IVA complaint

[shelby19]

We are currently in an IVA and have had nothing but trouble with the company we used. Who can I complain to please?

[scotchollie]

That depends. Who is administering the IVA - is it a firm of chartered accountants, insolvency specialists etc?

Presumably you are in England or Wales as this is known as a Trust Deed in Scotland.

If you know who they are, check their website as they should have a clearly defined complaints and escalation procedure - including external agencies.

My immediate thought is the Financial Ombudsman, but I'd need to see more information first.

[shelby19]

I's one of the factories who advertise on TV (with a little bird!) and they are regulated by ICAEW.

[scotchollie]

Then your complaint should be directed to the Institute of Chartered Accountants in England and Wales.

Call them first to see what the procedure is:

More information here:

http://www.icaew.com/index.cfm?route=1657&fuse action=contactdetails

[scotchollie]

There's also a prefessional srandards office:

The Professional Standards Office
Silbury Court
412-416 Silbury Boulevard
Central Milton Keynes
MK9 2AF

Tel [phone]
Fax [phone]

[shelby19]

Thanks for the info scotchollie, I'll give them a ring tomorrow.

[scotchollie]

You go for it shelby.

By the way - did your bank screw you for charges etc. in the process of going into IVA?

And your credit card /loan company?

Default notices etc.

You let me know on here and I'll show you some sites that'll challenge that for you and we'll strike a blow for the wee people!

Bloody big institutions - hate 'em!

[shelby19]

We were being charged interest all the time by the creditors. It took 9 months to get to the creditors meeting and that's just part of the complaint!

[scotchollie]

Did you know you could be able to claim a lot of your bank charges back - and credit card too?

Plus penalty interest?

[shelby19]

Even though we're in the IVA still?

[scotchollie]

Is it a joint IVA?

[shelby19]

Yes it is but the majority of the debts are mine!

[scotchollie]

I think that you will be okay.

Usually, these things work best if you say less rather than more.

Do you still bank with the bank that you owed money to - or have you a clean account with a new bank?

Personal questions, I know, but it helps to build a picture.

[shelby19]

We had to change banks. We had an agreed overdraft with our other bank and I had a credit card with them.

[scotchollie]

That makes it so much easier.

How long were you with them - you can claim back six years of charges.

[shelby19]

The account was made joint with my husband after we got married. It had been his before then. So I had been part of the account for about 7 or 8 years prior to the IVA. We never went above the agreed overdraft though and I can only remember missing one payment on the CC before we started the IVA, although they did take the payment from another account I had with them, which was actually money I was paid as the executor of someone's will which had to be shared out between three beneficiaries.. I did ring and complain but they said they could do that as the account was in my name and I owed them the money.

[scotchollie]

Yes - they can as it happens. Which is why I never have my savings at the same bank that I have my current account or loan with.

Okay - your current account - did you bounce direct debits, get charged for this and so forth? You know �39 letters, rferral fees? Same with the credit card - did you get toasted for missing payments?

And have you kept all your statements?

[shelby19]

No, we never had any DDs refused or any charges on the current account apart from interest on the agreed overdraft. Since starting the IVA I have moved and a lot of paperwork has gone missing! So, no I don't have any statements relating to the CC.

[scotchollie]

Unfortunately, that probably means that you can't go much further with this.

I am concerned that with perfect banking etc. how you got convinced that an IVA was a good idea?

Not sure, without knowing your full circumstances, how good that advice was..?

It might be worth reviewing with another licenced insolvency practitioner - cos if you've been swept into an IVA before properly negotiating with the people you owe monry to, you might have a claim.

Best of luck to you.

[shelby19]

Briefly, I had to give up work due to ill health and I couldn't afford to keep up the repayments on my CCs, loans, store cards and catalogues (I am/was a shopaholic!) We approached this company to sort things out for us and unfortunately they gave us the wrong advice (easy to say with hindsight!) What should have happened was, I should have declared my self Bankrupt and my OH should have kept his debts (relatively low compared to mine and which he was paying with no problems) He could then have bought my share of the property and it would have been a lot cheaper all round. As it was they recommended a joint IVA and basically my OH has ended up paying my debts off and we have now doubled our mortgage to get out of the IVA. Plus the company has got their fees for setting up the IVA.