www.iva.co.uk

Would your property abroad be confiscated/sold if you don't declare it in you IVA or bankruptcy and they find out about it? What is the worst thing that could happen? And how can they find out if you have a property in any part of the world?

The reason I'm asking is an IP (not listed in this forum)who gave me an unsolicited call sort of indirectly implied that some have done this. Didn't mention though if they got away with it. But I don't want to risk it an would most definitely not consider it. I am just curious and want to find out if indeed such bad practice is true.

Thank you in advance

It is possible that people do conceal assets in an IVA or a bankruptcy but it is illegal and can lead to a fine, jail or both. We certainly would not advise it nor would any reputable IP firm.

Speak to a firm of IPs from this forum who will give free, confidential advice. At least you will then know exactly what your options are and decide whether to proceed or not.

No reputable IP would 'cold call' you regarding your finances, in fact if they are based in England it is illegal for them to do so.

I think you have been called from an overseas call centre and the person who called was not an IP.

I certainly do not recommend that you do anything like this. I think it could be construed as deception if you try to hide anything from the OR or an IP and it were found out.

Did you get the name of the company at all?

Hi
It does not pay to conceal assets or any other information in an IVA or bankruptcy.
A debt management plan may be a better alternative if you are concerned about assets
Regards

Sorry, I didn't get the company's name as I thought it was dubious for them to call and know of my financial situation and offering 'help'. He only caught a little of my attention when he mentioned cases when assets were not decalred. But then hanged up as I really felt it was a con.

It certainly is a con. These companies should be taken to task for even suggesting that people do something illegal.

Best to forget about it and rely on advice from trained professionals and not ambulance chasers who would happily charge you an arm and a leg and leave you high and dry and most likely bankrupt!!!