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    • mrtangoman
    • By mrtangoman 25th Oct 17, 2:07 AM
    • 5Posts
    • 0Thanks
    just finished an IVA what next ??
    • #1
    • 25th Oct 17, 2:07 AM
    just finished an IVA what next ?? 25th Oct 17 at 2:07 AM
    i've just finished my IVA at 5 years by paying all my creditors with a remortgage as required.
    a couple of things have cropped up ..
    when i started the Iva, i hadn't missed ANY payments but was constantly going over my overdraft and incurring big bank charges ..
    The IVA provider told me i would be best off going down the IVA route and to "STOP PAYING ALL MY CREDITORS FOR 3 MONTHS " Which i did ..and the IVA started ......
    I've since been told ( now its all paid off ) that they should have helped me get a equity release remortgage ( which i did to pay it off 5 years on )
    Now ... i think i've been "mis sold" the IVA so that "they" could profit from the massive admin charges ..
    I've asked them to look into this and they have not replied ..
    the 2nd thing is , as part of the IVA they should have done a PPI claim on my behalf to pay creditors as required by the court ...
    They didn't !!!!
    they now won't pursue a claim ( with all funds coming directly to me as IVA paid) as they say i'm no longer their client after the IVA finished, BUT it was part of the IVA and surely it should have been done as per court request ?!?!?!
    please help
    thank you
Page 1
  • National Debtline
    • #2
    • 25th Oct 17, 12:28 PM
    • #2
    • 25th Oct 17, 12:28 PM
    Hi Mrtangoman,

    If you believe the IVA was mis-sold you would need to complain to the IVA company initially (do that recorded delivery). If they do not give you a satisfactory response you can escalate the matter to their professional body and onto the Insolvency Service. However, one thing to clarify, is that equity release before an IVA is different to the equity release clause within an IVA. Unless this company boosts being independent financial advisors or holistic debt advisors, they are unlikely to be required to tell you about other options, other than what they sell.

    With regard to the PPI I am not sure what you mean by 'court order'. It is normally a clause within the agreement that the IVA company will reclaim and keep your PPI refunds as part of the IVA. However, if they have wrote to you saying we do not want that money, you keep it, then I would suggest keeping a copy of that letter as evidence and assume the PPI refunds are yours. If they try and ask for it back later, you can complain that they confirmed the money was yours at the time.

    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • DorisTrousers
    • By DorisTrousers 25th Oct 17, 1:10 PM
    • 516 Posts
    • 296 Thanks
    • #3
    • 25th Oct 17, 1:10 PM
    • #3
    • 25th Oct 17, 1:10 PM
    IVA providers ARE required to discuss all options, even if they do not apply. E.G. for homeowners a DRO will still be mentioned, but clearly isn't an option. If releasing funds from the property is/was an option, then it will have been discussed at some point. If it was not, then that certainly is a basis for querying the advice given.
    • mrtangoman
    • By mrtangoman 29th Oct 17, 11:59 PM
    • 5 Posts
    • 0 Thanks
    • #4
    • 29th Oct 17, 11:59 PM
    • #4
    • 29th Oct 17, 11:59 PM
    Laura ,They didn't even start the PPI claim , i've paid out a lot in admin charges for this IVA and now they won't do what they're supposed to have done years ago...???!!!
    the remortgage should have been less and now i'm paying the difference for the next 20 years !!!!!!

    Doris ... they NEVER even spoke about a re-mortgage, or asked if i had equity in my home. As for the " stop paying everything " that was purely to put me into arrears so they could sign me up !!
    up until that point i HADN'T missed a single payment, but could see things turning bad so asked for advice ...
    • phil2580
    • By phil2580 6th Nov 17, 7:39 AM
    • 40 Posts
    • 21 Thanks
    • #5
    • 6th Nov 17, 7:39 AM
    • #5
    • 6th Nov 17, 7:39 AM
    Mrtangoman, did it state anywhere in your IVA paperwork that they would pursue a PPI claim on your behalf? It is unlikely to have been a clause for the simple reason that not all PPI policies were actually mis-sold, and claiming against one that wasn't actually constitutes fraud.

    It's difficult to say if you were mis-sold your IVA as you haven't given any figures to base any calculations on, but you have to bear in mind that while you will have paid fees to your IVA provider, you won't have paid any interest on your debts for 5 much has that cost/saved you?
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