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IVA - Ive been asked to lie!

edited 21 April 2020 at 8:22PM in Bankruptcy & living with it
13 replies 1.6K views
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  • sourcratessourcrates Forumite
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    Wasn’t a debt company, it was a company that sells IVA’s, at any cost, regardless of weather it’s right for the client or not, you cannot have an IVA with no income, walk away as fast as you can, it is a con.
    Ex MSE Board Guide.

    More than a third of IVA`s fail....fact.
    Could A Debt Relief Order help you ?
    Never pay a fee for a Debt Management Plan.
    For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
  • mwarbymwarby Forumite
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    mwarby said:
    A company advising an IVA for someone who has reason to fear redundancy and a downturn in their industry, doesn’t strike me as one who has the debtor or creditors best interests at heart. Unless there is a really good reason why bankruptcy/DRO or DMP are all unsuitable I wouldn’t suggest an IVA
    I was already struggling massively with debt and had missed payments on my loan and credit cards for a couple of months. I have been in touch with a debt company today to help and advise me and they are suggesting an IVA would be the best solution. They have been through my ins and outs with a fine tooth comb but I am really worried as they want me to tell the Insolvency Practitioner that I am not furloughed. They want me to tell them that I am working from home on 100% of my salary. 

    you'll also be asked to sign a declaration in the IVA agreement that all statements were true and that while I had assistance in compiling them the responsibility for the accuracy was mine, the text included dire warning of fines or imprisonment if the statements were falsified in order to secure creditor approval

    basically your being asked to lie to make the IVA company richer, and if it ever comes to light they'll ensure its you who carry the can not your IP. An IVA and insolvency in general are pretty powerful legal tools, but if misused you'll find your IP has enough powers to make life very miserable.
  • mwarbymwarby Forumite
    2K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    Wasn’t a debt company, it was a company that sells IVA’s, at any cost, regardless of weather it’s right for the client or not, you cannot have an IVA with no income, walk away as fast as you can, it is a con.

    I'd be running not walking :) I suspect the IP wouldn't be too happy to find out the debt companies practices either
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