Mis-sold an IVA?

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george948
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by george948 » Wed May 02, 2018 6:58 pm
Is it possible to have been mid-sold an IVA and if so is there a possibility of refund
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Foggy
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by Foggy » Wed May 02, 2018 7:16 pm
I suppose anything is possible. It will depend upon the circumstances, however, if the IP has done all he / she should then it will be difficult to establish.
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kallis3
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by kallis3 » Wed May 02, 2018 8:06 pm
Why do you think you have been missold?
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george948
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by george948 » Wed May 02, 2018 9:32 pm
kallis3 wrote:
Why do you think you have been missold?





I have paid about £20,000 into my IVA but It turned out that I only owned about £10,000 the cost of the IVA is about £6000 making it more than my highest debt
I have been told I’m 100p and am waiting for completion I started my IVA about 3yrs 6 months ago
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Foggy
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by Foggy » Thu May 03, 2018 7:02 am
That is standard if your payments make 100% of the original debt, plus fees and statutory interest the IVA will finish early. Not grounds for miss-seling -- more grounds for celebration: You couldn't pay your debts when you entered the IVA (which is why you entered it) and now, through their intervention, you will be debt free.
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george948
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by george948 » Thu May 03, 2018 8:51 am
Foggy wrote:
That is standard if your payments make 100% of the original debt, plus fees and statutory interest the IVA will finish early. Not grounds for miss-seling -- more grounds for celebration: You couldn't pay your debts when you entered the IVA (which is why you entered it) and now, through their intervention, you will be debt free.




I was in Debt management and and had no problems but was told IVA WAS BEST FOR ME
If I’d stayed with my debt management I would of been debt free 6 months ago and £6000 better off!!!
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Foggy
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by Foggy » Thu May 03, 2018 11:30 am
george948 wrote:
Foggy wrote:
That is standard if your payments make 100% of the original debt, plus fees and statutory interest the IVA will finish early. Not grounds for miss-seling -- more grounds for celebration: You couldn't pay your debts when you entered the IVA (which is why you entered it) and now, through their intervention, you will be debt free.




I was in Debt management and and had no problems but was told IVA WAS BEST FOR ME
If I’d stayed with my debt management I would of been debt free 6 months ago and £6000 better off!!!


Unfortunately, due to the nature of a DMP, you might not have got there --- creditors are able to add interest or even withdraw their co-operation at any time. If they sell on the debt (as is common these days) the new debt owner is tied to the agreement in an IVA, but not so in a DMP -- and some of them can be quite difficult to deal with.
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MerlinL14
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by MerlinL14 » Thu May 03, 2018 5:00 pm
Got to agree with Foggy, I'd be jumping up and down with glee. Rather than contemplating what could have been if......!
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kallis3
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by kallis3 » Thu May 03, 2018 6:17 pm
Agree - you have done well and are nearly finished.
Mrs_Brown
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by Mrs_Brown » Thu May 03, 2018 7:28 pm
I should imagine in light of things like PPI claims, packaged bank account reclaims and the latest one about not telling you if insurance included a huge premium, the financial companies are super careful to avoid misselling or misrepresentation and probably keep cap recordings for some time.

Chances are the options may have been discussed on the initial contact, but if your head was in the same kind of space mine was, I can't remember the full details discussed. I can remember the guy who gathered my info using a line I would have been reprimanded for in my 11 years in a call centre. He said " and you want to go down the IVA route, rather than BC as you want to pay your creditors something back, yes?" without ever discussing the point beforehand. It was an assumption with a closed question. But there on the call recording will be me saying yes. He did run though all the other options too in a similar fashion.

I was busy fighting back tears as I was so relieved about it all and the fact he was being so nice. I expected a strict telling off so someone being kind was unexpected.
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