Hi, I believe I was miss sold an IVA which failed as I was paying more than I could afford from day 1.
When the IVA failed I had paid £44,000, on failing I was made bankrupt I have arranged to pay the IP the equity from my house £33,000.
a total of £77,000 as to date my creditors have received less than £2000 .
How can this be right.
My IP has since lost his licence and my payments have been taken over by the companies solicitor.
Is there anything I can do to about this unfairness I am sure it must have happened to others.
Fees in an IVA are usually around 15% of the IVA payments plus around £2000, those in BR are somewhat higher! You can complain, via the government gateway, to the IP's regulators at https://www.gov.uk/complain-about-insol ... actitioner, although there is probably very little they can / will do as the IP has already lost their licence.
If you feel you have a strong case I would suggest you contact a solicitor, who has insolvency experience, for advice. Official support and advice for debtors is woefully thin on the ground.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
You can of course complain but ultimately you would have agreed to the calculations used for your disposable income in the original proposal and agreed to the payments that you were due to make so I'm not sure how far such a complaint will go.
Has your IP's license been revoked or have they simply stopped being an IP?
As regards the costs in Bankruptcy - yes they are extremely high, especially if there is a failed IVA to deal with and a property.