I am getting more and more despondent with the lack of service, mis and changing information and responses I am still receiving from my IVA provider and have noticed similar concerns posted by other forum members.
I still have not had my initial complaint letter dealt with - originally sent 11.Oct 2013. Rang IVA provider today, again, and same old story. Will put notes on my file and ask the complaints team to contact me.
I also received my annual review statement - with an inclusion to attempt to remortgage my home. I did not agree to this, but was forced to sign a form and was told it was not for re-mortagage purposes but was used to register an interest on my property to stop people selling their houses and making profits and moving away. ( I have a copy of the letter stating this) I was also told at the time of applying for my IVA - my home would not be affected by the IVA in any way as all of my debt was not secured against my home - not the case it seems ! Can I challenge this? and How can remortgaging help the debtor - it just puts you back into more debt, i thought the whole ideas of the IVA was get you out of debt.
One of the items in my original queries to the IVA provider was regarding the fees. My IVA agreement stated that i would pay a set fee and a figure entered - this again does not appears to be the case as the Iva provider now states they can adjust this amount based on % figure on what you pay. Is this correct ? At best it is a rip off and at worst breach of the contract? This would imply that no matter how much you pay extra into the IVA contributions to pay off the creditors the IVA provider will take more fees instead before hand - so really your not paying off as much as you thought or told by the IVA provider.
I also find that i am paying more in IVA payments a month than the original fixed loan repayments with the interest, some of which were for a lesser term than the IVA period.
When i was made redundant and was struggling with the amount of debt that i had, I really felt the advise from the debt advisor/IVA provider gave, that they had my interests at the fore and the IVA was my only option. Now i feel totally disillusioned, duped, mis informed by the whole affair and feel they now no longer have my interests at the fore and don't respond when they say they will, and only interested in what they can recover for them selves themselves and the creditors by a multitude of options they can apply at any time. It seems a lot of us feel this way reading thru the posts.
YES i read the information on the contract but did not fully understand the jargon despite my questions at the time , and was directed to look at only two particular clauses on the agreement (which were marked) , the cost of the iva and term and the plan of schedule repayments. At the time also, i was more fearful stressed about of the debt situation I was in.
I am not hopeful the IVA provider will respond or meet with me to finally go thru my concerns and complaints. But I am now seriously considering to refer the matter to the FOS - has any one else took this route and what was your experience of FOS getting involved to help?
Thanks for reading or responding (if you can help or give advice)
Last edited by
Kevin.hm on Fri Feb 07, 2014 8:38 pm, edited 1 time in total.