apparently have been mis-sold

[k.g]

I AM CURRENTLY TWO YEARS INTO AN IVA,BUT APPARENTLY HAVE BEEN MISOLD IT BY A COMPANY,THE BANKRUPTCY COMPANY I AM NOW GOING WITH HAVE ADVISED ME TO OPEN ANOTHER ACCOUNT AND TRANSFER ALL MY MONEY OUT OF THE IVA ACCOUNT AND INTO A NEW ACCOUNT.PROBLEM IS I CANT OPEN A NEW ACCOUNT DUE TO BANKRUPTCY ORDER ON CREDIT FILE, ANY SUGGESTIONS PLEASE

[aguise]

Hi there kg and welcome. In what way have you been misold your iva ? Is this due to receiving a letter from iva council. Make sure you understand the reasons for the miselling. A lot on here have had letters of a similar kind stating the same the only details they actually have is that from the insolvency website.

Ang

[Skippy]

Can I ask who has suggested that your IVA has been mis-sold and why? Have you spoken to your IP about this?

If you decide that BR is really the best thing for you, you don't need to use a bankruptcy company - you can complete the forms online and book your appointment at court. The fees are £485 per person. Although it's a stressful time, it is possible to do it yourself without paying any fees other than the £485.

Regarding your bank account, have you tried the Co-op Cashminder account? This is especially for people with poor credit ratings and is a very good account - you get a Visa Electron debit card and online banking. You can apply in a branch or on the phone, and the customer service is excellent.

[lily]

Just to inform you that there are a bandwagon on people using the insolvency site to target people who are in an IVA. The claim that many have been mis-sold IVA, advise them to stop making IVA payments and then charging to take them into Bankruptcy, which you can do yourself as above. I would notify your IP if this is the case.

[lily]

Sorry Ang didnt see your post.

[aguise]

The more the merrier lily.

xx

[k.g]

hi skippy.
uk bankruptcy in poole dorset advised us that we were mis-sold an iva by freeman jones because they never gave us an option to either iva/bankruptcy and because we have a council property, and that they should not have included our daughters dla,we are paying £454 a month which we can barly afford

Can I ask who has suggested that your IVA has been mis-sold and why? Have you spoken to your IP about this?

If you decide that BR is really the best thing for you, you don't need to use a bankruptcy company - you can complete the forms online and book your appointment at court. The fees are £485 per person. Although it's a stressful time, it is possible to do it yourself without paying any fees other than the £485.

Regarding your bank account, have you tried the Co-op Cashminder account? This is especially for people with poor credit ratings and is a very good account - you get a Visa Electron debit card and online banking. You can apply in a branch or on the phone, and the customer service is excellent.

[lily]

aha
Put are UK Bankruptcy wanting to charge you more money to help you go BR??

At the day youre free to go BR if you feel this is a better option for you and if youre finding the payments difficult. Just dont let these so called companies make your mind up for you and charge you more money. Just take some advice before deciding which is the best option for you. And its worth taking to your IP in the first instance.

[aguise]

Hi KG it is as I thought. Be very careful. I too am with freeman Jones and received this letter last week. You will have had a letter from FJ some time ago warning you about the iva council. I too rent my property and bankrupcy was also an option, but I knew that and Fj did explain the options to me when they came out to visit. As Lily says at the end of the day the choice is yours but if your iva is running smoothly and you have no problems why change anything. I would not count on them getting any money returned to you and remember you may have to make income related payments for three years in bankrupcy, you have already paid 2 years to the iva. I really thnk you should speak to your IP before doing anything. If FJ have been as good with you as they have with us you should speak to them. Also remember they will charge you for in effect holding your hand through bankrupcy which you can as skippy says do easily yourself.
There are lots of posts on here about uk bankrupcy and the iva council look them up and have a read. Use the search option at the side.

Ang

[MelanieGiles]

I have to take my hat off to the cleverness of companies such as UK Bankruptcy, and the others who use the bandwagon of the Insolvency Register with which to tout their business.

I think that they are clever because the are able to do so many things at the same time - ie get inside the heads of people who have chosen to enter IVAs and tell them that they have been mis-sold something - without having any detailed knowledge of their case, having met them personally or spoken to them on the phone, or having any knowledge about the working practices of the IP firms they are targetting. If I were a debtor in this situation, I would be rather insulted by the suggestion that I had not exercised appropriate thought when deciding to enter into an IVA.

Do not be decieved by the spin spouted by these companies, or use the money from your IVA contributions to fund this ongoing bandwagon. If you genuinely now feel that the IVA is not appropriate for you, by all means stop paying into it and declare yourselves bankrupt - but think very carefully - because you just might be actually being "mis-sold" something that you completely do not need - ie paying fees to someone to help you fill in a simple set of forms you can download from the internet.