Iva advice

becks2015

Hello Everyone

I would really appreciate some advice, I have an Iva on my credit report that was entered on there by payplan.

I feel like I was missold this, I didn't understand the full implications of having this they just wanted a fee from me. It has been on my credit report for 2 years now and to think of the impact its having lasting another 4years is worrying. Its affecting my future I want to be debt free and get a mortgage!

I am in my early 20s and wish I would have been helped more with this and that I would of known where to turn to , instead of taking up the first thing that came to my aid.

I was just wondering is there any way of challenging a mis sold Iva?

Any advice would be much appreciated

Becks

ElkyElky

You will probably receive quicker/more accurate advice by popping over to the Debt Free board. The members who frequent the board are more knowledgable with IVAs.

SnowTiger

becks2015 wrote: »

I was just wondering is there any way of challenging a mis sold Iva?

PayPlan's complaints procedure is here.

Basically, you should complain to PayPlan. If you're not happy with their response you can take your complaint to the FOS.

David_White

What did you think was going to happen when you went into an IVA?

DCFC79

Should have asked questions or sought advice.

Look your still in your early twenties, use the time to learn to be more savvy with money and save money whilst your at it.

Pixie5740

Any debt solution you went for would have had a negative impact on your credit history. That's what happens when you borrow money and are unable to repay it in accordance with the loan/credit card agreement.

It could well be that an IVA was the best solution for you. How much debt did/do you have?

[Deleted User]

Have faith in knowing you took responsibility, for people who are showered with hundreds or thousands of pounds back in compo can never really say it. And when their wiped clean files don't save them next time when a lender tightens up for the future well, well.

Let the evil be your future x

4 years hasn't really stood still for me. Despite the nasty corners those awful day's are starting to be behind me though at the time it felt a long way off. I still remember the day the DRO went through so clearly, it does get better I promise.
I love hearing "Madam we can do that for you" when I was last credit checked to pay my electricity by direct debit like anyone else so don't waste your energy. (I actually feel better because I'll have learnt a lesson instead of trying to blame others for irresponsible lending + borrowing) you can come through a winner who is more in charge of their finances and never let history repeat itself/bury the head because of.

rizla_king

not keen on IVAs but would be amazed if Payplan did not explain the consequences.