Mis-sold IVA ???

buster101

i have had an IVA for the past year, and have been contacted today by a company called banruptcy UK, to say i have been mis-sold my iva and that i am basically giving my money away each month! im not convinced this is correct, and wonder what this companies intentions are, and how they got my detials. can anyone help ?

In_Search_Of_Me

I would suggest that yu post on the bankrupcy thread as sure people there will know more but would also get some advice from one of the free debt agencies (CCCS open until 8 I think!) who will be able to advise. Did you do an IVA through a paid company or through one of the free agencies? People like CCCS can manage an IVA for you and dont make money from it unlike profit making cos who make dosh...not sure if that helps with the original ? though!

Larumbelle

Can't comment on whether or not your IVA was mis-sold, but I would be wary of any company that calls you out of the blue telling you so. IVA debtors can get sold onto mailing lists that specifically target the desperate with easy exporbitant credit and other 'answer to all your prayers' schemes. Be very very wary. If you think your IVA might have been mis-sold contact a free advice company such as those in my sig or the CAB, not some company.

Ask yourself: who are they, why do they know my business, and what will they gain from all of this.

I am skeptical, and will be until someone proves otherwise. If they do, I'll eat my words gladly

buster101

i feel quite happy with my arrangement and certainly dont feel i have been mis-sold anything, however the company who have contacted me claim i should only have been sold an IVA if i have assests, which i dont. they also advised me that the compnay managing the IVA for me are basically taking all my money, and not re-paying my creditors. Obviously these are very harshg allegations, however despite how clued up i was when i took the IVA out, i do know wonder if i am being led astray somewhere along the line?????

Larumbelle

I'm no IVA expert but as I said before, if you have any reservations contact the peeps in my sig. They are impartial. The seed of doubt is obviously in your mind now so call one of them, if only to put your mind at rest.

chevalier

I would suggest you ask your IVA practitioner for a breakdown of what has been paid. Then you can make your own decision as to whether they are good value for money

fermi

There have been quite a few of these letters recently by rogue companies.

The most active one was a company that called themselves the 'IVA Council'. So many got this letter that it prompted the UK Government's official 'Insolvency Service' to post the following special warning on their website:

http://www.insolvency.gov.uk/IVACouncilMessage.htm

Insolvency Service statement regarding the IVA Council

The Insolvency Service would like to make it clear that we are in no way associated with an organisation called the IVA Council.

IVAs are a flexible and effective means of dealing with debt. For debtors they provide protection from creditors, debt forgiveness, flexibility in terms of what assets are included, and none of the restrictions, which apply in bankruptcy. For creditors they provide a better return than could be obtained in bankruptcy.

IVAs allow debtors to repay their creditors that which they can reasonably afford and resolve their financial problems, and are supervised by licensed and regulated insolvency professionals.

The principal statutory alternative to an IVA is bankruptcy. Bankruptcy should always be the last resort as the debtor will lose control of their assets and will be subject to bankruptcy restrictions, potentially up to 15 years.

Consequently The Insolvency Service does not condone any implication that people in IVAs should stop paying and enter bankruptcy. If you have had any communication from the IVA Council or other third parties suggesting that you stop making payments under your IVA you should discuss this with the supervisor of the IVA and seek advice from professional, qualified advisers before taking any action.