mis-sold an IVA how can i sort it out??!

mrtangoman · 25 October 2017 at 2:22AM

sorry for the repost ..put a bad title on the other one...

i've just finished my IVA at 5 years by paying all my creditors with a remortgage as required.
a couple of things have cropped up ..
when i started the Iva, i hadn't missed ANY payments but was constantly going over my overdraft and incurring big bank charges ..
The IVA provider told me i would be best off going down the IVA route and to "STOP PAYING ALL MY CREDITORS FOR 3 MONTHS " Which i did ..and the IVA started ......
I've since been told ( now its all paid off ) that they should have helped me get a equity release remortgage ( which i did to pay it off 5 years on )
Now ... i think i've been "mis sold" the IVA so that "they" could profit from the massive admin charges ..
I've asked them to look into this and they have not replied ..
the 2nd thing is , as part of the IVA they should have done a PPI claim on my behalf to pay creditors as required by the court ...
They didn't !!!!
they now won't pursue a claim ( with all funds coming directly to me as IVA paid) as they say i'm no longer their client after the IVA finished, BUT it was part of the IVA and surely it should have been done as per court request ?!?!?!
please help
thank you

DorisTrousers · 25 October 2017 at 9:32AM

mrtangoman wrote: »

sorry for the repost ..put a bad title on the other one...

i've just finished my IVA at 5 years by paying all my creditors with a remortgage as required.
a couple of things have cropped up ..
when i started the Iva, i hadn't missed ANY payments but was constantly going over my overdraft and incurring big bank charges ..
The IVA provider told me i would be best off going down the IVA route and to "STOP PAYING ALL MY CREDITORS FOR 3 MONTHS " Which i did ..and the IVA started ......
I've since been told ( now its all paid off ) that they should have helped me get a equity release remortgage ( which i did to pay it off 5 years on )
Now ... i think i've been "mis sold" the IVA so that "they" could profit from the massive admin charges ..
I've asked them to look into this and they have not replied ..
the 2nd thing is , as part of the IVA they should have done a PPI claim on my behalf to pay creditors as required by the court ...
They didn't !!!!
they now won't pursue a claim ( with all funds coming directly to me as IVA paid) as they say i'm no longer their client after the IVA finished, BUT it was part of the IVA and surely it should have been done as per court request ?!?!?!
please help
thank you

Interesting. I am not sure that you can claim that you were not in financial trouble at the start of the IVA, clearly you were as you were incurring massive charges. Be under no illusion, this would have seriously affected your credit rating, despite no missed payments.

An IVA provider has a duty to provide you with what options are available to you at the time, they absolutely should have discussed the equity release with you at the time, as well as IVA, DMP etc. Once explained, the individual should be free to make their own decision. If you feel you were coerced into the IVA, and that you did not have all your options explained, as well as time enough to think things through, then you may have a case. It would also be enlightening to know who "told" you that the decision you took was wrong? An insolvency professional, or someone completely unrelated to IVA's? If the latter, then be very careful about taking unregulated advice as gospel.

If you feel you were mis-sold, then you can send them a freedom of information request for all information relating to your case. This should either prove or disprove your claim. Do remember that you will have benefited massively from interest and charges freeze during your 5 years. If this is more than any costs of the IVA then your case will be that much weaker.

As for the PPI, my own view is that you have been very fortunate there. If the IVA company claim it they will use a 3rd party, who will then take a chunk and thereby leaving you with less. Why not use the info and tools on this site to claim it yourself? That is the only way you will ever see 100% of what you may be owed.

sourcrates · 27 October 2017 at 5:57PM

Even PPI claims made after the IVA has ended may still have to be paid to the creditors, it depends on what kind of IVA you had, if it was an "all assets" IVA, then the above may apply to you (ruled on by the court of appeal).

https://debtcamel.co.uk/ppi-iva-green-wright/

mrtangoman · 30 October 2017 at 1:12AM

doris .. i had NEVER MISSED A PAYMENT , but was living in my overdraft , i could see things going bad and wanted advice ...
so my credit rating couldn't really be as bad as it is now surely ??
after 5 years of IVA my credit score is in the pan, but still managed to get a remortgage ?!?!?
all the debt has been paid IN FULL by the remortgage.
if the PPI had been done and used to pay creditors , the remortgage would have been less which i'm now stuck with for another 20 years ...
surely they haven't fulfilled their part of the contract

StopIt · 30 October 2017 at 9:49AM

We don't know because we have no idea what they told you, or how they dealt with you.

If you feel you have a complaint, send the SAR as stated above, see what your case notes say, and take it to a friendly solicitor for legal advice.

As for the PPI, I'm not sure you quite understand that actually, this will work out in your favour. If the IVA company had done so, you'd be waving at least 30% of any claims goodbye.

You can do the same thing yourself for free, there's no magical way to claim PPI other than the claim forms you can do yourself via resolver or other free methods.

If you do get any monies back, you make an overpayment to the mortgage. The net result will be the same as if they done the PPI claim, only with more money paid to your mortgage. As sourcrates stated though, make sure that there is no residual claims to any PPI money.

Keep_pedalling · 30 October 2017 at 10:26AM

How old were you when this started? You may not have qualified for ER 5 years ago because of your age.

sourcrates · 30 October 2017 at 11:19AM

mrtangoman wrote: »

doris .. i had NEVER MISSED A PAYMENT , but was living in my overdraft , i could see things going bad and wanted advice ...
so my credit rating couldn't really be as bad as it is now surely ??
after 5 years of IVA my credit score is in the pan, but still managed to get a remortgage ?!?!?
all the debt has been paid IN FULL by the remortgage.
if the PPI had been done and used to pay creditors , the remortgage would have been less which i'm now stuck with for another 20 years ...
surely they haven't fulfilled their part of the contract

If you feel you have cause for complaint, you can do that via the authorising body that your IP is registered with. You can fill in a complaint form on the Insolvency Service Complaints Gateway website at https://www.insolvencydirect.bis.gov.uk.

Alternatively, you can ring the Insolvency Enquiry Line on 0300 678 0015 or email them at: IP.Complaints@insolvency.gsi.gov.uk.

mis-sold an IVA how can i sort it out??!

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