The IVA council, advice please

Hi, was just wondering if anyone has had any experience with the IVA council??If so was wondering if you could tell me if you thought they were good or not?? As i have had a phone call off them and i'm not sure if they are just trying to get money out of me.

They seem to think that i have been miss sold my IVA, as i have no assets and they seem to think it would be in my interest to go bankrupt.

I am 12 months into an IVA with Blair Endersby. I would be greatful of any advice anyone can give me. As i am never sure who to believe when it comes to these sorts of companies.

I have spoken to cccs and they say to carry on woth the IVA. But then i have other people telling me that IVAs and Bankruptcy are the same. IVAs just protect your assets. I am not sure which way to turn. I am 24yrs old with a 4yr old daughter and i feel in such a mess. As i know i have damaged my credit rating for life now. I just want to know which is the best solution for me in the long run. As in the fututre i would hope to get a mortgage, etc.

Thanks for taking the time to read this. :o
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Comments

  • MrsTinks
    MrsTinks Posts: 15,241
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    First question is do you have any assets?
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  • Tigert
    Tigert Posts: 467
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    I don't think they are very well thought of :

    Try typing "IVA Council" (include the quotes) into Google and there are numerous results suggesting that their claims are false and that they have provided bad advice.
    LBM : March 2008 :cry:
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  • No i dont. I still live at home with my parents.
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  • Hi Tigert. That is what i thought too. Thats why i am trying to find out if anyone has had any dealings with them. Im not sure what to believe anymore.
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  • MrsTinks
    MrsTinks Posts: 15,241
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    Ok with no debts then how much exactly do you owe? How many months is your IVA for? What reason were you given originally for choosing an IVA over a DMP or Bankrupcy?
    As for anyone trying to get you to pay them to recover money from something you have been mis sold... honestly you can 99 times out of 100 do it cheaper and better yourself...
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  • fermi
    fermi Posts: 40,546
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    If you have doubts about your IVA then contact your supervisor or one of the organisations here:

    Link: Non-profit Debt Counsellors' List

    The IVA Council are to be avoided at all costs though.

    From: Insolvency Service statement regarding the IVA Council
    The Insolvency Service would like to make it clear that we are in no way associated with an organisation called the IVA Council.

    IVAs are a flexible and effective means of dealing with debt. For debtors they provide protection from creditors, debt forgiveness, flexibility in terms of what assets are included, and none of the restrictions, which apply in bankruptcy. For creditors they provide a better return than could be obtained in bankruptcy.

    IVAs allow debtors to repay their creditors that which they can reasonably afford and resolve their financial problems, and are supervised by licensed and regulated insolvency professionals.

    The principal statutory alternative to an IVA is bankruptcy. Bankruptcy should always be the last resort as the debtor will lose control of their assets and will be subject to bankruptcy restrictions, potentially up to 15 years.

    Consequently The Insolvency Service does not condone any implication that people in IVAs should stop paying and enter bankruptcy. If you have had any communication from the IVA Council or other third parties suggesting that you stop making payments under your IVA you should discuss this with the supervisor of the IVA and seek advice from professional, qualified advisers before taking any action.
    From: OFT warns consumers about misleading IVA mailings
    5 June 2008

    The OFT is warning consumers to be careful before responding to unsolicited mailings which advise them to cancel existing individual voluntary arrangements (IVAs) and which suggest they opt for an alternative debt management solution such as bankruptcy instead.

    Some such mailings sent out to consumers misleadingly suggest to recipients they may have been mis-sold the IVA and/or that bankruptcy may be more suitable for their circumstances when this may not be the case. These mailings are being targeted at vulnerable consumers in IVAs by companies who appear to have accessed their personal contact details from the public register of people in IVAs which the Insolvency Service is required by law to maintain.

    The OFT considers such claims to be in breach of its debt management guidance not only if they are misleading but also if they fail to explain the consequences of terminating an IVA agreement and going bankrupt which include:
    • Much of the initial monies paid to a company on setting up an IVA going towards meeting the insolvency practitioner's fees and not paying off the debt itself. Therefore, if the IVA fails early on, creditors will not have received any payments, the consumer's debts will not have decreased and their financial position is likely to have worsened.
    • The option of bankruptcy having far reaching consequences including consumers losing control of their assets, potentially having their home sold and facing restrictions in carrying on businesses and obtaining credit.
    The OFT has issued warnings to 12 businesses and has given them four weeks to respond. They have been told to amend any misleading claims made in their IVA advertising and promotional material and to be more transparent about the possible implications for consumers if they do terminate an IVA agreement. The OFT will consider taking action against any business that fails to address our concerns. Such action could include taking steps to revoke consumer credit licences held by the business.

