Frequently Asked Questions

A mis-sold IVA means that a different debt solution could have been more appropriate for you when you were advised to propose an IVA.

The initial advice you received that made you believe an IVA was best, may not have been in your best interest for you.

IVA’s are administered by insolvency practitioners who work for a company or for themselves. You are charged a fee by the insolvency practitioner / company to help run the IVA.

Most of these fees are often paid before creditors receive a payment and are usually between £2500 and £5,000.

The fee will come out of your monthly payment to the insolvency practitioner/ IVA company.

There are many ways in which an IVA could be mis sold.

Insolvency practitioners have many regulations they have to follow, it many cases these regulations have been broken, resulting in a mis sell.

These are some key point that you should have been aware of:

• The fees charged by the insolvency practitioner
• You should have been offered a face to face meeting to discuss the IVA
• You should have been advised of ALL other debt solutions available to you
• You should fully understand the key roles of the advisor, nominee and supervisor

Specific reasons for a mis sell can be identified through your IVA paperwork. Please make an enquiry to find out more.

Once you make an initial enquiry, we will complete an assessment with you to identify if you have possibly been mis sold.

From there, we will pass you on to a solicitors practice that specialise in mis sold IVA’s. They will then explain their process.

Yes you can, if you already know your grounds for a mis sell then you can firstly complain to the insolvency practitioner or the company that the insolvency practitioner is working for. If you do not receive a satisfactory reply then you can complain to the insolvency service.

Online complain form HERE

Be aware if the regulation upholds your complaint the insolvency service do not instruct compensation, the insolvency service advise : “You should pursue your legal remedies”

For the full F&Qs how how to complain about an insolvency practitioner click HERE

This can depend on different things such as your debt level, the amount you have paid into your IVA, your IVA might of had other monies introduced to the estate such as payment protection insurance claims (PPI) or tax refunds.

The solicitors will explain more.

We are not regulated to provide you with debt advice. We are only here to establish if you have a potential mis sold IVA.

If you require further debt advice please go to

www.moneyhelper.org.uk

Yes, you can.

Make an enquiry, for more frequently asked questions relating to completed IVA’s please click on the ‘I have completed my IVA’ tab above.

Yes, you can.

Make an enquiry, for more frequently asked questions relating to completed IVA’s please click on the ‘I have failed my IVA’ tab on top of the questions.

Yes, you can.

Make an enquiry, for more frequently asked questions relating to current IVA’s please click on the ‘I am in a current IVA’ tab above.

Never! We take privacy extremely seriously. Your information is only ever shared with a solicitors in order review your case – and this is only after you give us signed permission to do so. We will never sell your information to a third party without your express consent, or under Legitimate Interest – following a necessity test.

We are registered with the Information Commissioners Office for data protection purposes. You can view our registration details here https://ico.org.uk/ESDWebPages/Entry/ZB484598