[Samantha]

Hello my fellow Forumeers (not sure this is a word)

I have heard through the credit union vine, that a lot of credit unions are currently receiving an influx of IVA’s.

When the debt packager ban was introduced I thought this would minimise the incorrect referred IVA’s and a more “correct” assessment done. Since this introduction we saw a massive influx of DRO’s instead.

However, I am just writing this as a “be on the look out for” post. I have just reported Moneyplus Insolvency to the FCA as when reading the IVA proposal, they have recently sent, it contained the following notes :

5. Source of Introduction

The Debtor initially contacted Brook Meade – L for assistance with their finances. Brook Meade – L

assessed their finances and confirmed all the debt options with them.

The Debtor chose an IVA as their preferred solution and was referred to MoneyPlus Insolvency. A fee

of £1,250.00 has been paid from MoneyPlus Insolvency Limited to Brook Meade – L for their assistance

with the preparation of the Statement of Affairs, the ingathering of supporting documentation, the

assessment of the Income and Expenditure and the ingathering

This definitely comes across to be a referral fee payment to me, however worded to make it sound like an administrative fee. I have expressed my concerns that they have now found a work around, and could be the case as to why credit unions are having higher rates of IVA’s again.

As with all things, one voice is never enough. So it might be worth while if you spot things like this, and you are in the same thought process as me, to also report it. Alot of reports on the same thing, cant be ignored.

Thanks for reading 🙂

Sam

Samantha Owen Finance Manager Unify Credit Union LTD Email : finance@unifycu.org

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