a complaint.  Why, eight years on, do you now think that the advice was flawed?    
  • sourcratessourcrates Forumite
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    Advice from anyone advising a client who owns property, to go bankrupt, should be taken with a pinch of salt.
    One thing I can`t quite get my head around though, what was in it for them ?
    The bankrupcy fee is currently £680, did they charge you more on top of that, what was their angle here ?
    An IVA, I could understand, but bankrupcy ?
    Ex MSE Board Guide.

    More than a third of IVA`s fail....fact.
    Could A Debt Relief Order help you ?
    Never pay a fee for a Debt Management Plan.
    For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
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