questions you should ask about how the IVA was sold to you

A few questions you should ask about how the IVA was sold to you:
Was your decision based on complete information?
Did the advisor check all your debts were valid and enforceable?
Were all of your options discussed, including bankruptcy?
Were you told an IVA was the best or only solution for you?
Were you told that bankruptcy could have been cheaper and quicker?
Did you meet your insolvency practitioner in person or even speak to them on the telephone?
Were your solvent partner’s debts included solely for the purpose of increasing your debt to meet the £15,000 IVA threshold?
Was your solvent partner dragged into the IVA simply to increase the monthly payment?
Did your debts alone total less than £15,000?
Were you told you would never get a mortgage again if you were bankrupt?
Were you told you would lose everything if you were bankrupt?
Were all of the fees and commissions you are paying explained to you clearly?
Did you know that creditors rarely receive a dividend until the insolvency practitioner has been paid all of their fees and costs first?
Were you told how much these fees would be?
Did you really have the opportunity to make an informed decision based on all of the facts?

Was your decision based on complete information?

Did the advisor check all your debts were valid and enforceable?

Were all of your options discussed, including bankruptcy?

Were you told that a bankruptcy would last for longer longer than 12 months?

Were you told an IVA was the best or only solution for you?

Were you told that bankruptcy could have been cheaper and quicker?

Did you meet your insolvency practitioner in person or even speak to them on the telephone?

Were your solvent partner’s debts included solely for the purpose of increasing your debt to meet the £15,000 IVA threshold?

Was your solvent partner dragged into the IVA simply to increase the monthly payment?

Did your debts alone total less than £15,000?

Were you told you would never get a mortgage again if you were bankrupt?

Were you told you would lose everything if you were bankrupt?

Were all of the fees and commissions you are paying explained to you clearly?

Did you know that creditors rarely receive a dividend until the insolvency practitioner has been paid all of their fees and costs first?

Were you told how much these fees would be?

Did you really have the opportunity to make an informed decision based on all of the fact

If it is discovered that you were not given the best advice then you may wish to use exercise your rights and exit your IVA. By changing the law the government has made it possible for you to be protected from your creditors and you may be discharged from your debts in as little as 6 months.

What's in it for me?
Given the right information you may choose to make an informed decision and exercise your legal right to exit your IVA. You could join a growing number of people who are considering suing their IVA companies, test cases are currently being prepared.

Individuals that exit their IVA's could save the cost of ongoing fees, which in many cases is many thousands of pounds and have a chance to start rebuilding their lives months if not years faster.

What is best advice ?
Best advice is what you should receive when you contact a professional, best advice will let you make an informed decision so that you can choose the debt solution which best meets your needs.

IVA Watchdog

2 Landsdowne Crescent

Bournemouth

Dorset

BH1 1SA

01202 636070