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?
  • MEM62
    MEM62 Posts: 4,669
    First Anniversary Name Dropper First Post
    edited 17 December 2020 at 3:12PM
    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?    
  • sourcrates
    sourcrates Posts: 28,526
    First Anniversary Name Dropper First Post Photogenic
    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 ?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- The "provit letter" is here-
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