www.iva.co.uk

This may seem a strange question but i have an IVA with Synergi Partners. No problems and 2 years in. The concern i have is that when doing a bit of surfing on the net i found an article stating that there parent companies shares have been suspended as they themselves are or appear to be in financial difficulty.
The question is What happens to my IVA if the company goes bust?

I had not heard that one! Yes an IVA company can go bust, but this could only possibly happen through extremely bad management. If this happened, your IP's regulatory body would need to step in and allocate their caseload to another IP firm to deal with - but either way your money would be safe, as we have to have rigourous insurance policies to be able to practice.

Thanks for that. Puts my mind at rest. I would say i will be able to sleep better tonight but as im at work i better not!
Thanks again

The relax group is having financial difficulties at present, and as mentioned before thats the reason why drastic measures were taken to reduce costs, including redundancies, dropping from 4 buildings to 2 buildings and stream lining all workloads, the last i heard is that Relax have the full backing of there bank and that the future, although difficult looks good, a period of administration and new owners maybe needed. The people responsible have left the company a few months back, and the current owners are looking to sort the issue asap.

Let's hope that these difficulties do not affect their ability to look after existing clients. Are they still taking on new cases?

As im aware they still have an active new business team, the guys left are struggling but are committed to the customers they deal with on a daily basis, im not sure about the level of service now, i do know big changes are planned that should secure long term stability.

The clients will be fine whatever happens to the company as their contributions are all protected and other IP firms can take on the work.

My thoughts are with the staff and it must be very unpleasant to not know how the business is going to go. I hope it works out for you all.