Possible Mis sold IVA

Sketcher72

I need some advice please, if anyone can help. I think my IVA was mis sold. I was told to say that gambling transactions on my bank statement were foreign currency at tge start of tge IVA and they rushed me through the process, which I went along with as I was desperate. I have MS, suffer with depression and left an abusive marriage at the same time as losing my mum. I struggle with cognitive issues quite frequently and I feel that I've been taken advantage of. I've taken further debt, i cant make the repayments and cant afford my iva payments ive gamblwd to try to fix it which im aware is stupid, but i dont know what else to do. Ive never had a review with my IVA or received any annual statements. I'm at rock bottom and really struggling mentally

Grumpelstiltskin

OK Stop paying it and let it fail. Contact the IVA company and tell them what you are doing.

If you are still gambling you need help. the first thing you need to do us block yourself from all gambling sites.

It looks like you also need help with your mental health.

Sketcher72

Thank you for your reply. Should I make an official complaint to them and tell them I'm not paying anymore because they shouldn't have told me to lie about the gambling?

I have made an appointment with my gp, I have also discovered in the last few days that one of the side effects of my MS medication is compulsive behaviour. I've blocked all gambling transactions on my bank and have joined gamstop and gamcare. I'm also in contact with Mind. I don't want to feel this way anymore

Grumpelstiltskin

Just tell them you are stopping paying and you are going to let it fail.

You are not alone in letting your IVA fail, many do. Miss selling is often quoted, look at the IVA sub forum on here you will see other threads.

IVA & DRO — MoneySavingExpert Forum

It will take some months before it actually fails, don't worry.

Sketcher72

Thank you, this is really helpful

sourcrates

Are you 100% certain you`re referring to an IVA, Individual Voluntary Arrangement?

It would have been set up by an Insolvency practitioner, there would have been a creditors meeting to approve this, and your payments would have been agreed at the start, you would of signed what was akin to a big block of paperwork sent to you with official court stamp on them, is that about what happened?

How long have you been in this arrangement?

As reviews are annual, on a yearly basis, I don`t believe you receive any statements, but possibly a copy of of your annual review.

fatbelly

Yes, complain

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

How far into the IVA are you? If over halfway you could ask for it to be completed on the basis of existing payments

Sketcher72

I started it in January 2023, so 3 years. I didn't know I could do that, why can it be completed on existing payments? I don't understand?

Sketcher72

Sorry I missed the other comment, I don't recollect getting a big block of paperwork, I'm fairly sure I signed online. I have some documents from them on email but I've never had an annual review, or received anything from them. They email me if I'm late or in arrears, or they have started to use whatsapp

Grumpelstiltskin

OK You must find out exactly what you signed up to, it doesn't sound right for an IVA, or the IVA company are not doing things correctly.

Sketcher72

Yes it's definitely an IVA, I have just found the email containing the proposal and then an email confirming it was accepted. They sent everything to me via Signable. The company is called Parker Philips Insolvency. If I stop paying and let it fail won't I have to deal with all the creditors again?