Mis-sold IVA Claims
Have you entered an IVA but feel you were given misleading advice? Do believe you’ve been given poor IVA advice? Find out today if you’ve been mis-sold your IVA and whether you can claim thousands in a refund.
If you are facing debt issues, an Individual Voluntary Arrangement (IVA) can be a solution. It can help you manage your finances and repay your debts in a practical way.
You may have been mis-sold an IVA if you received misleading or incomplete information about it. Additionally, it may not have been suitable for your financial situation. Mis-selling can occur if your IVA provider did not give you enough information, gave you misleading advice, or did not explain the terms and conditions of the agreement clearly.
In this guide, we'll explore the ins and outs of mis-sold IVA claims, including what an IVA is, what mis-selling means, how to recognize the signs of mis-selling, and what to do if you believe you have been mis-sold an IVA.
What is an IVA (Individual Voluntary Agreement)?
An Individual Voluntary Arrangement (IVA) is a formal debt solution. It lets you make affordable payments towards your debts. These payments are usually made over a fixed period of time, which is usually five to six years.
An IVA is a legally binding agreement between you and your creditors, and once you enter into an IVA, your creditors are no longer able to pursue you for payment of your debts. In addition to this, the interest and charges on the debt are usually frozen.
IVAs are governed by the Insolvency Act 1986, making them a legally recognized and regulated debt solution.
What is a mis-sold IVA?
The majority of IVA practitioners strive to provide the best service possible to their clients. However, a small minority often take advantage of their clients through IVA mis-selling.
A mis-sold IVA is when an insolvency practitioner has given you bad advice or failed to disclose important information regarding an IVA, which has caused you to suffer financially.
Some common examples of mis-selling IVA include:
- Failing to provide alternative debt solutions
- Not explaining the Terms & Conditions of the IVA
- Exaggerating the benefits of the IVA
- Downplaying its risk and limitations
If you feel that your IVA was mis-sold to you, you may be eligible to make a claim for compensation against the party responsible for the mis-selling. It's important to seek professional advice and guidance on this matter to ensure that you have a strong case and can achieve the best possible outcome. This is why ClaimExperts.co.uk have a panel of expert mis-sold IVA solicitors who can advise on your next steps.
How do I know if my IVA was mis-sold?
If you're unsure whether your IVA was mis-sold, there are some key signs and red flags that you can look out for. Here are some common indications that your IVA may have been mis-sold:
- You were not given enough information about the IVA and its potential risks and limitations before signing up.
- You were asked to pay IVA fees upfront - A reputable IVA provider will not ask you to pay upfront fees or charges.
- You were asked to make extra payments - if you were asked to make excessive or unexpected payments that were not included in the original agreement, it may be a sign of mis-selling.
- The IVA payments were too high or unsustainable for you to maintain
- You were pressured into taking out an IVA without being given sufficient time to consider the alternatives.
- The debt management company or insolvency practitioner failed to take into account your individual circumstances and needs.
- You were not informed about the fees and charges associated with the IVA or were led to believe that they were minimal or non-existent.
- You were advised to take out an IVA even though it wasn't the best solution for your situation.
If any of these scenarios apply to you, there's a chance that your IVA was mis-sold. Seeking professional advice is a good idea. A qualified solicitor or legal expert can assess your case and determine if you have a valid claim for compensation. Our panel of Mis-sold IVA solicitors are able to bring forward a claim for mis-sold IVA compensation.
Who is liable if I feel my IVA was mis-sold?
While IVA firms and other debt management companies offer IVAs, they’re not actually liable if you feel your IVA was mis-sold. That responsibility lies with your Insolvency Practitioner (IP).
The Insolvency Practitioner is the administrator of the legally-binding IVA, meaning they are personally liable for any mis-selling.
If you believe you were wrongly sold an IVA, you may choose to take legal action. To do this, you would need to make a claim against your insolvency practitioner (IP) rather than the company.
What can I do if I feel I’ve been mis-sold an IVA?
If you feel that you have been mis-sold an IVA, there are several steps you can take to address the issue:
- Contact your Insolvency Practitioner (IP): Your first step should be to contact your IP and discuss your concerns. They will be able to review your case and advise you on your options. If your IP is unable to resolve the issue, you can make a formal complaint to their regulatory body or begin claim proceedings.
- Seek advice from a claims management company: If you're not satisfied with the response from your IP or want to explore other options, you can seek advice from a claims management company that specialises in mis-sold IVA claims. They can assess your case and advise you on the best course of action.
- Consider legal action: If you believe that you have a strong case for mis-selling, you may wish to pursue legal action against your IP. This can be a complex and expensive process, so it's important to seek legal advice from a solicitor with experience in this area.
- Contact the Financial Ombudsman Service (FOS): If you're unable to resolve the issue with your IP or claims management company, you can contact the FOS for assistance. They can investigate your case and provide an independent decision on the matter.
It's worth noting that mis-sold IVA claims can be complicated, and the success of your claim will depend on the specific circumstances of your case. Seeking professional advice is crucial to ensure that you have the best chance of obtaining a successful outcome.
Fortunately, ClaimExperts.co.uk have compiled an expert panel of mis-sold IVA lawyers who can assist. They can bring forward your mis-sold IVA claim on your behalf.
My IVA has now fully completed, can I still make a claim?
Yes, you can still make a claim for compensation even if your IVA has fully completed. However, it's important to act quickly, as there may be time limits for making a claim.
How much compensation can I receive for a mis-sold IVA claim?
The amount of compensation from a mis-sold an IVA will vary based on your specific circumstances. In the case of IVA mis-selling, it is common to seek reimbursement of fees paid to the Insolvency Practitioner (IP). Additionally, any other payments made by the IP that were not justified should also be recovered. These amounts can be substantial.
Our panel of mis-sold individual voluntary agreement solicitors will be able to quickly inform you how much compensation you can look to recover.
How can ClaimExperts.co.uk help me with my mis-sold IVA claim?
If you feel you have been mis-sold an IVA, the expert legal panel at ClaimExperts.co.uk can provide you with professional guidance and support throughout the IVA claims process. Our experienced panel of mis-sold IVA solicitors can help you assess whether or not you have a viable case and provide you with a free initial consultation to discuss your options.
The panel can then help you gather the necessary evidence to support your case and manage your claim on your behalf. They have a track record of successfully representing clients who have been mis-sold IVAs and helping them secure compensation for the losses they have incurred.
Our service is provided on a no-win, no-fee basis, meaning you won't have to pay any upfront fees. Instead, our panel will only charge you a percentage of the compensation you receive if your claim is successful. More information is available on this here.
By choosing the ClaimExperts.co.uk legal panel to handle your mis-sold IVA claim, you can be assured of a professional and efficient service, backed by years of experience in this area.
We add more legal experts to our panel every week. While our legal panel are not accepting this claim at the moment, this may change.
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