www.iva.co.uk

i feel i was mislead into getting an iva, i am still living with parents, and just over a year ago applied for an iva which was accepted, i have now cancelled the monthly payments which go to the iva as i want to set up my own payment arrangemnet. is there anyway i can look into claiming the money back which i have paid in over the last year and a half?

No - and if you break the IVA contract, you will find that you will need to carry on paying your debts until they are paid off in full - and that creditors will also have the ability to charge interest again and possible take legal action against you. Your Supervisor could also petition for your bankrupcy as well.

I am curious as to why you now feel this is a better option for you?

Hi Joanne, Welcome.

I am curious.. Why do you feel you were mislead? Do you not feel the money paid over the last 18mths was beneficial? Have you consulted the company and indeed your IP?

Have you received a letter advising you that you were mislead?

Hey Joanne, welcome to the forum. If you have had a letter saying you have been mis-sold an IVA and that you can claim this money back, the company that has issued the letter has just got your details from the insolvency register. They don't know anything about your situation and will want you to pay them to help you go bankrupt. If you haven't had a letter then ignore me!

Joanne, welcome to the forum, please get advice before doing anything drastic and i agree with Viki there are firms out there that will pray on vulnerable people, please, please seek advise before doing this.

Spot on Viki, don't know why I didn't think of that. This is very likely as there are some unscrupulous companies out there trying to capitalise on the public register. Joanne it is a very bad idea to stop paying contributions into your IVA, especially as you are 18 mths into it and you can see the light at the end of the tunnel.

You have been given a great oppourtunity to repay what you can afford over a shorter period of time. Interest has been frozen on the accounts and you are not happy???
Have your repayments been set too high? If so, a simple call to your IP could sort it out.
Once you set up repaying the debts on your own again, interest will start being added and you will loose your legalprotection.
If it is that you have recieved a letter saying you have been "mis-sold" Please ignore it and contact your IP and reinstate your IVA ASAP.
As Viki has said, these companies prey on people by getting their details from the insolvency register. They are not there to help you, they are there merely for their own personal gain.