2nd IVA company goes out of business what do I do?

Elaine214 · 1 August 2018 at 2:03PM

Originally I was with a company called Smooth Financial Id got in a bit of a pickle with 4 credit cards. I was with them for about 5 years paid every month without fail. Then they went out of business and another company took over Immdient Finance. I started with them in 2013. Now they have gone the same way. I still owe just over £6000 to 2 balliff companies. The last company I was paying £100 a month to them £35 of that went to Immidient £1 a month went to one company and the rest went to another company. Both are the bailiffs. Does anyone know of where is the best place to contact to sort out the rest of the money owed? I don't want the bailiffs turning up demanding full payment.

sourcrates · 1 August 2018 at 4:51PM

Elaine214 wrote: »

Originally I was with a company called Smooth Financial Id got in a bit of a pickle with 4 credit cards. I was with them for about 5 years paid every month without fail. Then they went out of business and another company took over Immdient Finance. I started with them in 2013. Now they have gone the same way. I still owe just over £6000 to 2 balliff companies. The last company I was paying £100 a month to them £35 of that went to Immidient £1 a month went to one company and the rest went to another company. Both are the bailiffs. Does anyone know of where is the best place to contact to sort out the rest of the money owed? I don't want the bailiffs turning up demanding full payment.

Hi,

I am a little confused here, you have posted on the IVA board, from what you have said, you have been in a debt management plan, not in an IVA ?
Also i believe you must be referring to debt collection companies, not bailiffs.

You can either self mange your debt, or if you cant or don't want to do that, we always recommend using one of the free debt advice charities who will set up and manage a DMP for no charge whatsoever.

Stepchange or payplan are two examples.

We do not encourage use of fee charging debt management companies on MSE, firstly because you can get the service for free, and second because there charges are usually extortionate, and leave you in debt longer.

National_Debtline · 1 August 2018 at 4:57PM

Hi Elaine

Can you elaborate on who these companies are? You refer to both as "the bailiffs" but please note there is a big difference between enforcement agents sent out by the court, and plain old debt collection agencies who have no special legal powers, and are much more likely to write/phone/email than they are to knock on doors.

Either way, please contact one of the free debt advice charities now, and please do not be tempted to simply search for help on Google, as fee-charging companies pay to have their names at the top of the results.

Dennis
@natdebtline

2nd IVA company goes out of business what do I do?

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