IVA's are Being Mis-sold and Misrepresented

taplady

I am 2 years into an IVA which was on the advice of CCCS who recommended an IP for us.They did also say we could have gone bankrupt but we decided not to. we have no assets etc to protect so should they have pushed us harder for bankruptsy? It was left up to us to decide. It is hard but we have managed so far and cant wait till its all over! Our main reason for choosing IVA was that we didn't want family and friends finding out about our financial state as we live in a small town where everyone knows everyones business.Our IVA seems to me to have been managed well as far as I can tell.

rog2

taplady wrote: »

I am 2 years into an IVA which was on the advice of CCCS who recommended an IP for us.They did also say we could have gone bankrupt but we decided not to. we have no assets etc to protect so should they have pushed us harder for bankruptsy? It was left up to us to decide. It is hard but we have managed so far and cant wait till its all over! Our main reason for choosing IVA was that we didn't want family and friends finding out about our financial state as we live in a small town where everyone knows everyones business.Our IVA seems to me to have been managed well as far as I can tell.

Well done taplady - I'm glad it's working well for you. I think that your post shows the importance of getting independent advice and using a reccomended IP.

missfendiuk

i pay £450 per month into my IVA and started in 2006, i find it more managable than the thousands i was borrowing from peter to pay paul before it was agreed,

I pay 27.3p in the pound and had over £70k written off (Total was over £100k)

Thing i do not know is that it is over a year and no one has asked for a year review? i did call them and the supervisors 'assistant' checked and said that as i have been paying on time that all is well!!

cinnabar

Bossyboots wrote: »

Actually, there is huge difference between bankruptcy and an IVA.

Two examples - you cannot be a school governor if you have ever been declared bankrupt. You can if you had an IVA.

You cannot practise as a solicitor while you are bankrupt and you will also not be allowed to handle client money should you be able to practise in the future. You are allowed to practise as a solicitor with an IVA although you are not allowed to be responsible for client money.

Actually according to the Insolvency Service website http://www.insolvency.gov.uk/freedomofinformation/technical/techmanvol1/Ch25-36/Chapter25/part4/part_4.htm
you can now be a school governor while bankrupt unless you are the subject of a BRO -same with being a local councillor. A new one on me is that you lose your public service vehicle licence if you go bankrupt!