www.iva.co.uk

I am new to forum but looking for a bit of advice
I and my husband have both been in an IVA’s for the past four years. I have spoke to friends who have just entered a IVA and she has said she thinks I was miss sold my IVA as I only owed £1500 in my own name all my other debts were on cards in my husbands name with me as a second named holder but bill only came in his name I also don’t work due to ill health and do not have any income of my own so my husband has to pay my IVA’s each month. Where do I stand in with my IVA?
Also when our IVA was set up the put down figures which were different from ours lower mortgage ect which we questioned and they said not to worry they new what they were doing on forms it was right due to the worry of our situation we trusted them .They have since gone under themselves and another company now manage our IVA
We are going into our last year of our IVA’s my husband might be keep in another year as set out in the IVA
I have spoken to a family member who is worried about how this affecting our health my husband works very long hours and does overtime just to keep our head above water and has never missed a payment but some months we have had as little as £50 for food this family member is willing to help by giving us £3500 if they would take is as final payment off the IVA. Over the year we pay £3720 to the company do you think they will accept this to end our IVA?
When we entered the IVA we also questioned how much it would cost and we where told there was no fee as it was a government initiative the companies we owed my paid them to sort it out which we have since found to be a lie

Hi Ladycaz and welcome to the Forum.
Unfortunately there are some stories such as yours which brings the whole insolvency industry into disrepute. However, if they have now gone under themselves there will be less cases such as your own and the reputable businesses continue to operate.

Your offer sounds fine and you should speak to the new IP firm. From what you say they should be happy to recommend a full and final settlement and hopefully creditors accept it. The issue of misselling is a tricky one particularly as you had no income to repay your debts so by binding you into your husband's IVA you were at least given protection. I am only speculating as I do not have the full details.

You may well have been mislead by the fee issue but unless you repay in full, the fees will be paid from the IVA pot and agreed between IP and creditors. You will not find yourselves any worse off as a result.

Contact the new IP firm with all the details and hopefully you can be debt free soon. Good luck.

No one in their right mind would suggest an IVA to someone who only owed £1,500, and I suggest that you make the offer as quickly as you can to ring this unfortunate set of circumstances to a conclusion.

Who were the original IP firm?

Ladycaz.
Your post has got me to wondering if My Mum has been miss sold an IVA.
The debts were my Dads and somehow she ended up signing the paperwork (My Dad was disabled from a stroke)
My Dad died in Jan this year.
The IVA company - Baines and Earnst were informed of the death and a death certificate sent.We were told that they would try to bring the IVA to a close because of the death.
My Mum today received notice that a new company has taken over and that this has been done through courts (without any communication informing my Mum so)
Surely Baines and earnst should have just done a new financial assessment of the current IVA and proposed a new payment plan to the creditors because of the change in financial circumstances because of death.
I am seriously wondering if she was miss sold - how do you find out if you are miss sold?

Hi and welcome to the forum

If the debts were your fathers then she should not have been able to sign up to this unless she had a power of attorney.

The company who have taken over are Grant Thornton who are a well respected company and I suggest that she speaks to them about this.

Hopefully one of the experts can help about this.

Was your Mum responsible for any of the debts? If not, then she is not party to the IVA and I agree it should be closed as quickly as possible now. There is bound to be some slight delay whilst GT get to grips with the BE files - and they have an excellent Client Services Manager who deals with this sort of thing on a regular basis.

So sorry to hear about your Dad. I still miss mine and he died 23 years ago. It is lovely to see you looking after your Mum's best interests, and if we can help further you just have to shout.