    Ray Watson, OFT Director for Consumer Credit, said:

    'Tackling companies who are engaging in unfair business practices by targeting vulnerable consumers with misleading advice and information, particularly if it leads to consumers becoming more over-indebted, is a key priority for the OFT. We expect any advice and/or information given to debtors to be in their best interests and it should include a full explanation of the implications of offers or advice.'
    From: ‘IVA Council’ makes false claims | Payplan Blog
    If you have recently received a letter from ‘The IVA Council’, then make sure you read this.

    clip_image002.thumbnail.jpg


    Recent press coverage of The IVA Council (IVAC) has exposed its false claims made in letters sent to people already in IVAs which attempt to link it to government and The Insolvency Service.

    The letter’s recipient is warned that they might be a victim of mis-selling by their Insolvency Practitioner resulting in a possible refund of fees and contributions. A “government licensed debt adjuster” is offered in support of this claim.


    However, The Insolvency Service has confirmed that there is no relationship between the two organisations and that its lawyers are currently investigating the situation.

    Any person in an IVA who has received a letter from IVAC needs to be aware of the following:
    - IVAC has no ‘Consumer Credit Licence’ number evident on its website. You need this to be able to give debt advice, according to the requirements set out by the Office of Fair Trading
    - IVAC offers no ‘Data Protection’ registration details which is necessary for a business that will be recording data.
    - IVAC has no ‘Limited Company’ (Ltd) details, registration number or company address which is a mandatory requirement on all emails and letters from any Ltd company
    - IVAC has used the logo of IP trade body R3, which it does not have permission to do.
    - Credit Today published that ‘numerous attempts’ to contact IVAC had been unsuccessful. (25 October 2007)
    From: IVA Council’ Continues To Contact People In IVAs
    The IVA Council (IVAC), who in October last year was forced to remove logos similar to the official Insolvency Service logos from its website, still appear to be actively sending letters to people in IVA arrangements, as recent comments on Payplan’s previous article ‘IVA Council’ makes false claims suggest.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • Tigert
    Tigert Posts: 467
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    Hi Tigert. That is what i thought too. Thats why i am trying to find out if anyone has had any dealings with them. Im not sure what to believe anymore.

    Well, I can't speak from personal experience. But from reading some of the search results on google. It seems that they try to link themselves to the Insolvency service, give incorrect advice, are not licenced and should be, and although they claim that they don't charge, they force you to deal with a sister company that do.

    Not a glowing recommendation!
    LBM : March 2008 :cry:
    Debt Free Date : 25th July 2012 :)
    DMP Mutual Support Thread: #170
    Long Haul Supporters Thread : #115
  • Hi Mrs Tine, not sure how much i owe as i dont have the documents anymore. But i would say roughly around £20,000 if not more. I am 12 months into my IVA, i made my 12th payment yesterday. I was told the IVA would be less damaging on my credit file than bankruptcy and DMP would take 10years to finish, so they told me that the IVA would be the quickest and best solution. I was a little in the dark about all of this kind of stuff and did not do enough researh on it. But i was worry about my debts and i was having letters and phone calls everyday, so i just wanted to sort it as quickly as possible. Silly now i know as i should of looked into everything more.

    The company say that the put you on a money management course which looks excellent on your credit rating. And they get your name off the insolventry register 3 years quicker...
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  • MrsTinks
    MrsTinks Posts: 15,241
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    Never heard of a money management course that could help your credit rating - if there was EVERYONE would be on it....
    As for getting off he insolvency register quicker... not sure, but that sounds like tosh too...
    Yes IVAs are less "damaging" than a bankruptcy but you really should have been given ALL the facts... Please read Fermi's post in full and check all the links - Fermi knows his stuff :)
    DFW Nerd #025
    DFW no more! Officially debt free 2017 - now joining the MFW's! :)

    My DFW Diary - blah- mildly funny stuff about my journey
  • Thanks Mrs Tine, i will have a look at that now. I hate all of the different advice you get. You never know what to believe. As all of these companies are out to get the most money for themselves and not do what is best for you. That is why i like this site so much, as everyone wants to try and help each other.

    What is worrying me also is im still waiting for my I&E to be reviewed with Blair Endersby, as they had my income at a higher rate than im actually getting and i could really do with it coming down a bit, with the credit crunch and all im just about getting by. But the woman i spoke to today from the IVA council said that it was very unlikely that my payments would come down. They would be likely to go up in a couple of yrs. These pwople can be very convincing.
    January GC £33/200

    Christmas 2012 savings £60
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