Mis Sold IVA Help

scarlett27

Can anyone help with how I would go about a mis sold IVA? The IVA was taken out in August 2018 with CreditFix who pushed the IVA on to me & made me lie on my expenditure form. They contacted me first, I was 19 at the time and didn’t know what I was getting myself into. I paid the IVA off in full in November 2020 which was 4 years early. Just wondering where I would stand with this. Can someone please help? 😢🙏🏼

fatbelly

start here

https://debtcamel.co.uk/complaint-iva/

You can ask debt camel herself if you need further info.

MrFrugalFever

Sorry but nobody is ‘mis-sold’ an IVA, the amount of paperwork and FCA regulatory scripts even a company like CreditFix have to go through is enough for anyone to fully understand what they are signing up to. The IVA agreement is not valid until you’ve read through every document sent to you and formally signed and returned, even then there is a cooling-off period as such. So if you’ve failed to read it and listen to the operative on the phone then more fool you, 19 or not.

scarlett27

MrFrugalFever said:

Sorry but nobody is ‘mis-sold’ an IVA, the amount of paperwork and FCA regulatory scripts even a company like CreditFix have to go through is enough for anyone to fully understand what they are signing up to. The IVA agreement is not valid until you’ve read through every document sent to you and formally signed and returned, even then there is a cooling-off period as such. So if you’ve failed to read it and listen to the operative on the phone then more fool you, 19 or not.

Thanks for your extremely unhelpful response, sometimes it takes people a lot of courage to ask for help to be pointed in the right direction. I hope you don’t come across a patronising idiot like yourself when you ask for help on a post. Thanks again 😊

scarlett27

MrFrugalFever said:

Sorry but nobody is ‘mis-sold’ an IVA, the amount of paperwork and FCA regulatory scripts even a company like CreditFix have to go through is enough for anyone to fully understand what they are signing up to. The IVA agreement is not valid until you’ve read through every document sent to you and formally signed and returned, even then there is a cooling-off period as such. So if you’ve failed to read it and listen to the operative on the phone then more fool you, 19 or not.

Also, just so you are aware. Creditfix are not regulated by the FCA. They were removed from the FCA register in January 2018. 

MalMonroe

scarlett27 said:

MrFrugalFever said:

Sorry but nobody is ‘mis-sold’ an IVA, the amount of paperwork and FCA regulatory scripts even a company like CreditFix have to go through is enough for anyone to fully understand what they are signing up to. The IVA agreement is not valid until you’ve read through every document sent to you and formally signed and returned, even then there is a cooling-off period as such. So if you’ve failed to read it and listen to the operative on the phone then more fool you, 19 or not.

Thanks for your extremely unhelpful response, sometimes it takes people a lot of courage to ask for help to be pointed in the right direction. I hope you don’t come across a patronising idiot like yourself when you ask for help on a post. Thanks again 😊

I agree. I saw that nasty comment and thought "ooof!". You probably know by now, too that there are free debt help agencies out there who help with financial problems so I won't go into that but when anyone comes onto this forum hoping for some advice and a friendly word, that kind of comment is definitely out of order.

At least fatbelly came up with a helpful suggestion. You could also contact the Financial Ombudsman - link below - who don't charge for advice/help. 

https://www.financial-ombudsman.org.uk/consumers/how-to-complain

elsien

How did they make you lie? 

Without also wanting to be accused of being unhelpful, if you’re aware something is incorrect then generally you don’t sign it. 

fatbelly

The problem of IVA misselling has been rife for years and getting worse again.

The problem is what do do about it as IPs are not regulated in the same way as debt management companies.

The first step is to raise a complaint with the IP, then take that to their professional body. Yoou can do this through the complaints gateway

I guess the complaint would be that this was not the most appropriate solution and that it should have been (x, y or z)

GeordieGeorge

If you committed fraud on the application do you really want to open that can of worms?

What is it that you hope to get from a complaint?

fatbelly

There's more detail here

https://www.gov.uk/government/publications/insolvency-practitioners-guidance-for-those-who-want-to-complain/insolvency-practitioners-guidance-on-how-to-complain-about-an-insolvency-practitioner

sourcrates

Much of the time IVA `s are sold to unsuspecting punters who get told half a story, and are encouraged to sign up quickly so as to avoid missing out on this great deal. yes you are supposed to read what they send you, but its like an encyclopaedia, disguised as a proposal, comprising 60/70 pages of A4 typeface, its no wonder most just skip through it. 

Not every IP is involved in this massive scam, but many fly by night companies are, coercion to sign quickly is rife throughout the industry, and is recognised by the FCA and FOS as many complaints are received on this subject.

Tighter regulation is long overdue, but will come eventually, until that happens, the abuse will continue, you see these companies adverts on social media, large headlines highlighting massive reductions in debt, it doesn't happen that way for everyone, and that`s what they don`t tell you.

Debt camel, as advised by fatbelly, is the place to start, the site owner is a solicitor, and knows her stuff, she is well equipped to provide you with what you need to know to start a complaint.