www.iva.co.uk

Hi Just recieved a letter from our iva company asking us to send details of mortgage and secured loans so they can pass onto specialist companies to see if we can release equity. Which im pretty sure there isnt any. They then suggest the iva may be extended for another year. this is heartbreaking after paying every month for last 5 years.Why dont they just say its 6 year agreement?Does it matter how much you have paid, is there any circumstances where it could just be completed at the 5 year mark?

Hi Lucy and welcome to the forum

Surely this was covered off not only within your IVA proposal, but was also the subject of very detailed discussions with your IP before you entered into the arrangement so that you understood the position?

Which firm are you with?

Personally when they talk about the mis-selling of PPI I really feel very strongly that I was mis-sold a IVA. No in-depth details were discussed with me - I was told after 5 years I would be free from all debt - if only I knew then what I know now!!! Not saying that all companies are like this but mine certainly was but not sure what legal approach can be taken to prove this! I had a representative come and meet me in person and I can categorically say that the full implications of entering into a IVA were not explained and hence being in a delicate position I signed up without knowing the full consequences. You have my sympathy!

Your IP must be able to demonstrate that they gave you advice on all of the options Sandra, in writing, and signed by you as acceptance of those conditions. Are you saying that no summary of the discussions you held with their representatives exist, or such discussions never took place?