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IVAs continue to be Mis Sold

This week I have had two unfortunate clients knocking on my door for help.

Mr JP from Nottingham has paid just on £7000 into his IVA over two years and just £300 has gone to creditors.

He has no assetts, no Job that is vulnerable to Bankruptcy and has hit short time with three years to go, needless to say he is worried sick.

When he originally called for help it was with the intention of going bankrupt however the debt advisor assured him that the IVA is a Government help scheme and he would be better served going down the IVA route, being a Government run scheme what was there to lose.

Needless to say his details were captured as a lead sold on to an Insolvency Company for £1100, the only way this money can be recouped is to sell an IVA

Unfortunately Mr JP having been penniless for the last two years, no days out for his Children, no treats or holidays now has to try and save the money to go bankrupt and finally end his nightmare, having forked out almost £7000 to an organisation he owed not a penny to.

My second call from Mrs P from Norfolk another client who sought help from an IVA referal company, she had debts of £27k accumulated through ill health and was struggling.

She was told debt management would take too long and told an IVA was her way forward to deal with this debt.

She was sold on for the fee of £900 to an IVA firm and an IVA was set up in February 2020 at £280 pounds a month.

The problem with this is she was 63 years of age with no more than 3 years of her working life left, she owned no Assets not even a car,

The fees in her IVA proposal total £5500, which include the referral fee paid to the introducer. She has paid every month but is now threatened with redundancy and at her age and her health feels she can lo longer carry on working.

To date her creditors have had nothing, she has so far paid about £4000 in fees towards the £5500 her IVA company are charging, needless to say her IVA will fail.

The sooner this Industry is regulated by an organisation with teeth, the better although I am now seeing solicitors looking to go after these companies,

Brian & Julie Johnson

Daniel from ACS made the whole experience of going bankrupt a worry free exercise with him taking on all the tasks that daunted me. I would like to thank him sincerely for his help, support and guidance in dealing with my bankruptcy. As a consequence of his knowledge and experience it meant the the court attendance was stress free and it was certainly made easier by having him there with me.

Rod Eastell

I don’t know NOW why we were so worried about our debts. ACS took all our troubles and worries away. From speaking to Daniel for the first time he was very understanding and put our minds to rest, the service is absolutely everything they promise, in fact it is better than promised. It delivered and swiftly brought everything to a conclusion. We would certainly recommend ACS to anyone with debt problems, DON’T WORRY GET IN TOUCH WITH ACS. they will take care of everything. We can’t thank them enough.

E. Davies

Exceptional service! Since my first phone call some months ago requesting help and advice I immediately felt that cloud over me disappearing. When getting closer to my court date with companies chasing more and more, the professional service I received kept the phone calls and letters away. My day in court was basically short and sweet, just 45 minutes. Immaculate documentation was handed over and the clerk could not stop smiling with how easy it had made her job to check the form over prior to handing over to a judge to sign off (who did within minutes). Already had my telephone interview from the official receiver and as documentation was so clear and precise it took little over 10 minutes (normally around 30) to complete.