Miss sold iva

mick65

Hi everyone I entered into an iva about 4 years ago. I had my own business (butchers shop) from 2001 and for sixteen years it give me a reasonable living. But in 2018 the local bank and post office closed and my shop rapidly went down hill. I soon found my self struggling financially and mentally. Long story short I was advised by  3rd party which I now know just sold my details as a lead. To be honest I am not sure how I ended up with an iva it all happened so fast. I had no property or savings. The shop I once owned had been repossessed before I entered into the iva.  But when spoke to other people about this situation I was in I was advised that bankruptcy would have been the best option for me.  Then about 4 years into my iva I had a phone call asking me to release funds from my property. It was at the time I checked the proposal from it says I didn't want to go bankrupt as I owned a property this is clearly untrue. The only reason I can think of is the iva ip falsified my details to ensure the iva proposal went ahead. Can anyone help me with this. Thanks for taking the time to read this 

Grumpelstiltskin

So did you do any research into IVAs / bankruptcy yourself or did you just accept what some random person told you?

Did you read and understand the proposal form before you signed it?


IVAs are massively mis sold but some of the responsibility is on you to understand what you are entering in to.

OK if you don't have a property you will have to pay an extra year, all that should have been explained in what you signed.

fatbelly

You need to work out what you want to achieve.

You are so far into the IVA that it may be pragmatic to let it complete.

Other options are (and I am not saying these are realistic)

Start a complaint with a view to financial recompense
Start a complaint with a view to sanctions against the IP and/or the lead generator
Try to get the IVA marked complete on the basis of existing payments


I doubt there would be a requirement to do a 6th year. Obviously if there were, that would be the subject of a further complaint.

These essays may be useful

https://debtcamel.co.uk/complaint-iva/
https://debtcamel.co.uk/cant-afford-iva-payments/#Vary_the_terms_–_completion_on_the_basis_of_fund_paid_to_date