I have been paying my IVA for 3 years now with debtmatters. I have been recently told that i had been mis-sold the IVA and in fact bankruptcy was my best option. Have i a case for compensation?
Well i currently live my girlfriend in her house. we went to see a mortgage advisor and he basically said i have no chance of getting on the mortgage untill at least 2 years after my IVA has finished and that if i had no house and no car or any other assets that bankruptcy would have been my best option.
Did you meet with your IP prior to entering into an IVA, or did you have communication with them at which time all your options were discussed?
You should have had the pros and cons of all options available to you clearly explained including Debt Management Plans, IVAs and Bankruptcy.
Whilst you have no assets to speak of, some people still choose to enter into an IVA over bankruptcy to avoid the stigma, for ethical reasons of trying to pay back some debt, to avoid bankruptcy restrictions such as Directorship of Limited Company or professional qualifications.
Kind regards,
RJC Financial Management
Accountants and Insolvency Practitioners with over 18 years experience.
A guy from debtmatters did come to my house, but i don't recall any other options being discussed at the time.
Is there a company out there dealing with compensation claims and looking into companies like debtmatters taking advantage of people with financial difficulties
It is a requirement for licensed Insolvency Practitioners to discuss all your options with you before entering into an IVA. I would check through initial letters you receieved from them to see if they provided a summary of their advice, and an explanation of why an IVA is right for you. You may have even been provided with a copy of the booklet "Is a Voluntary Arrangment right for me?"
If you are sure that all options were not discussed with you and you feel you were mis-sold an IVA, I would first contact your IP and discuss the matter with them. If you are not satisfied with their response you could take the matter to their authorising body for them to investigate. You will find details of who their authorising body on any letter they sent you using headed notepaper.
I hope this helps and you manage to resolve things satisfactorily soon.
Kind regards,
RJC Financial Management
Accountants and Insolvency Practitioners with over 18 years experience.
I doubt that the mortgage advisor had enough intimate details of your personal circumstances or is even qualified to make that statement in my view.
The same goes for the unscrupulous companies that send me unsolicited mail by trawling the insolvency register telling me that I was misold my IVA and they can 'Fix It'
No I wasn't and and no they can't...
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I would be surprised if debtmatters did not discuss with you your options or at the very least forward some literature regading this, were you not aware of the BR option yourself? as Herbekj has said these companies trawl the insolvency register looking for people like yourself & informing them they were missold their IVA, they will then charge you a silly amount of money to go BR & you will be back to square one!
The companies who tell you that you have been missold are talking rubbish.
If you are happy with your IVA, then continue with it. If you have problems, you can either speak to your IP or go BR yourself without resorting to these companies.
You will not get any compensation at all, and it may end up costing you a lot more money.
I agree with herb - they can't fix it!
Either send the letter to your IP or bin it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Whilst all IP's should discuss all the options, I know from personal experience this is not always the case. However, it still doesn't mean you were mis-sold the IVA.
I agree with the others - Are you happy with the IVA? - I would think so as you're 3 years in (well done).
Speak to your IP if you have any concerns, but please don't be fooled into thinking you have been mis-sold the IVA.
Julie has hit the nail on the head when she asks about your thoughts about the IVA. If you have been happy with the arrangement so far, please don't be misled by an ambulance chasing company who are only in that business to make money out of you.
If your original IVA was with Debtmatters, have you been transferred to either Grant Thornton or Payplan?
