Companies responsible for confusing IVA Mailings Closed Consistently, a number associated with companies have written to people who have entered into an IVA (Man or woman Voluntary Arrangement) suggesting they own been the patient of IVA mis-selling. The letters are generally sent without any regard on the actual circumstances in the individual. The OFT have at the moment acted by revoking you credit licences of four these companies. Web forums focussed upon debt and IVAs have secured worried questions from persons in the IVA for quite a while. The worry has been the result of a letter that has arrived, from a company through an official-sounding name, which suggests they've been duped into an IVA when a more appropriate debt solution was on the market to them. At a time of financial and additionally sometimes also emotional vulnerability these characters have caused much fear and distress for any recipients. Trading names like the "IVA Review Board" or "The IVA Council" look as if have been chosen specifically to help you convince those which received the letters of the seriousness behind the allegations with the letter. Combined with the off the shelf reporting of mis-selling within other financial services areas (endowment plans and PPI insurance for instance) it's easy to see how the recipients may be convinced by this article of the traditional. The letters attempted to convince the reader them to should have elected to look bankrupt rather than get started on an IVA. Bankruptcy certainly is really an alternative to a particular IVA, but without conducting a wide-ranging fact-finding exercise it becomes impossible to determine which for the options were most suited. It's also important to keep yourself informed that a quantity personal preference for the IVA (as opposed to bankruptcy) will present swayed some of the that started an IVA up to now. Those recipients that made contact with the senders with the letters will have been completely offered the opportunity to use that company (or even connected company) to aid with their going bankrupt. Such services were of course accompanied by a fee, sometimes amounting to thousands of pounds. Thankfully the Office of Fair Trading has acted against a lot of these companies. Most of the companies concerned had been based within Dorset. Their licences to trade have been completely revoked following a great unsuccessful appeal. The OFT considered that this poor advice and misleading mailings had been in breach health of their Debt Management Suggestions which licence slots must observe. Consumers who will be in an IVA (or which will enter one with the coming months and additionally years) are now much more considerably protected from any such misinformation. Providers of IVA services as well be relieved. They have tried to assign essential resources to calming concerned clients that had received these kind of mailings. One well-known Financial distress Practitioner had personally funded legal action against this misinformation as he was so worried about the detriment getting caused.