I thought someone on here may be able to answer a question I have about unenforceable credit agreements.
My husband and I (also my ex husband) entered into an agreement with a company on the recommendation of our (ex) financial advisor. Yes it seemed too good to be true but trusted him and took his word that this was possible.
Now 11 months down the line, after paying £3500, we have been informed that some of our claims are not presuable. Fair enough I thought as they said I would receive a full refund if this was the case. I still haven't received a refund, despite several phone calls and following their complaints procedure.
Bearing in mind our current financial situation this money is desperately needed. We were advised to place the fees onto a credit card that we would be claiming against and therefore the fees would be paid when the claim was successful. We are now in a debt management plan and this card is part of that plan, the only monies spent on it were for the above claims.
If for instance I entered an IVA in the near future would this be able to be pursued by an IP as it is an outstanding debt to us, we have a contract to say as such or are we just going to have to right the money off?
I have to say that these companies tend to prey on people in our situation. We were coping quite well but circumstances have changed and this has created an extra burden that didn't need to be there.
I would appreciate your thoughts. I understand that people on this forum would advise against such claims as this would be debt avoidance but at the time we were not in any financial problems, we were told be could claim against PPI and most of the claims contained this and received reassurance from a trusted person that it would all be fine. I hasten to add the said financial advisor is now working for a Debt Management Company and has since called me to ask if he could help me with an IVA.
Myself, husband and ex husband have read all contracts several times and can't see any way they can escape a refund, bar not answering the phone! Even their website states this.
I just wonder why you would even countenance throwing your hat into the ring again with a chap who sounds by your post to be little more than a cowboy?
If you enetered into an IVA then it would almost certainly be classed as a windfall in my opinion and would need to be paid over for the benefit of all creditors.
If you are seriously considering an IVA though I would point you more towards www.iva.com to get advice directly from reputable providers.
Regards.
Last edited by size5 on Wed Dec 16, 2009 4:27 pm, edited 1 time in total.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Believe me he was told in no uncertain terms where to go. We have contemplated an IVA but are in the process of trying to sell our house and if that fails then that would be our next step. I have already been in touch with several IVA companies and have plumped for Cleardebt if it comes to that and have spoken to them at length about our situation.
I would not mind in the slightest if the money was classed as a windfall. My ultimate aim is to pay all that I owe and be debt free having learned some very hard lessons along the way. So the quicker that happens the better.
