I have a few complaints against my IP and wondering about what I can do. It seems that once you enter an IVA, the IP is completely in the driving seat leaving the debtor with little or no recourse for bad or mishandling of an IVA. I'm considering seeking legal advice to have the IVA adjourned if possible, I'm 8 months in. Here are my complaints in a nut shell:
- My IP Has spelt my surname wrong on ALL of my paper work. It's even wrong on the insolvency register and my credit file.
- My creditors STILL (8 months in) have no idea that I'm in an IVA.
- I was also misold the IVA: I asked what would happen if I complete the IVA early, to which the advisor told me it would drop off my credit file a year after completion. While this is correct, you can see how this was intentionally misleading in order for me to take out an IVA.
- I was also pressured into the IVA with multiple phone calls and being repeatedly told I would not qualify for a consolidation loan. My original debt is just touching 10,000 with a salary of 24,000 and a potential bonus of 10,000 per year.
- I don't feel that my IP deserve the money I am paying in fees to them. But I feel completely powerless to get this situation rectified, because no matter what I do, that IVA will be a stain on my creditfile for the next 6 years.
I think all IPs need harder regulation because it seems the industry is ripe for taking advantage of stressed, worried and hopeless people.
Can anyone advise what recourse I can take against my IP? feel like I am powerless now.
Firstly, you signed your paperwork, why didn't you tell them to correct your name? No matter, if you tell them now they should correct it (although some people might say that they'd prefer to have their name spelt wrong in all the records).
Creditors might not know about your IVA because your name is spelt wrong...
IP regulation is all wrong at the moment. It is very strong, and not something that any IP enjoys, but it's only the IP individually that is regulated. The trouble with IVA 'sales' is that it isn't done by the IP or their firm and I know several that absolutely hate the way customers are treated at that stage. I guarantee that if your file ever got dealt with personally by your IP, everything would be done perfectly.
Decide what you want, eg the IVA to continue effectively, or ended so you can do something else, then set it all out in a nice email or letter to your IVA firm. Give them a month and if they haven't got back to you send it again but this time say you're making a formal complaint, which should then get their attention.
Good luck and ask again if you have more questions. I'm sure there will be some other opinions along shortly too.
I have added my thoughts to some of your points in italics-
- My IP Has spelt my surname wrong on ALL of my paper work. It's even wrong on the insolvency register and my credit file. Why did you not notice this when checking the paperwork before signing and agreeing to the iva? Have you asked for it to be updated now?
- My creditors STILL (8 months in) have no idea that I'm in an IVA. they do, they agreed to your iva. What's happened is the different departments in your creditors are not talking to each other - we had the same; send them copies of the agreed iva; if they ring you, simply tell them you are in an iva as from xxxdatexxx and that all enquiries should be directed to your IP
- I was also misold the IVA: I asked what would happen if I complete the IVA early, to which the advisor told me it would drop off my credit file a year after completion. While this is correct, you can see how this was intentionally misleading in order for me to take out an IVA. If you complete your iva early it will show as completed on your records however it will remain on file until the 6th anniversary from the start date, and you will have difficulty in gaining new lines of credit
- I was also pressured into the IVA with multiple phone calls and being repeatedly told I would not qualify for a consolidation loan. My original debt is just touching 10,000 with a salary of 24,000 and a potential bonus of 10,000 per year. whilst £10000 is the lower end to an iva agreement, it is just one solution to debt resolution - other options you could have researched and considered were debt relief order, debt management plan or bankruptcy - unless you have evidence to show mis-selling it will be hard to prove
- I don't feel that my IP deserve the money I am paying in fees to them. But I feel completely powerless to get this situation rectified, because no matter what I do, that IVA will be a stain on my creditfile for the next 6 years. the fees would have been explained and written into your iva proposal document. They will be far less than potentially the charges applied to your debt had you not have entered an iva. The fees are agreed and cannot be changed at this time.
I understand your frustration, however you have to take responsibility too. You agreed to the iva and therefore need to manage it over the next few years as best you can.
If you really feel that you have cause for complaint you can approach the financial ombudsman but only when you have exhausted all other complaint avenues with the company running your iva. As I said earlier you need to have evidence of mis-selling etc.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I have a few complaints against my IP and wondering about what I can do. It seems that once you enter an IVA, the IP is completely in the driving seat leaving the debtor with little or no recourse for bad or mishandling of an IVA. I'm considering seeking legal advice to have the IVA adjourned if possible, I'm 8 months in. Here are my complaints in a nut shell:
- My IP Has spelt my surname wrong on ALL of my paper work. It's even wrong on the insolvency register and my credit file.
- My creditors STILL (8 months in) have no idea that I'm in an IVA.
- I was also misold the IVA: I asked what would happen if I complete the IVA early, to which the advisor told me it would drop off my credit file a year after completion. While this is correct, you can see how this was intentionally misleading in order for me to take out an IVA.
- I was also pressured into the IVA with multiple phone calls and being repeatedly told I would not qualify for a consolidation loan. My original debt is just touching 10,000 with a salary of 24,000 and a potential bonus of 10,000 per year.
- I don't feel that my IP deserve the money I am paying in fees to them. But I feel completely powerless to get this situation rectified, because no matter what I do, that IVA will be a stain on my creditfile for the next 6 years.
I think all IPs need harder regulation because it seems the industry is ripe for taking advantage of stressed, worried and hopeless people.
Please can anyone advice if I can get this IVA wiped from my credit file?
Or
If I can seek any recourse against my IVA practitioner for the mishandling and poor management of my IVA so far?
You can make a complaint against your IP but I'm afraid the IVA will remain on your credit record for the full six years.
How do you know your creditors don't know you are in an IVA? Are you still getting letters and/or calls from them? Your first payments will be fees to your IP and then after that payments will be made to your creditors.
Do you mind me asking who your company is?
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
