My IVA company told a porky?

IVAScammed53

I am in an IVA at the moment, paying £174 pm for the next 5 years. I was approached by another auditing company saying they could probably get me a DRO.
I am 71 yo, have several health issues , rent privately, and struggling.
My debt is approx 18k and my IVA company said it was too big a debt for a DRO, but the government have just raised it to 50k.
Have I a suitable case just to go with the other company who say their charge is £60 for 9 months and they feel confident I can get a DRO.
Thoughts please. I am going crazy .

Grumpelstiltskin

Why on earth did you agree to an IVA without seeking advice from a debt charity?

Many IVAs including yours are miss sold, but you should have taken independent advice before you agreed to it.

What can you do?  Stop paying it and let it fail.

In the meantime save as much as you can . ( It can take many months before it fails )

fatbelly

It's unlikely an audit company could do a DRO. Only these organisations are authorised

https://www.gov.uk/guidance/how-to-get-a-debt-relief-order-dro#organisations-who-can-help-you-get-a-dro

Note there is no fee now so do not be conned into paying anyone. In fact, could you please report this scam company so the FCA can investigate them

https://www.fca.org.uk/contact?consumers-tab

Whether you do genuinely have over £75 surplus income per month would dictate whether you are eligible for a DRO, And there are other criteri to check.

But I'll stick my neck out and say a retired person in rented accom, with 18k of debt, should not be in an IVA.

JCS1

Stop talking to the new company too, there is no charge for DRO's

RAS

IVAScammed53 said:

I am in an IVA at the moment, paying £174 pm for the next 5 years. I was approached by another auditing company saying they could probably get me a DRO.
I am 71 yo, have several health issues , rent privately, and struggling.
My debt is approx 18k and my IVA company said it was too big a debt for a DRO, but the government have just raised it to 50k.
Have I a suitable case just to go with the other company who say their charge is £60 for 9 months and they feel confident I can get a DRO.
Thoughts please. I am going crazy .

You've signed up for an unsuitable debt solution for which both companies earns a nice lot of fees whilst your creditors get very little and have now been contacted by a load of scammers asking you to pay £540 for a debt solution that is free of charge?

I'd suggest you stop paying your debts. We don't know the full details of your situation but the alarm bell ringing here is that unless you've got a generous pension, with your health issues and private rental, you need to approach either CAB or CAP about the possibility of getting right-offs. Can't guarantee anything but at least get some proper advice from a reputable charity as soon as possible.

Meantime, open a new instant access ISA and put that £174 a month into it so that your build up emergency funds towards things like needing to move. You are allowed £2k in savings, so won't be over that by the time your advisors starts to get your situation sorted.

PS. Please report the more recent company to the FCA ASAP and discuss making a formal complaint to the IVA company, which you might refer later.

sourcrates

You don`t want to be DRO scammed as well, please cut all ties to this "auditing company" they are out to scam you as well, £60 for 9 months to do what exactly?????

DRO`s are ONLY provided by authorised intermediaries, and there is no charge now for obtaining one.

If you want a DRO allow the IVA to fail, then contact one of the authorised companies that provide DRO`s and take it from there (see fatbelly`s link above).

Don`t respond to these other fools that just want your money.