Has my IVA company been unethical and if so what course of action can I take ?

[Stephen.14]

Thank you Mr Davie. That is all i wanted to know and i did acknowledge that you found it strange when i first asked the question.
I found it strange that some of the other experts found it too difficult to give a straight answer not unlike politicians, to a simple enough question.
i do intend to seek some redress to my suspicions of corruption malpractice and profiteering by my IP supervisor when i am free from them. Until then i am collecting evidence and have the paperwork to back up my claims.
A footnote to anyone else thinking about entering an IVA that my opinion would be to go with a non profit making IP supervisor until the regulations and policing of IVA's have been changed as it brings into question the morals of some and damages the reputation of the good guys.
Im sorry but from my expierience that is how i see it
Good luck to all
Signing off now from this forum
xxx

[Michael Peoples]

I have always said that people should be able to get their own valuation if they feel the first is overstated. We do get reviews carried out on all cases as it is better for the client than having searches against them fo failed remortgages.I accept what you say Stephen but I do not think it is unethical per se unless it is abused by the broker or IP.

[Stephen.14]

I take that as an admission that you employ similar questionable practices who valve a property and also arrange a loan with fees payable to your good self.
By adopting such practices you leave yourself open to finger pointing and suspicion.
I would have thought that a professional like yourself you make sure that you are beyond reproach.
Perhaps it might be an idea for you to have a chat with Mr Davie as he finds it unethical like most reasonable people would.

[lifenoteasy]

I don't think that is what he said.

[Stephen.14]

Some experts on here in my opinion are digging a hole for themselves and i am glad to have exposed the questionable practices to anyone who are prospective clients to these experts.
I would point you in the direction of Mr Davie as he appears to have decent morals.

You have read the posts so you decide !!!

[grimswold]

Stephen, what you say is not acceptable. How can one reputable IP such as Michael accuse another of being unethical on a public forum?? I think you are trying to set one person against another and hold them responsible for what they may or may not say. If you have an issue, contact the IP and the regulator but don't try to lure people into saying something that may or may not be admissible in court. As a professional myself, not insolvency practice though, I can see where you are coming from and have been warned about people like you.

[Stephen.14]

Well i did think thats what he is saying

[Stephen.14]

I have not named the IP in question and merely sought an opinion from an expert which is why i originally asked the question.
I asked that in my case in anyones opinion not just his if it was unethical do do such a practice.
I have no argument with anyone on here especially the experts.

[Stephen.14]

Mr grimswold
I find the term you used " people like you" offensive
Would you care to explain what you mean by that please

[Stephen.14]

I see there have been over 1000 views on this post which has clearly sparked some interest
Lets hope the regulators or there peers have taken an interest and with a bit of luck one of Martin Lewis' associates will have too and look further into this subject.

[karenerb]

I do find Michael Peoples comment about hoping to pick up some business to compensate for the time spent on this forum rather telling - I "believed" the purpose of this type of forum was for people to ask for and obtain some INDEPENDENT advice/information so to openly admit you are happy to "pick up business" is odd to me - however I will admit to not being au fait with this type of arrangement- however I do find it odd that a company can offer a £40,000 loan to enable to OP to "get himself out of debt" really???????? and as for the comments about a firm being able to extract better returns from PPI - that just proves to me that the whole system is a con - surely you should get back WHAT you paid in - and if you were mis -sold then you should get it ALL back regardless of whether you apply as an individual or a company

[lifenoteasy]

At the end of the day people work to eat, support a family etc.

I have no problem with what has been stated and at least there is an approach that is transparent.

I'd quite happily authorise 23% if it meant that I got this type of advice and support.

I might not necessarily agree with some decisions but at least I'd know what they were based on.

[MrsR]

I'm not insolvency expert, only 3 years into one myself.

I have had many years of working in the retail banking industry and worked closely with people requiring mortgages, remortgages, loans, secured loans etc, many of which are involved in some form of debt management arrangement, and have seen many people obtaining property valuations and then being offered finance to release equity from the same company.

These companies have seen that many people with less than excellent credit ratings, require these funds and cannot get this from anywhere else- being turned down repeatedly, so tend to draw up agreements with brokers themselves- sometimes they may even offer this as part of their business. These people are always under no obligation to accept and can get valuations and source lenders elsewhere if they so wish to do so.

I would personally obtain my own valuation from 2 different companies, and acquire a new redemption statement for the mortgage outstanding and then see how this compares to what has been shown to you.

Our policy states that we acquire our own valuation and if no equity, we are finished, if equity is present we are to remortgage or extend payments for another 12 months in lieu of this, and this was discussed at the start of our IVA during our advice stage.
Some people are told that supervisors will obtain valuations for them and perhaps different means of releasing the funds - that is why these are all individual arrangements.

Personally, I would say that it depends on their wording on this as to whether they are or are not working unethically.

To many people, entering into an IVA to pay debts at a sometimes lower value per month, and sometimes wiping off some at the end of 6 years is unethical ...

At the end of the day, if you are not happy to go along with something, you must seek advice on what you can do surrounding this and if you are unhappy with your IP's decision, then register a complaint or speak to the regulators.

[Stephen.14]

I Am happy that my question has been answered now ( with different opinions ) and i am now finished on here.
I have had no axe to grind with anyone and apologise to anyone who feel they have been offended by anything i have posted.
I exit here with more suspicions than i entered the forum with.
I have only wanted to be treated fairly and think i have been a victim of legal loopholes.
Hey ho who cares

[lifenoteasy]

A lot of people care and share your frustrations and experiences one way and another.