An interesting question Chris, it is possible, but how would it be upheld an IVA was missold? If no other options were discussed, if a client's budget was set unrealistically, if clauses were not explained properly or clients not informed of action to be taken further into the process? I am sure there would be some professionals that may rest uneasy but I am comfortable we would not be one of them...as I'm sure some others on here would too.
That aside, the outcomes would be slightly different as PPI is a cost you never knew you had but an IVA is a way to repay debts you definitely did have...Food for thought though, I definitely think there will be tighter reigns on standards, practises and applications of IVAs which is a positive thing.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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I think IVA companies have come a long way in the last couple of years and less people ae going into IVAs not knowing exactly what they are agreeing to.
Always room for improvement but the likes of DEMSA and DRF have pushed the industry firmly in the right direction
There will always be ambulance chasers looking to sue someone. However, I am confident that all our staff fully discuss the pros and cons of IVAs and the proposals are completely explained.
All firms are strictly regulated and subject to regular inspection and while there will always be unhappy clients and mistakes made, overall IP firms provide a valuable service.
We've been here before - and around five years ago there were a number of firms who encouraged clients to claim that their IVAs had been mis-sold to them. This resulted in a few folks being persuaded that bankruptcy was a better option for them - usually by crossing the claims companies' palms with a high degree of silver - but so far as I am aware not one claim was successful in demonstrating that an IVA had been mis-sold.
I can't see how anyone could ever go down this route to be honest, an IVA is a debt solution like a DMP/Bankruptcy/DRO etc its not an insurance product that is not fit for purpose like PPI, it IS fit for purpose and in my opinion, anyone who signs on the dotted line for any debt solution should know what their getting themselves into, if a couple of years down the line they are complaining because they didnt realise they would have to release equity, pay back more than they expected at the start, increase their contributions if their situation improved and so on and so forth as we so often see on here, well. it's all documented in your proposal if you read it and on top of that there is plenty of information about what an IVA is and is not on the internet, so I have no sympathy for those who claim to have been 'missold'
