Bankrupcty Advisory Service - any experience?

fermi

Ericrice wrote: »

I recently sought advice from a company called "Blood sucking IVA company" in relation to liquidation advice and they gave loads of free advice over the phone, they maybe another organisation for you to consider?

They are a fee charging debt management and IVA company.

Don't touch with a 5,000 mile long bargepole.

Make sure you are using one of the free and impartial advice agencies that are not out to make a profit from you.

And since you are posting on Martin Lewis's website, this is HIS advice.

From the article: Debt Problems - Where to start, what to do, where to get help

The right people to go to

You need non-profit debt counselling help, in other words a one-on-one session with someone who is paid to help you, not to make money out of you. This is different to ‘free’: many commercial companies say they’re free as you’re not charged directly, but you’ll still pay somehow. The places I'd recommend are:

Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

National Debtline - Website: National Debtline Telephone: 0808 808 4000

Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest

Community Legal Advice - Website: Community Legal Advice Telephone: 0845 345 4 345

These counsellors use a variety of techniques, you may be put on a debt management plan, where they negotiate with your creditors. You may be recommended an IVA (Individual Voluntary Arrangement) or even bankruptcy (not as scary as it sounds). They will certainly show you how to prioritise the most important debts to enable you to keep food on the table and roof over your head.

Most importantly they're not judgmental, they're not there to tell you off, they're just there to help you sort out the problem. The sooner you talk to them the better. It may help you sleep at night.

Unfortunately they can be oversubscribed. If it takes time to get an appointment with them, use the info on their websites to start to plan. There may also be a local debt councillor in your area, such as Christians Against Poverty (not about religion even if it sounds like it) but ensure it is a non profit/Charity.

The wrong people to go to

Avoid any of the beasts that advertise debt help or management on the TV or in red top newspapers. They are commercial companies who simply want to make cash out of you, they don't care. While in the short term their plans will make your payments lower, in the long run it'll cost you dear. Avoid them. Don't touch them. Don’t go near them.
I think this post from the Chat Forum explains it better than I ever can:

"We, my wife and I, are on a seven-year plan with CCCS" (that's the Consumer Credit Counselling Service, one of my recommended agencies – Martin) "having recently changed from a commercial debt management company after hearing Martin on Radio 2's Jeremy Vine show. The simple action of swapping to the CCCS has shaved over two years off the length of our plan as the money we were paying the management company now goes to our creditors instead! Of course, that also means a financial saving of nearly eight grand over the term of the original plans 10 year period."

This includes IVA companies who advertise about “a little known government loophole”. While it sounds good, it’s only for a few people. If it is for you the debt counselling agencies should suggest it.

LilyBart

Crumbs, Fermi. And thanks. I'll put the 5,000 mile long barge-pole back into its 5,000 mile long box then! The people I've spoken to thus far are National Debtline and, recommended by them, Business Debtline. Will also do as Dodecanese and Sparrabeth advise and call CCCS and Insolvency Service for the nitty-gritty niggly stuff.
Have a lovely afternoon and evening, everyone. I may pop in when back from work.
Lily
ps Peachy, touch wood it will be a relative banger, not a total banger, with emphasis on low-maintenance and, er, unpopular colour-scheme. Friend is going to service it himself before handing me the keys. We budgeted £1k because we think anything else we can save is better spent on deposit/rent/moving costs and BR costs. Here's hoping!

fermi

Sorry about that.

That post was more for the benefit of others reading, not you.

It looks very much like the post by Ericrice is :spam: by an employee of said rip-off company. They do come on here pretending to be genuine posters to spam their websites for their own profit.:rolleyes:

JCS1

peachyprice wrote: »

One thing I would say is that it seemed relevant to our OR that the cars were in good working order, with tax & MOT up to date. I know people here have had problems getting the OR to exempt bangers. Perhaps they see a banger as frequently needing money spent on them just to keep running?

Tax, Mot and Insurance questions are always asked as that (before either the car is collected or a letter of exemption issued) the OR himself - not the examiner who interviews you, but usually their boss's boss - is personally liable if car is in an accident and it's uninsured.

peachyprice

JCS1 wrote: »

Tax, Mot and Insurance questions are always asked as that (before either the car is collected or a letter of exemption issued) the OR himself - not the examiner who interviews you, but usually their boss's boss - is personally liable if car is in an accident and it's uninsured.

Yes she told us that they are liable for any accidents, she couldn't wait to get rid of them, and she hadn't even seen my driving! :rotfl:

But she did also say 'as they are in good condition etc., you can keep them' which gave the me impression that had we said they needed money spent on them she might have thought differently.

fiveyearplan

My OR interview is on Wednesday. My car is insured and MOT's but i didn't renew the tax that expired in February because I didn't want to pay it if I wasn't going to be allowed to keep it. My car is on HP with £2,000 outstanding on it. Am I right in thinking the car is between the HP company and myself or does the OR have anything to say regarding it?

LilyBart

Hello. Just got in, just as everyone's gone to sleep. Fiveyear, I'm still at remedial level with this stuff and I bet someone will come along with better advice tomorrow/this morning. But... I think you need to read your HP agreement quite carefully as some of them have a clause about being void if you go bankrupt. Our HP doesn't have that clause but it's too expensive to continue with it, hence we're getting the banger (see above). If you see a frantic-looking woman driving a bright orange/lime green/puce/mustard rustbucket around the countryside from June 4, it'll be me.