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Hi

 

A somewhat cross section of articles from the respected Insolvency News, for those that might be interested!

 

IP compliants drop by 16% over two years

http://www.insolvencynews.com/article/14004/regulation-compliance/ip-complaints-drop-by-16-over-two-years

 

Wife of Hells Kitchen star sees finances go up in smoke!

http://www.insolvencynews.com/article/14014/personal/wife-of-hells-kitchen-star-marco-pierre-white-sees-finances-go-up-in-smoke

 

R3 refutes Insolvency Service pre-pack figures

http://www.insolvencynews.com/article/14000/regulation-compliance/r3-refutes-insolvency-services-pre-pack-figures

 

All helps I suppose

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I wonder how that correlates with the amount of IVAs actually entered into?

 

I would like to see complaints re: fee-charging DMPs, see how they're doing.

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Hi sequenci

 

Maybe someone from the fee chargers will come on and enlighten us

 

You know, transparency and all that (meetings, flip charts, food etc)

 

Best not hold our breath though dont you think?:)

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hmmm. it doesnt really say in the article what the complaints relate to, is it all complaints against IP's because obviously they are involved in many different areas of insolvency, both corporate and personal

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also worth pointing out that IN is an industry magazine with close ties to those same IP's so i wouldnt expect them to be too harsh on themselves

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Maybe someone from the fee chargers will come on and enlighten us

 

Would you include IP's offices in this as well? As obvioulsy they are fee charges. But without them you can't have IVA's, CVL's, CVA's etc

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Would you include IP's offices in this as well? As obvioulsy they are fee charges. But without them you can't have IVA's, CVL's, CVA's etc

 

Hi

 

Absolutely no problem with that if they wish to join in, and while they are at it, why not name the ones who the complaints are all about and what they are about too.

 

Perhaps each company & IP could give us their individual IVA percentage failure and problem rates including actual numbers etc (a kind of league table perhaps, properly monitered) and much more

 

Also dont some companies mix it with IVAs & DMPs, sort of partner & sister companies etc (think some of them even have the same initials) we could have both there.

 

I am sure a few already do in a fashion.

 

What do you think, will they be game?

 

PS - to be fair, no individual or organisation is perfect though, far from it

Edited by Wintry
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also worth pointing out that IN is an industry magazine with close ties to those same IP's so i wouldnt expect them to be too harsh on themselves

 

Good point

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Hi

 

Absolutely no problem with that if they wish to join in, and while they are at it, why not name the ones who the complaints are all about and what they are about too.

 

Perhaps each company & IP could give us their individual IVA percentage failure and problem rates including actual numbers etc (a kind of league table perhaps, properly monitered) and much more

 

Also dont some companies mix it with IVAs & DMPs, sort of partner & sister companies etc (think some of them even have the same initials) we could have both there.

 

I am sure a few already do in a fashion.

 

What do you think, will they be game?

 

PS - to be fair, no individual or organisation is perfect though, far from it

 

Although i do usually argue with you Wintry and im not against IP's (everyone has a right to make moey if they are doing a good job) i think this is an excellent idea, A personal failure rate would help sort out the better companies from the rest. Obviously some IVA's cant be saved, it is just bad luck with circumstances but some as we all know should never have been setup in the first place and are fudged to fit rather than telling the debtor that it is just not a good idea for their situation. Unfortunately the ones that seem to get the business are the ones with the biggest advertising budget and not the most successfull in terms of completions

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Although i do usually argue with you Wintry and im not against IP's (everyone has a right to make moey if they are doing a good job) i think this is an excellent idea, A personal failure rate would help sort out the better companies from the rest. Obviously some IVA's cant be saved, it is just bad luck with circumstances but some as we all know should never have been setup in the first place and are fudged to fit rather than telling the debtor that it is just not a good idea for their situation. Unfortunately the ones that seem to get the business are the ones with the biggest advertising budget and not the most successfull in terms of completions

 

Hi

 

Argue! - strong debate debtinfo, nothing wrong with that and there are things we will probably never agree on but thats the way of the world.

 

I am not against IPs really, I know and have contact / consultation with quite a few and know the ones I would use if need be, but as I am quite sure you aware I can never publicly name or refer individual IPs & companies.

 

There are probably IPs & companies that would also relish properly monitered league tables etc

 

Completely agree with the rest of your post - very good actually.

Edited by Wintry
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I've just had a little idea!

 

Come on then sequenci, lets have it!

 

PS - we are off out in 5 mind, and not be back in the house until the early hours of Sunday morning, not sure if with the other half or without though, depends on the evenings events, moods and that (sorry vic & broke, could not help it:))

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Come on then sequenci, lets have it!

 

I'm going to ask to OFT how many complaints they've had about DMP firms. I know they won't be able to break it down to individual firms but I hope they might be able to break it down between paid-for and free services. If they won't help I'll look into a FOI request. The data might already be out there, I'll have to do homework.

 

It was a good point that was made earlier that all companies are not perfect - and it's the ones that take constructive feedback on board that I admire the most.

 

For the record I have nothing against the commercial debt management industry per se, so long as the client knows what they are getting and what the fees are AND they are provided with holistic advice about all options allowing them to make a reasoned decision about their future then I'm cool with it.

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I'm going to ask to OFT how many complaints they've had about DMP firms. I know they won't be able to break it down to individual firms but I hope they might be able to break it down between paid-for and free services. If they won't help I'll look into a FOI request. The data might already be out there, I'll have to do homework.

 

It was a good point that was made earlier that all companies are not perfect - and it's the ones that take constructive feedback on board that I admire the most.

 

For the record I have nothing against the commercial debt management industry per se, so long as the client knows what they are getting and what the fees are AND they are provided with holistic advice about all options allowing them to make a reasoned decision about their future then I'm cool with it.

 

Hi

 

Sounds good, but I dont think you will get anywhere.

 

For donkeys years agencies have returned evidence to the powers that be (and still do on a daily basis) - things happen every now and then, meetings, reports, delaying tactics, snow jobs etc - there have actually been some improvements, but the industry is so large, to little resources, not enough staff to really police it so nothing really changes or very, very slowly if it does - I could put up reports etc from years ago, some that I even contributed too

 

The OFT could up the ante themselves if they really wanted too, but they are inching their way forward to be fair, everybody can play their part here and keep highlighting and quoting the OFT guidelines etc.

 

How about the Financial Ombudsman? they deal with complaints too, dont they?

 

When I mentioned no individual or organisation was perfect I did not just mean the profit makers, but having said that it is the fly by nights and the taking of money from people that is the real difference (the band wagon will be rolling through again next week, lets jump on it)

 

I have nothing against fee chargers who do the job properly, I have already said numerous times that people should always have the choice and their staff work just as hard or perhaps harder than the free sector on occasions, its just that if an organisation has a financial interest in the outcome or the continuation of a solution then in my opinion they cannot really ever be truly independent and impartial and that goes for the fee chargers and some 'charities' or so called 'not for profit' outfits.

 

PS - sequenci - I have had numerous chances (and the occasional offer including very recently) to join the fee chargers, not gonna happen though, no turncoat here, the dye is caste with me and getting too late in the day, those looking in who know me will probably have a wry smile or two on their face reading this, but they also know that I mean it:)

 

Good luck with it anyway and keep us updated if you can.

 

As always just my opinions

Edited by Wintry
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