Missold my IVA?

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khaya

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Post by khaya » Wed Jan 20, 2021 8:28 am
I feel like I wasmissold my IVA during a pressured situation. Credit fix also said to me on the phone... They will ring and ask 'said question' just say yes. My total debt is around 5,000

kallis3

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Post by kallis3 » Wed Jan 20, 2021 8:53 am
How long have you been an IVA and what was the question you were asked?
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Foggy

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Post by Foggy » Wed Jan 20, 2021 8:57 am
An IVA for a debt of £5k sounds very over zealous. What was "said question" ?

There is currently no route for claiming miss selling of an IVA ( but I am sure that will change once an enterprising lawyers gets on the case). All you can do is raise a formal complaint which you can escalate to their regulatory body. This might result in a slapped wrist or a hefty fine for the IP, but will not change things for you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
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BigSami

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Post by BigSami » Sat Jan 23, 2021 3:19 pm
Our situation is completely different to the original post but we feel like we were mis sold.

My wife & I had a combined debt of £38k and we were really struggling to meet the monthly payments. But our IVA has been the easist thing going because although we have paid back over £400 a month, our disposable income is still pretty high. Mostly because we were told to exagerate the cost of our monthly childcare by CF.

Always wondered whether it was possible to organise another system of payments that although may not have written off as much, didn't leave us with the stigma of an IVA attached to us. If we got to complete the 5+ years of payments will end up paying most of it back.

Foggy

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Post by Foggy » Sat Jan 23, 2021 3:50 pm
Sat Jan 23, 2021 3:19 pmBigSami wrote:
Our situation is completely different to the original post but we feel like we were mis sold.

My wife & I had a combined debt of £38k and we were really struggling to meet the monthly payments. But our IVA has been the easist thing going because although we have paid back over £400 a month, our disposable income is still pretty high. Mostly because we were told to exagerate the cost of our monthly childcare by CF.

Always wondered whether it was possible to organise another system of payments that although may not have written off as much, didn't leave us with the stigma of an IVA attached to us. If we got to complete the 5+ years of payments will end up paying most of it back.
You could, possibly, have gone for a Debt Management Plan, which could have paid your debt off in around 8 years, assuming all creditors agreed and stopped interest --- the big issue with a DMP is that it is not binding and they do not have to freeze interest, so that 8 years could stretch to 15 !!

Unfortunately, having done with what CF asked you to do could backfire, if you brought a complaint, as it was you who declared that the information was accurate, not CF. So tread carefully with that one.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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BigSami

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Post by BigSami » Sat Jan 23, 2021 5:47 pm
Thanks for the reply. Paying it off for 15 years doesn't sound like any improvement at all.

Expect you are right about raising a complaint about mis selling. It isnt like I actually have any proof they told me to effectively lie as I wasnt recording the call.

WallE

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Post by WallE » Mon Jan 25, 2021 2:19 am
Sat Jan 23, 2021 5:47 pmBigSami wrote:
Thanks for the reply. Paying it off for 15 years doesn't sound like any improvement at all.

Expect you are right about raising a complaint about mis selling. It isnt like I actually have any proof they told me to effectively lie as I wasnt recording the call.
If you genuinely believe they asked you to lie in the nominee process, it could be worthwhile making a Subject Access Request (SAR) under GDPR legalisation. You might not have recorded the call, but they may well have, and as it's your data you have a right to access it. Details of how to make a SAR here - https://ico.org.uk/your-data-matters/yo ... s-request/

I would imagine some of the onus is on you because you still lied, so I can't say whether or not it would put your IVA at risk, due to the likes of a material irregularity etc, but I would imagine the regulator of the IP would take a very dim view of it from the IP's prospective should you wish to complain.

I would recommend speaking to an independent IP or seeking your own legal advice to see what they think. It may well not be worth your while complaining, but I would be careful at your first I&e review incase creditors wonder what has changed so dramatically.
I work for one of the UK's biggest Insolvency Practitioners. All posts I make are my own thoughts and/or opinion and are not the views of my employer. None of my posts constitute legal advice and should not be taken as such.

BigSami

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Post by BigSami » Thu Jan 28, 2021 10:40 pm
We are in a really strange position with this.

We have had our 1st review end of 2019. It was basically fine because was able to pass off cash withdrawls as childcare payments.

They are now asking for a 2nd review which is a problem because the last 3 months we have borrowed money from my brother to replace lost earnings. We were ready for the review in Sep/Oct when we were expecting the review. I don't know what they are going to make of this. My wife has a new job paying much less to complicate it further. Truth is we can still afford the repayments as currently have almost no childcare costs because of life at the moment.

The thing is, we borrowed money off my brother against an inheritance we are due to recieve soon? My mums house has been sold so likely to be completed in next few months. This will be enough to repay entire thing.

SteveUK

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Post by SteveUK » Fri Jan 29, 2021 8:43 am
People being told to lie about expenditure seems to be a regular 'thing' now.

kallis3

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Post by kallis3 » Fri Jan 29, 2021 10:03 am
It appears to just be one firm at the moment as far as I can see.
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

luluj

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Post by luluj » Sun Jan 31, 2021 3:02 am
BigSami you need to lay your situation out to your IP, explain the current situation re childcare, your sites change in earnings and the fact to get through the last few months you have had support from family members, but this will need to be repaid.
You will need to inform them of the inheritance if not already done so, and work with your IP to establish what of this you will need to pay across to close your IVA if it is sufficient to pay the FULL amount of original debt plus IP fees and possible statutory interest.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

BigSami

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Post by BigSami » Sun Jan 31, 2021 11:00 pm
Sun Jan 31, 2021 3:02 amluluj wrote:
BigSami you need to lay your situation out to your IP, explain the current situation re childcare, your sites change in earnings and the fact to get through the last few months you have had support from family members, but this will need to be repaid.
You will need to inform them of the inheritance if not already done so, and work with your IP to establish what of this you will need to pay across to close your IVA if it is sufficient to pay the FULL amount of original debt plus IP fees and possible statutory interest.
I haven't informed CF of the inheritance. Wasn't sure what to do to be honest. If this will help I am all for doing this,.

kallis3

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Post by kallis3 » Mon Feb 01, 2021 8:22 am
You will have to inform them of the inheritance as some, if not all, will have to be paid across.
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

BigSami

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Post by BigSami » Mon Feb 01, 2021 12:20 pm
Mon Feb 01, 2021 8:22 amkallis3 wrote:
You will have to inform them of the inheritance as some, if not all, will have to be paid across.
Knew we would have to inform them of the inheritance. Wasn't sure when. It still could of course take some more time to organise.

Thanks again for the advice from all you guys. It is amazing how patient you are with everyone. I had a quick troll through the history, so much brilliant free advice you have given people. Often people in real need of help too.

kallis3

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Post by kallis3 » Mon Feb 01, 2021 1:54 pm
It's the fact that it was known about during the IVA - doesn't matter when it is eventually sorted.
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
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