If you are in an IVA or indeed a client of X-debt, then it is possible you have or will be contacted to be told you may have been mis-sold an IVA. Extreme care should be taken when considering the advice of these organisations, many of whom are not regulated or belong to any authorising body.
There are a number of ways these organisations may acquire your details. X-debt do not supply client information to any third parties without your express and written permission and then only if we feel the third party can provide a useful service for your circumstances.
If you are or have been contacted regarding the mis-selling of an IVA then you should in the first instance contact your IP or supervisor regarding this. It is extremely important that you continue to pay in to your IVA so as not to default on the arrangement. Organisations which contact you may try to convince you to stop paying in to the IVA so you can reduce your monthly contribution and arrange a Debt Management Plan to replace it. Whilst it may be possible to reduce your payments in the short term, the new arrangement will not be as regulated as the IVA and once you have signed up for it, the contributions may well increase. With a Debt Management Plan it is unlikely that you will be given an end date for your payments to finish, unlike an IVA where there is a fixed term and agreed payment amount. In an IVA any outstanding balance, when the arrangement is successfully completed, is legally written off.
If you have entered in to an IVA then the amounts you pay are fixed after careful consideration of your finances and approved between you and your creditors. In exchange for agreeing to your arrangement, your creditors should not put pressure on you and are unable to apply for your bankruptcy so long as you keep to the terms of the IVA.
Were you to default for any reason, your IVA may fail and you are then at the mercy of creditors to apply for your bankruptcy and it is likely your house may be repossessed.
If, since your IVA was approved, your circumstances have changed, such as reduction in monthly income then it is important you speak to your Supervisor. It is possible a variance may be agreed with your creditors to reduce your monthly contributions in to the Arrangement.
If you are a client of X-debt and are concerned about your IVA, please do not hesitate to contact us.