I have been miss sold my Iva the told me over the phone 5 years and I asked them over and over again if it was just 5 years. I phoned them up a month ago thinking I only have 2 and a half years left they said 3 and a half I argued with them then they said I signed my paper work which it says on 72 months in small at the bottom which I did not see. I owe 18.000 and with my payments with that extra year I will be paying 20.000. Contact2claim has phoned me and I wanted to no if anyone has used them or can help
Ok so it maybe another 12 months before it finishes ontop of wgat you thought you had left ... but look at the alternative .... you would still be incurring interest at a rate knots and likely to be shuffling your debts about robbing peter to pay paul with no end in sight ...running up more debt.
At least in 3.5yrs time you will be debt free and have a clean credit file ...you will have learnt to live life on a budget and be focused !
I know which life I would prefer ....another 12 months is nothing !
Last edited by luluj on Wed Oct 15, 2014 5:53 am, edited 1 time in total.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
This should have been discussed at the time the IVA was approved so ask the IP for a copy of the recorded conversation. It is possible the IVA was extended at the time of the meeting but this should have been explained to you.
Be careful of incurring any legal costs claiming misselling until you have spoken to your IP.
I know what ur saying about it's only another year but I'm not happy with it as this was not discussed on the phone when I decided to take out the Iva. When I took it out I was on salary so could not earn any more so was the best thing to do at the time or so I was told by them. I started a new job and can earn a lot more but have to limit my hours as they will take more. I have tryed for the last year and a half to get out of this but couldn't. So I just got it into my head that it's only 2. Half years left. When I got told it's was over 3 I was gutted. I do want to pay off my debt but it works out I will be paying more than my debt. A company phoned and said I have been miss sold my Iva as when des cussed it was only 5 years on more than one occasion they said that and on there web page it says 5 years. They said that because I rent my property that it should of only been over 5 years. At no point did the Iva say 6 years!
If you do not own a property then 6 years is quite unusual. NRAM the old Northern Rock would have requested 6 years and if the return was low sometimes creditors ask for the extension but you should have been made aware of this at the meeting.
Do you know which creditors extended the IVA or was the proposal always listed as 6 years?
Do not trust anyone who cold calls and tells you your IVA has been miss sold. They trawl the insolvency register looking for prey. Besides, how do they know it was miss sold? All they will do is declare you bankrupt and charge you for the pleasure.
The company said they would get the year knocked off nothing about bancrupcy. I know that I have been miss sold it as I no the conversations I have had when I took it out. Just stupid me didn't add up the months properly. I am going to give finacial umbersman a call and see if they can help as I want to clear my debt it's just they lied to me.
It will be interesting to see how this pans out. To be honest it is the first time I have come across a company claiming miss selling of IVA's ( I guess the bottom has dropped out of the PPI market).
At the end of the day my feeling is that they haven't got any arguement to prove miss-selling -- whatever you were told pales into the background against the fact that you signed a contract without apparently reading it. The IVA company have hard proof ( signature) that you agreed to the terms, the claims company have only heresay, unless you can get hold of recordings of the relevant conversations.
On the other side of the coin the questions asked by many people here on the forum and forums elsewhere do demonstrate that there are many firms which gloss over the finer details in the rush to get you hooked and this does need to be addressed.
How did this claims company get hold of you ---- was it out of the blue or did you make enquiries ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Incidentally -- £20k against debts of £18k over a 5 / 6 year period is a good deal --- had you been paying interest over those years the sum would have been much, much more ...IF you could have kept up the repayments.
Last edited by Foggy on Wed Oct 15, 2014 4:56 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
