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Claims management company enters CVA following tax troubles
Wednesday 9th June 2010The controversial claims management company, Credit Issues, entered a Company Voluntary Arrangement (CVA) last week, after HM Revenue and Customs sought to wind up the firm.
According to www.credittoday.co.uk, the claims handler’s plea to enter a time to pay scheme was refused by HMRC, forcing it to enter a CVA.
Credit Issues, based in Manchester and part of the Guardian Financial Group, is just another one of the many claims management firms that have been mired in controversy this year, with the closure of 14 companies so far.
The firm’s website is down and its phone number rang before going to answer phone.
Melanie Giles, an insolvency expert and IVA insolvency practitioner, said that a CVA, much like an IVA, is a binding agreement between a company and its creditors, and how it will affect Credit Issues’ customers depends on the terms of the agreement. However, she said that a winding up petition by the HMRC could overturn this.
A spokesperson for the Ministry of Justice, which regulates claims firms, has stated: “We are aware that HM Revenue and Customs had taken steps against Credit Issues towards a winding up order. We are in touch with the business about this action and our enquiries are ongoing.”
If any mortgage advisors or agents of Credit Issues are worried about clients they have referred, Debt Management Today is running a campaign for brokers who have fallen victim to the more unscrupulous side of claims management.
In conjunction with debt solutions firm EuroDebt Financial Services, this campaign will see a licensed debt advisor contact you and give you more information about where your client can turn to get their finances under control.
To sign up to the campaign simply click here and fill in the form.
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