I believe I was mis sold an IVA that is now complete.
I started with a debt management plan with a certain company. Not long after beginning the plan I was continuously bombarded with phone calls about changing the DMP to an IVA, it caused so much stress that I agreed to the change just to stop the phone calls.
During the fourth year of the IVA I got a large ppi refund which was double the amount required to pay off all my creditors, the IVA company's then took the rest of the money in charges and left me with next to nothing then really dragged their feet in issuing the certificate of completion.
If I had continued with the DMP my creditors would have been totally paid off within the five years anyway and I would not have lost over £8000 of the ppi refund.
I would like to know if I can do anything about it and make a claim for misselling of the IVA.
Miss-selling is a difficult one to pin on an IVA as circumstances vary so much from case to case. As far as I am aware there is no ombudsman with a remit to cover insolvency. Maybe Citizen's Advice might have some ideas.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi thank you for getting back to me.
Under the DMP I would have paid the lit off in 60 payments / 5 years.
The ppi refund would have cleared the total original debt with around £8000 left over, but I would have made at least 36 monthly payments by the time I got the refund.
I honestly believe that I was pushed into getting an IVA instead as the company knew they would be able to take a lot of the money for themselves if any ppi claims was successful, I cannot think of any other reason why an IVA would be better than the original DMP.
On those figures it does sound as though an IVA might not have been the best option -- but we are, of course, unaware of the full picture as it was at the time.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The ppi reclaims issue was just starting to gain momentum at the time.
I was aware that I had had ppi in the past and had I claimed it myself I would have cleared the DMP early and not lost the remainder to someone else who had done nothing more than fill out a few forms to claim it , something I could have easily done myself.
It's also that they would not take no for an answer as to going into an IVA instead of continuing with the DMP.
I think he is talking about his company who were the ones that talked him into taking out an IVA rather than continue with his DMP.
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
