IVA Not Best Option

Jamesf81

Hi bit of a long one but bear with me.

I entered into an IVA back in Sept 2006 and by Jan 2007 it had failed.

The company i went through were called Resolve UK and at the time i was a member of the Armed Forces. I called this company to see what options they could give me regarding my debts.

After working out my I&E and total debts he advised me my best option would be to enter an IVA. I hadnt really heard of this but listened to what the advisor had to say. He practically made out it was the best thing since the invention of the wheel and how it would end all my problems. Sadly it just made things worse. I explained quite alot of my debts were down to bank charges and various other items(since which i successfully claimed back), but he still insisted i added everything so i was over the limit to be able to enter an IVA.

I agreed to give ago due to how the advisor had put it across and the fact they played on the situation of me been in the Armed Forces knowing full well the pressure debts put on soldiers and how they can impact your career.

It was then transferred to McCambridge Duffy IP's for the set up. My payments were set up at £250p/m and the IVA began. I struggled to make these payments and by Jan 07 the arrangement had failed. I could hardly pay my debts before never mind pay this but the impressin i was given was it was some kind of magical debt remover thats why i agreed.

I have since taken up this matter with McCambridge Duffy but they just keep saying the advisor acted correctly and i had signed a leaflet stating the pro's and cons of an IVA so i was fully aware of the facts. How can you be fully aware of the impact an IVA can have from a leaflet?

I understand IVA mis-selling is a grey area but i really do feel this is what happened to an extent. It was not the best option for me, i have since seen many other alternative ways to deal with debt since that were never even mentioned and i am stuck with an IVA entry on my file for the next 3 years making it impossible for us to get the mortgage we want.

Any advice would be really appreciated as this has screwed us over financially in a big way all for the sake of 4 months on an IVA.

Thanks

Jamesf81

Any advice at all? Really dont know my position with this!

Deep_In_Debt

Hi
Not sure I can really help. It's often quite quiet on this board so may be worth posting on the DFW board and see if anyone is around to help?

As you say, IVA mis-selling is a bit of a grey area. There is a lot of money to be made by many of these.

I'm on a dmp with CCCS but before I had discovered this forum, I nearly went with and IVA even though I was uncomfortable with it as I wasn't sure it was the right option for me. I actually wanted a dmp.

Fast forward 2 years and I'm now on a dmp although the companies that I orignally approached are still trying to "sell" me an IVA. Luckily, i know it's not right for me - but they still "hassle". Clearly at lot of money to be made from it.

Sadly, you may have to write off the money you have paid so far.

I suggest you contact CCCS, Payplan or CAB who will all offer impartial advice and recommend to best solution for you. CCCS have a debt remedy on-line tool that you can do now if you wish and it will list your options. You'll need to have all your paperwork to hand so that you get the best advice.

Sorry, I've not been much help - just trying to "bump" your post really.

good luck.

Jamesf81

Thanks for the reply.

My level of debt is now quite low and manageable. My main concern is the damage the entry is doing to my credit file.

Dont seem to be getting anywhere direct with the company so i have no idea what to do.

Cheers