The other avenues will really depend on whether the debtor has got good advice from an IP and done their research or only explored one option instead of considering all options. [/i]
I can appreciate this, in theory. It's unfortunate is not part of an insolvency company's normal practice.
It should be and my general anecdotal experience, along with my own, is that it usually is. I am aware, however, that there are a few firms giving sketchy advice and would like to see an independent, official, regulatory body to protect consumer interests in insolvency.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The other avenues will really depend on whether the debtor has got good advice from an IP and done their research or only explored one option instead of considering all options. [/i]
I can appreciate this, in theory. It's unfortunate is not part of an insolvency company's normal practice.
Which firm are you speaking on behalf of as it's not part of mine?
Last edited by Lisa Thomas on Wed Jan 03, 2018 3:12 pm, edited 1 time in total.
Hi Lisa.
I'm with Payplan.
They never went through any options at all, or asked me if I had spoken to any other services, prior to them.
Just rushed me through their paperwork and procedure, which was a lot of information; especially as I had just been through a critical spell in hospital, mentally and physically. There wasn't anyone else I could discuss this with at that time and with the threat of persistent letters to lose my home (for a £24k debt) from my mortgage and the bank, I didn't have much choice, but to sign up.
If what you say can be evidenced, particularly that you were pressured into making a decision when your capacity to make decisions was impaired (and that does seem likely) you have grounds for a serious complaint both to the Insolvency Service and possibly the FCA particularly if PP gave you advice.
If I were you I would find a local law centre (or if all else fails the CAB) and take this further as you really need someone professional to advise and advocate for you.
If what you say can be evidenced, particularly that you were pressured into making a decision when your capacity to make decisions was impaired (and that does seem likely) you have grounds for a serious complaint both to the Insolvency Service and possibly the FCA particularly if PP gave you advice.
If I were you I would find a local law centre (or if all else fails the CAB) and take this further as you really need someone professional to advise and advocate for you.
The IP is not under the jurisdiction of the FCA and the Insolvency Service will do nothing! Nor will the regulatory body !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
IVAconfused75 wrote:Hi Lisa.
I'm with Payplan.
They never went through any options at all, or asked me if I had spoken to any other services, prior to them.
Just rushed me through their paperwork and procedure, which was a lot of information; especially as I had just been through a critical spell in hospital, mentally and physically. There wasn't anyone else I could discuss this with at that time and with the threat of persistent letters to lose my home (for a £24k debt) from my mortgage and the bank, I didn't have much choice, but to sign up.
But your post refers to all IP firms. I think you should have worded it to your specific firm.
I apologise. I should have named direct.
Not knowing anything about IVAs, I wouldn't know which company does what or should be doing, but this just points out as a big company, they should be doing what you do to all their customers I guess.
IVAconfused75 wrote:I apologise. I should have named direct.
Not knowing anything about IVAs, I wouldn't know which company does what or should be doing, but this just points out as a big company, they should be doing what you do to all their customers I guess.
They should ! As one of the "big charity" firms lauded (and fed) by the creditors themselves you would think they should be a beacon of best practice --- but quite the opposite appears to be true these days.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think from my own personal experience, if I had the information I now have, I would have done everything I could, before signing into one.
I just hope top end of new year is going to promptly get me out of it.
PP's parent company is FCA registered. Debt advice is covered by the FCA. The FCA has a protocol called "Treating Customers Fairly,"
And, if any company gives financial advice and they aren't licenced then they should be in trouble with the FCA.
The FCA does however receive millions of complaints via the Financial Obudsman, so not much hope perhaps.
And if the IS aren't going to tackle a complaint in which an IP has (if the OP's statement is correct) got the OP to sign the agreement when they weren't given all the info and the OP's capacity was impared....well who is?
[quote="jonathah"...... if the IS aren't going to tackle a complaint in which an IP has (if the OP's statement is correct) got the OP to sign the agreement when they weren't given all the info and the OP's capacity was impared....well who is?[/quote]
Hence my petition. The consumer in an IVA has no real recourse to complaint or, more importantly, mediation and resolution. The complaints gateway, I would have thought, would be an ideal vehicle for them to monitor complaints going to regulatory bodies and to "jump on " any recurring theme ... but I have no evidence that this has ever happened. When a complaint gets to the regulators the IP (rather than the firm) might get a reprimand or, worse case, a fine. In either case the complainant gets nothing --- there is no incentive to complain. I wonder how many actually bother !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Oh Foggy, how depressing and inevitable, Here's raising a glass to your petition.
I worked on a temp assignment managing complaints for a failing company once. Anytime the customer threatened legal action/stautory body complaint, the boss used to panic and authorise a refund and compo. Perhaps that's the kind of decision that made them a failing company.......!
Thank you for the raised glass However, over 6,000 views of the relevant posts here have raised 21 signatures ( from an invested audience ) so I don't think it will be getting a hearing anytime soon.
Refunds and compo on every complaint is a recipe for disaster if the reason for the complaints isn't addressed --- hence failing company (but I suspect I am preaching to the converted).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
However, over 6,000 views of the relevant posts here have raised 21 signatures ( from an invested audience ) so I don't think it will be getting a hearing anytime soon.
