Someone help me!!!!

mkeane16

Hi, i have just had a call off a company called 'UK Bankruptcy Ltd', apparantly they got my details off the 'IVA Council', to give you a bit of background....

had debts of 22k, single with 4 year old daughter, no assets, renting, working part time 16 hours / tax credits. this time last year, my debts had spiralled out of control, i was trying to get one loan to pay off everything but because i had missed two payments it was difficult, company called 'Freeman Jones' came to the rescue (or so i thought), i had my own personal IP and we came to the conc that an IVA was the best route, i currently pay and have been paying £200 per month for last 10 months with no problems, i understand that i am tied for next 5years paying this and even after completion it will remain on my file for sometime,. everything seemed to go well, until i had a letter from 'The IVA Council' saying that i have been misold my IVA and that i can reclaim back what i have paid etc etc,. i have just come off the phone from 'uk Bankruptcy Ltd' saying that basically my IVA is a form of bankruptcy and will stay on my file for 6 years once completed whereas bankruptcy means that i wont have to pay anymore of my IVA and by applying to court can clear my debts and have bankruptcy wiped off my file in a year from the court date? i really am confused now, i know that Freeman Jones are taking their cut out of what i pay but at least i am trying to clear what i owe? but now this bankruptcy sounds better, this company want a fee of £1050 payable over 5 months? has anyone used this company or can advise if this is the best solution? thanks.

karen

Merlot

Karen, please please do not pay any company.

Please phone the CCCS today and they will advise you, they are a debt charity and they will not charge you any money and there advice will be honest and open.

http://www.cccs.co.uk/

They may even know who Freeman Jones are.

Merlot.x.

saffronflowers

NO DONT DO IT WITH THEM - STOP post up a SOA and contact CCCS or Payplan who will do all this for free.

SFx

sam89

Hi Karen,

The only advice I would give is not to pay any money to anyone to sort out your debts. CCCS, Payplan and National debtline all give free advice and will help you sort this out without it costing you more money.

Take care,
Sam, x.

fermi

The companies are at best a rip-off and at worst an outright scam.

The official government Insolvency Service has a statement about them on their website.

Link: Insolvency Service statement regarding the IVA Council

Plus there is another warning here that is worth reading: The IVA Council - SERIOUS WARNING

Don't touch these people with a 100 mile long barge-pole.:rolleyes:

If you are in any doubt that an IVA was the right choice then contact one of the charitable debt advise agencies listed here:

MSE: Non-profit Debt Counsellors' List

Unlike the 'IVA Council'/'UK Bankruptcy Ltd', they don't stand to make any money out of you.

mkeane16

Wow. didnt realise that they were dodgy as well... thanks for help, suppose i knew something wasnt right hence looking on this site... thing is, i cancelled my direct debit this morn with bank for iva, oops

MissEyre

Have you called CCCS yet? They will be able to advise you about the best move for you-please give them a call, or any of the other free debt charities on the link given above, and they will help you make a plan. Keep posting! xxx

mkeane16

thing is, my IVA is going fine, never missed a paymt, but this guy last night said that my iva is already classed as bankruptcy on my credit file anyhowz, so i am really paying my iva but bankrupt, so wots the point of paying? will call the cccs when i get home from work, ta!

fermi

If needed then the direct debit can be reinstated or an alternate payment method for this month can probably be arranged.

However, you sound unsure whether that IVA was really the best thing for you to do. If that is the case, then as suggested get in touch with one of the charitable advice agencies linked to for some impartial advice on your situation.

Merlot

If you have cancelled you Direct Debit this morning, you should expect phone calls tomorrow, aleast from the IVA company. In the meantime phone the CCCS, they will advise you, and remember if you get shirty phone calls from creditors or your IVA company, you can change your telephone number and ask to be Ex directory, it will save you some hassle.

fermi

mkeane16 wrote: »

will call the cccs when i get home from work, ta!

Good! Given your circumstances you may be better off going bankrupt, or it might be better sticking with the IVA.

The IVA company will want you to stick with it because that makes them money, and the other companies will want you to go bankrupt with their help making them lots of money.

Somewhere like CCCS will help you decide what is actually best for you.

And believe me (I've done it), if going bankrupt is your best option in the end then you don't need to pay any companies fees like that to do it. All the help you need is on the MSE forum here: Bankruptcy & Living With It