Mis- sold IVA

[caknight]

Hello

I have been searching the forums but can't find any information on this.

Not that I have anyway but maybe useful to some one.

What can you do if you think you have been mis-sold an IVA?

What will happen if you prove you have?

How would you go about it?

[iva_squirrel]

Good morning,

Could you tell us what you mean by "mis-sold"? Have you been given wrong information or do you believe that IVA was never the right solution for you?

Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

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[MelanieGiles]

You should firstly complain to the Insolvency Practitioner acting for you, to see if they accept any liability. As it is unlikely that they will, as the argument will be that you willingly entered into the agreement, then you could make a complaint to the Financial Ombusdman or the IP's own regulatory body.



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[caknight]

humm

what if you were advised to keep some finance on and not disclose it, as it is "too complicated to get the company in question to agree".

Surely this would be a breach and would be mis-sold?

Would you be able on this instance to seek compensation? which may result in being able to pay an IVA early?

[Adam Davies]

Hi
Sounds a bad one to me..have you got that in writing ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[caknight]

No, we don't, but they advised us not only of that but some of the owed amounts that were low, i.e under 3 months left to run to leave, which we also don't have in writing.

[Adam Davies]

Hi
Take Melanies advice and complain to the IP involved direct.If they fail to respond then you can look to complain to the regulatory body or the FO
Please don,t name them on this forum.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[caknight]

What do you think as an IP the chances of compensation, enough to clear IVA?

Also

What will happen to the IVA if it is found to be true?

[MelanieGiles]

What finances are you talking about - unsecured or secured (ie HP agreement)? And which particular creditor?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[caknight]

The loan is tied in with the mortgage through northern Rock, they are unsecured.

Thanks

[MelanieGiles]

Are you saying that your IP advised you not to include the Northern Rock unsecured element into your IVA proposal? How are you managing to continue to pay it - I suspect it has falsely been disclosed as part of your mortgage payment?

If this is correct, it is very bad advice, and may have caused you to make a misdeclaration to creditors in your IVA proposal and is perhaps one of the reasons why Northern Rock think that rejecting IVAs is a good commercial move for them.

If your IP did disclose to the other creditors that the Northern Rock unsecured element was going to continue to be paid - and they voted on that basis - then potentially this would be OK - but is against the generally accepted and lawful principle of equal shares.

This sort of advice is what gives my profession a bad name - but maybe there is more to this than meets the eye. I sincerely hope so.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[caknight]

The thing is as well was Northern rock were one of the creditors for a seperate loan so that was confusing.

[MelanieGiles]

What do you mean separate loan - all of your unsecured debts should have been included in the IVA. Could you possibly post a list of the creditors which were included in the IVA and a list of those which were excluded please.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[caknight]

Included were

Northern Rock
MBNA
LLoydsTSB
Ikea card?
Burtons card

not included

Littlewoods
debenhams card
Northern Rock

Hope this helps

[MelanieGiles]

On what basis were the Northern Rock, Debenhams and Littlewoods debts excluded from your IVA - and was this specifically on the advice of the IP. How are you continuing to pay these accounts?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk