Mis Sold IVA Help

MrFrugalFever

Sorry, but sometimes the cold hard facts prevail. 

I believe you may be hinting at the fact that you feel as though the IVA was not your best debt solution or option at that time and perhaps feel as though it was your only real option. If that is the case then I would suggest you haven’t been ‘mis-sold’ an IVA but perhaps mislead a solution to your problem.

You have varying channels to pursue a complaint with if you really feel that strongly about it, with a sound reason and evidence to back your claim.

Like anything in life, we have to take some degree of responsibility for our actions. 

sammyjammy

scarlett27 said:

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? 😢🙏🏼

How much was your total debt when you signed up to the IVA?

IVAinformer

Hello, 

This is becoming more and more a issue and about time it stops, 

The Insolvency service,  citizen advice and others have been saying its a miss sell for a long time now, some views from them 

Citizen Advice responce for insolvency 
"The lack of regulation around lead generating firms and money advice provided by Insolvency Practitioners, the mis-selling of IVAs as a solution, the increasing early failure rate and linked profit making activities that firms are making are all causing detriment to our clients. We have particular concerns about unsuitable advice being given to people."

Insolvency service report 2018

"Poor quality advice being given to debtors, potentially leading them to enter an IVA when other debt solutions may be more appropriate."

"In a number of cases we observed, the debtor’s expenditure was seemingly manipulated to deliver an ‘on paper’ surplus monthly income of over £50 so that an IVA could be proposed and agreed"

FCA 

"We do not have a high level of confidence in the effectiveness of the current regulatory regime. This is based on evidence that lead generation, poor advice and fee structures result in consumer detriment,"

There is more from Stepchange - Money advice Service etc etc, the FCA have in the last couple weeks banned regulated companies for bad advice and manipulated income and expenses, will send link is required. 

So yes I would say you have a strong case and the regulators agree, what can you do about it seems to be the issue. 

Lately their are solicitors popping up taking cases on where clients believe they have been mis sold and about time, 

Google Mis Sold IVA and you can get help, be careful NOT to be talked into another IVA, as these companies are there as well. do research and help is out their.