Iva termination

NEWman01

Hi, this is my first time posting so I apologise if it is in the wrong thread. I was wondering if anyone had any advice to a situation I have stupidly found myself in.
Basically my debt was getting out of hand and out of desperation I signed up for an Iva last year. However due to circumstances this is no longer affordable and I believe I meet the criteria for a DRO.( I think I always did) A company got in touch with me via letter and when I contacted them they told me they could help me get out of my iVA and into a DRO. All sounded good until they sent me the below document to sign and I was wondering if anyone has had any experience with this or has any advice on other options?

WHAT WE DO FOR YOU
Our service is designed to assist individuals in gathering and preparing documents relevant to
potential debt solution options based on each client’s circumstances.
We will:
∙ Help you gather your financial documents.
∙ Assist you with compiling your income and expenditure.
∙ Provide administrative support to help you prepare the information that may be
required for a solution.
∙ Keep you updated on the progress of your file.
Important: We do not provide regulated financial advice or make recommendations. If you
are unsure about your options, we strongly recommend you seek guidance from a regulated
debt adviser. Note: We do not assist with discussions or negotiations with DRO providers,
Insolvency Practitioners, or your current IVA company.
WHAT WE NEED FROM YOU
To support you effectively, please provide:
∙ Your IVA proposal
∙ Identification documents.
∙ Proof of address.
∙ Any other relevant documentation that we require to enable us to assist you.
Being open and honest about your situation ensures we can support you effectively.
TOTAL COST
Our service costs £720, payable in 9 monthly instalments of £80. This fee covers document
preparation and administrative support.
Stanmore Oaks Limited 167 – 169 Great Portland street London W1W 5PF
Company number 15651797
Zoho
STANMORE Oaks
Auditors and Investigators
FEE AGREEMENT & TERMS
Scope of Work
We will assist you in preparing relevant documentation for your chosen debt solution. We
will not act as your agent, nor will we contact or correspond with the DRO provider or
insolvency practitioner on your behalf.
Payments
Fees are payable as agreed. Missed payments may result in the suspension or termination of
this agreement.
Refunds
Refunds are not available unless we fail to provide the administrative services agreed.
Disclaimer
We are not regulated by the Financial Conduct Authority and do not provide debt advice.
This agreement does not constitute, nor is it intended to constitute, regulated financial advice.
You are encouraged to seek help from a qualified debt adviser before making any decisions.
YOUR RIGHT TO CANCEL
You have the right to cancel this agreement within 14 days of signing with no penalty.
SIGNATURES
By signing below, you acknowledge that you have read, understood, and agree to the terms
and conditions outlined above.
Client Signature:
Date:
Stanmore Oaks Limited
Stanmore Oaks Limited 167 – 169 Great Portland street London W1W 5PF

fatbelly

Load of sharks.

Free advice here

https://debtcamel.co.uk/end-iva-change-to-dro/

NEWman01

Thank you for that. I’ll take a look

sourcrates

Do not touch them with a barge pole, you don`t need any help to fail an IVA, and application for a DRO is free through a registered intermediary.

These leeches just prey on your perceived vulnerability, and just want your money, they do diddly squat for the fee.

Do not sign anything, do not engage with them further, throw away the paperwork and ignore them.

Fatbelly kindly provides the link you need to free advice on how to get where you want to be (above).

NEWman01

Thank you, i had a feeling it wasn’t quite right as the man I spoke to on the phone seemed to just gloss over my questions. After receiving the document I rang him again to clarify some questions and he finally admitted that they are just a hand holding service and after the Iva fails I would need to apply for aDRO through step change myself. I am just baffled at how they are allowed to charge £720 for a service that in effect does nothing. 

sourcrates

NEWman01 said:

Thank you, i had a feeling it wasn’t quite right as the man I spoke to on the phone seemed to just gloss over my questions. After receiving the document I rang him again to clarify some questions and he finally admitted that they are just a hand holding service and after the Iva fails I would need to apply for aDRO through step change myself. I am just baffled at how they are allowed to charge £720 for a service that in effect does nothing. 

There are always shyster companies looking for a new way to fleece the unwary.

Its like debt management companies that charge to manage a DMP, all they do is pass on your payment to your creditors, a few clicks on a keyboard, and they charge a fortune to do it, something a debt charity or you, can do for free.

Glad you asked for advice and we have been able to guide you.

Good luck with the DRO.

NEWman01

I’m glad I asked too, I really appreciate all yours and fat belly’s advice. 

fatbelly

Stepchange don't do DROs so even that advice was incorrect.

The vast majority are done through the government funded hubs at Citizens Advice and Money Wellness

NEWman01

fatbelly said:

Stepchange don't do DROs so even that advice was incorrect.

The vast majority are done through the government funded hubs at Citizens Advice and Money Wellness

Wow, I’m honestly so glad I checked here before I went ahead with anything. I’ll give citizens advice a call tomorrow to go through my best options with them . 

RAS

So pleased you posted here before paying out to do something that is free.

Even when there was a fee, it was £90 so this company's charge is much higher than ever  required to get a DRO.