Bankruptcy proceedings, which is what they are trying to tell you is available, has been around since the Romans were in Britain. So definately nothing major changing from 1 April 2010 - apart from the costs which are going up from £510 to £600.
These companies make their money out of persuading vulnerable people that they have been badly advised in entering into an IVA. How patronising is that, when it was an individual choice to go down that route and no-one coerced anyone into signing on the dotted line. They will then charge you around £1,500 for assistance in filling in a few forms that are no more difficult than applying for any social benefit, or renewing your tax credits, and promise to hold your hand at the Court hearing - which is generally a rubber stamp by the bankruptcy clerk in his/her own office!
You don't need the services of these firms, and if you do need assistance with bankruptcy most insolvency practitioners will deliver this on a completely free of charge basis. If you need to do this on a paid basis due to complexities, there are a couple of reputable companies that do this work properly.
Regards, Melanie Giles, Insolvency Practitioner
