Have you received a letter telling you this? If so, ignore it as these companies are just trying to make money from you.
If you are struggling then speak to your IP to see if they can assist you.
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
I see this on here quite a few times and shake my head in dispair, im sorry if i come across unsensitive i don't mean to.
An IVA is a voluntary arrangement, we volunteer to go into this agreement, its never sold yes we pay fees, but no-one comes the hard sell, we approach someone who can help. Without our IVA's and our IP's we would be knee deep in debt, some of us considering the ultimate way out, others hiding from the baliffs, avoiding family and friends who we may owe money to, an IVA is a liberation freedom of debt in 5 years. Im so relieved to have my IVA as without it, i dread to think the consequences!
As Jan says if you're struggling do contact your IP in the first instance and if it's a letter advising you that you've been missold your IVA the chances are it's a company offering to assist you in bankruptcy which I'm sure you could do yourself without the added cost of them assisting you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I was in the same situation. Six months into my IVA, which WAS missold. It is incorrect to say they cannot be. When you are told 'you will lose your home, you will lose your car' if you chose another method.
So after that six months I file for bankruptcy. That is now lifted and I kept my home, car, job and didn't need to make ANY payments. The Official receiver was great from start to finish. So it is not unfeasible that an IVA is missold. Yes it is a VOLUNTARY arrangement, but the company arranging it get a fee. That in itself is enough for some to try and stack the deck in favour of an IVA over bankruptcy.
This is why it is so important for insolvency practitioners and debt experts to ensure that all options are carefully explained to clients, thus allowing them to make an appropriate choice from the outset.
Hi Wayne, If you let us know why you think your IVA was "mis-sold" we can help.
Scott were you given all the options available before deciding on an IVA? I agree sometimes an IVA is not the best option and thats why you should seek all the advice you can before entering any plan.
Many of us in ivas would be far better off in br but when you can afford to repay some debt and chose not to I can't help but feel it is an abuse of the system. That's not say I don't think about br as I get to the broke end of every month or want a holiday or an allowance for Xmas presents!!!
BR has never been an option for me - far too much equity in my house!
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
You don't have to declare it into infinity - only if you are asked and some companies are doing the same with IVAs these days as well.
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
The reason we didn't go bankrupt initially was the stigma and being in the newspaper (local), I now realise that bankruptcy isn't as bad I initially thought after talking with posters on and off the forum.
If I knew then what I know now, things may be different, but I'm determined no matter what is thrown at me I'm not giving in, soon be 3 years in my IVA and although it's not been plain sailing I'm getting there.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
