The people and Individual Voluntary Arrangement service providers feel more protected and at rest after the OFT has responsively taken action against a few companies that have mailed out letters to individuals convincing them that bankruptcy is the better choice compared to entering an IVA, not having any awareness of the persons current financial status.
For years a many companies have written to people that have entered into an Individual Voluntary Arrangement (IVA) suggesting that they have been the victim of IVA mis-selling. The letters have been sent without any regard to the current position of the individual. The OFT have now acted by revoking the consumer credit licences of four of these companies.
Individuals who have been in an Individual Voluntary Arrangement for years have raised distressing questions in Debt and IVA forums. This is as a result of people in an in individual voluntary arrangement (IVA) have received a letter suggesting that a more appropriate alternative was available to them than an IVA. These letters were mailed by companies with an official sounding name, and caused individuals much affliction and concern.
To help reassure the public who received the letter, trading names such as the ”IVA Review Board” or ”The IVA Council” were selected to persuade them of the seriousness behind the accusations in the mailings. It can be seen how the people were easily convinced by the text of the letter by looking at reports on a regular basis of mis-selling in different areas of financial services such as endowment policies and PPI insurance.
The target of the letter was to persuade individuals that the better option for them was to go bankrupt rather than starting an IVA. However it is impossible to find out which choice is more appropriate for individuals without doing any exploration. It is important to know that a small amount of individuals who started an individual Voluntary Arrangement in the past would have been swayed towards bankruptcy.
The ones that contacted the company after getting the letter were offered their services and encouraged them with the alternative of bankruptcy. These services came with a fee, often to thousands of pounds.
Gratefully the Office of Fair Trading has acted against a bunch of these companies. All of the companies concerned were positioned within Dorset. Their licenses to trade have been revoked following an unsuccessful appeal. The OFT envisioned that the inadequate direction and confusing mailings were in breach of their Debt Management Guidance which licence holders must comply with.
Consumers who are in an IVA (or who will enter one in the approaching months and years) are now much more importantly secured from this kind of misinformation.
Providers of IVA services will also be at rest. They have had to assign important resources to assuring worried clients that had received these mailings. One recognized Insolvency Practitioner had personally funded legal action against this misinformation as he was so anxious about the detriment being caused.
IVAAdviceForum.co.uk is a website dedicated to connecting the public with experts that can answer their questions about an Voluntary or debt in general. The IVA forum on the site enables the public to anonymously seek advice on their options to deal with their debt. It also helps those who are already in an Individual Voluntary Arrangement by giving them IVA information and answering their questions linked to concerns they have about their own debt arrangement.
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