Companies Behind Misleading IVA Mailings Closed

The people and Individual Voluntary Arrangement service providers feel more guarded and relieved after the OFT has thankfully taken action facing a few companies that have dispatched out letters to individuals convincing them that bankruptcy is the more valuable option compared to entering an IVA, not having any facts of the individuals current financial status.

For years a number of 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 delivered 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 IVA for years have raised troubling questions in Debt and IVA forums. This is for the reason that people in an in individual voluntary arrangement (IVA) have received a letter suggesting that a better option was available to them than an Individual Voluntary Arrangement. These letters were mailed by companies with an official sounding name, and caused individuals much stress and fear.

To help assure the public who received the letter, trading names such as the ”IVA Review Board” or ”The IVA Council” were chosen to persuade them of the importance behind the accusations in the mailings. It can be seen how the public were easily convinced by the text of the letter by looking at reports on a daily basis of mis-selling in some 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. Even thoughBut it is not achievable to find out which option is more suitable for individuals without doing any research. It is crucial to know that a small amount of individuals who started an IVA in the past would have been swayed towards bankruptcy.

The ones that contacted the company after receiving the letter were offered their services and encouraged them with the option of bankruptcy. These services came with a cost, 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 located within Dorset. Their licenses to trade have been revoked following an unsuccessful appeal. The OFT considered that the inadequate guidance and misleading letters were in breach of their Debt Management Guidance which licence holders must follow.

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 type of misinformation.

Providers of IVA services will also be relieved. They have had to allow important resources to reassuring troubled clients that had received these mailings. One recognized Insolvency Practitioner had personally funded legal action against this misinformation as he was so concerned about the detriment being caused.

IVAAdviceForum.co.uk is a website dedicated to connecting the public with experts that can answer their queries about an Voluntary or debt in general. The IVA forum on the site enables the public to anonymously ask for on their options to deal with their debt. It also supports 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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