Missold IVA

matte134

I know it will clear in 2027, but I'm wanting my IPs to admit fault and the resolution be that it is removed sooner.

I still have most of the debts but the majority are small debts under £500 so each month I am just saving a couple hundred in a pot and waiting for them to contact me, then i can use that to clear them one by one. I've also won affordability complaints with the majority of them so the defaults are being cleared off my credit reports and I'm getting the interest and fees refunded (well taken off the balance due).

I've got 2 big ones which are around £8k. I'm hoping they fail to contact me (I've moved since so it might take them time to find me) or improve my credit score enough to be able to get a loan and offer full and final settlements at discounted rates. Again I also have affordability complaints outstanding for these, so fingers crossed I can get them reduced a bit through that. 

stu12345_2

any chance the big debts don't go for ccjs as they can't communicate with you properly as they don't know your current address or your intentions.

then they may submit a ccj application without your knowledge if they have only your old address and get a ccj by default 

but I'm.not sure cos you've done affordability complaints, then they may have all your up to date info which you may not realise they do

matte134

To be honest I have a feeling one of them is statute barred. I took out car finance in 2011 and defaulted on it in 2014, after which I didn't make any payments towards it. It was only until after 2021 when I entered the IVA that payments were made towards it so I think it's still statute barred. 

The other one, this was a personal loan I took out in 2019, defaulted in 2020. This one I had done an affordability complaint about which is with the FOS. Your right they could issue a CCJ for this one. I'm hoping to be able to make a final settlement offer on this one after the complaint is upheld, if it is that is. 

stu12345_2

I assume you have the cash saved up for a settlement offer or will have, tell creditors the money is coming from a third party, eg  gift from a friend, you dont have to go into who friend is,etc  but make sure you don't tell them it's from you or they will assume that money you have would be better used paying them off gradually and them getting closer to all their money back

when the do offer discounts they also ask to see an income expenditure form filled in by you, like I said if they see you can afford a monthly repayment , then they will prefer that instead 

usually it's you that approach them for discount and like I said they want to know your income and expenses and they will likely prefer to let you pay debt off gradually, unless you show you only have a couple of quid left over at end of month, youre on the dole, then they will likely offer a good discount 

mightyjack

matte134 said:

I know it will clear in 2027, but I'm wanting my IPs to admit fault and the resolution be that it is removed sooner.

I still have most of the debts but the majority are small debts under £500 so each month I am just saving a couple hundred in a pot and waiting for them to contact me, then i can use that to clear them one by one. I've also won affordability complaints with the majority of them so the defaults are being cleared off my credit reports and I'm getting the interest and fees refunded (well taken off the balance due).

I've got 2 big ones which are around £8k. I'm hoping they fail to contact me (I've moved since so it might take them time to find me) or improve my credit score enough to be able to get a loan and offer full and final settlements at discounted rates. Again I also have affordability complaints outstanding for these, so fingers crossed I can get them reduced a bit through that. 

I'd be applying for a DRO if it were me

stu12345_2

mightyjack said:

matte134 said:

I know it will clear in 2027, but I'm wanting my IPs to admit fault and the resolution be that it is removed sooner.

I still have most of the debts but the majority are small debts under £500 so each month I am just saving a couple hundred in a pot and waiting for them to contact me, then i can use that to clear them one by one. I've also won affordability complaints with the majority of them so the defaults are being cleared off my credit reports and I'm getting the interest and fees refunded (well taken off the balance due).

I've got 2 big ones which are around £8k. I'm hoping they fail to contact me (I've moved since so it might take them time to find me) or improve my credit score enough to be able to get a loan and offer full and final settlements at discounted rates. Again I also have affordability complaints outstanding for these, so fingers crossed I can get them reduced a bit through that. 

I'd be applying for a DRO if it were me

lots of criteria to fit to be granted a dro though, but if the big creditors do suddenly hit him with ccjs cos they don't have his current address and win by default, he could add the ccjs into his dro, if he applies 

but then again he can't pick and choose which creditor he fancies paying off as that's preferential treatment, which can be enough grounds to prevent a DRO being granted

matte134

mightyjack said:

matte134 said:

I know it will clear in 2027, but I'm wanting my IPs to admit fault and the resolution be that it is removed sooner.

I still have most of the debts but the majority are small debts under £500 so each month I am just saving a couple hundred in a pot and waiting for them to contact me, then i can use that to clear them one by one. I've also won affordability complaints with the majority of them so the defaults are being cleared off my credit reports and I'm getting the interest and fees refunded (well taken off the balance due).

I've got 2 big ones which are around £8k. I'm hoping they fail to contact me (I've moved since so it might take them time to find me) or improve my credit score enough to be able to get a loan and offer full and final settlements at discounted rates. Again I also have affordability complaints outstanding for these, so fingers crossed I can get them reduced a bit through that. 

I'd be applying for a DRO if it were me

To be honest I wouldn't fit the criteria for a DRO as my income is too high

mick65

matte134 said:

So I originally went through Freeze Debt who pushed the IVA to me, then passed me over to the Insolvency Practioners who rushed through the set up without any explanation. 

I have seen the FCA announced it was trying to bring in a ban on debt packagers getting refferal fees from IPs in Dec 2021, which it succeeded in doing in 2023. Freeze Debt stopped being registered with the FCA at the same time and I believe this is why. They clearly were pushing me to get an IVA, even telling me to fudge the numbers to have a better chance of it getting accepted. My IPs went off all the details Freeze Debt gave them and didn't discuss them with me at all. 

To be honest I'm not looking for compensation or a lump sum. All I'm asking for is that the IVA is removed from my credit reports. 

And yes I know I should have done my research before hand. But when your the position where you have Debt collectors contacting you everyday and you have 'financial experts' telling you this will solve that and stop it all, you don't stop to do your own research, you put your trust in the 'experts'. 

So true you are desperately looking for help and in my case suicidal having lost everything . Looking back at it I can't believe I entered into an  IVA 

fatbelly

Mick's started a new thread.

https://forums.moneysavingexpert.com/discussion/6580591/miss-sold-iva#latest

This one can be closed