The public and Individual Voluntary Arrangement service providers feel more protected and relieved after the OFT has responsively taken action facing a few companies that have forwarded out letters to individuals convincing them that bankruptcy is the better option compared to entering an IVA, not having any knowledge of the individuals 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 delivered without any attention 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 unsettling questions in Debt and IVA forums. This is because people in an in individual voluntary arrangement (IVA) have received a letter suggesting that a more appropriate alternative was available to them than an Individual Voluntary Arrangement. These letters were dispatched by companies with an official sounding name, and caused individuals much affliction and fear.

To help reassure the public who received the letter, trading names such as the ”IVA Review Board” or ”The IVA Council” were picked to persuade them of the importance behind the accusations in the mailings. It can be seen how the public were convinced without any difficulty by the text of the letter by seeing reports on a normal 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 impossible to find out which choice is more good enough for individuals without doing any exploration. It is important 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 getting the letter were offered their services and supported them with the alternative of bankruptcy. These services came with a payment, often to thousands of pounds.

Gratefully the Office of Fair Trading has acted against a number of these companies. All of the companies concerned were situated within Dorset. Their licenses to trade have been revoked following an unsuccessful appeal. The OFT calculated that the inadequate guidance and confusing 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 coming months and years) are now much more significantly protected from this type of misinformation.

Providers of IVA services will also be at rest. They have had to assign significant resources to reassuring concerned 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 harm 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 people to anonymously look for on their options to handling their debt. It also supports those who are already in an IVA by giving them IVA information and answering their questions related to concerns they have about their own debt arrangement.

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