Got a letter in the post day from IVA Debt Line offering the services of their independant company adviser. They basically reckon they can shorten my IVA to just six months and all I have to do is ring them on their free phone number. They have hined that my IVA was mis-sold and they try for compensation !
I really believe its a scam/bogus letter but oh the dream of my IVA finishing in 6 months !
stobatron the number on the letter is **phone number deleted**. I've got just over 3 years left on mine, but I was warned they may extend it by an extra year after the final review .... the thought of it finishing so early seems a bit too good to be true.
**Please don't post phone numbers on the forum**
Last edited by sophie0119 on Fri Dec 31, 2010 4:04 pm, edited 1 time in total.
This is a scam. If you just take time to think about it...there is nothing they can do that will enable you to repay your debts in full or in part in just six months!
I would imagine this is a crafty (and cruel) play on words. I don't know, but speaking hypothetically, what will happen is that they will advise you to stop paying into your IVA --- which will then fail. So, in effect, they HAVE ended your IVA within 6 months !
They will then sell you a never ending DMP, for an exhorbitant (possibly upfront) fee. You will end up owing more than you did before with no end in sight. And, in all probability the present incarnation of that company will dissappear shortly (maybe to be replaced by one with a similar sounding name and the same directors)leaving you high and dry.
As I said -- this is ALL supposition ---- call me an old cynic ........
Last edited by Foggy on Fri Dec 31, 2010 5:27 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
You're not a cynic at all Foggy, as Skippy says if it sounds too good to be true then it probably is. If anyone is unhappy with their IVA then they need to speak to their IP who has all their personal information. The company mentioned knows absolutely nothing about your financial circumstances other than you are in an IVA. Sadly someone will for for this....
It is a total load of rubbish as said by everyone above.
This company cannot shorten your IVA to six months at all and all they are interested in is making money for themselves.
Ignore them.
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
Report them to the OFT - indeed the name they are using to trade as is probably in contravention of current debt counselling guidelines. If they want to know what mis-selling really is, they may be about to find out!
Hi
All these companies can do is advise and help with bankruptcy [at a cost], there is no magic solution.
Bankruptcy has changed recently and is something that mustn't be made without much thought
Regards
I wonder if these companies know about the changes yet? I imagine it will make quite a difference to their 'business'.
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
A third party company cannot shorten your IVA. As previously mentioned they are talking about failing your IVA and going bankrupt, and if they don't mention this explicitly then the OFT would be very interested in your letter.
Your IP will have discussed bankruptcy with you before you started your IVA. As you have a disposable income you will still be required to make payments for up to three years, so I'm not sure where they are getting their figure of six months from.
I'm also amazed that they can make a judgement that your IVA has been mis-sold and that your IVA may be extended just from your name and address.
These companies do not offer a magical hidden option that you don't already know about! If you are in an IVA and want to go bankrupt, then speak to your IP for advice. There's no need to pay a third party company for this.
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
