A complaint has been made to the
Office of Fair Trading
regarding a mail shot sent out by an individual voluntary arrangement group
claiming that recipients have been missold their IVAs.
The mail shot from the IVA Council, which describes itself as a consumer
rights group, states that the receiver of the letter may have been mis-sold
The letter urges those with IVAs to contact the council, but not to inform
their insolvency practitioner, a move that has angered some IPs.
Website iva.co.uk has referred the letter to
the OFT, citing complaints from debtors who had received the letter.
The watchdog confirmed that it had received the complaint.
William Lindley, a spokesperson for IVAC, said the letters were aimed at
debtors who had arranged their repayments through IVA factories.
He added that ‘IVAC had no problem with IVAs as a solution but the vast
majority of the people we have spoken to have not been given a balanced view and
are told bankruptcy is evil’.
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Head of editorial Kevin Reed discusses this week's important accountancy news, including Brexit and audit market evolution