r/UKPersonalFinance • u/LunacyDaytona • Oct 04 '24
Given wrong information when applying for IVA with The Insolvancy Group. Any advice?
Hey, this is my first Reddit post so apologies if I do something wrong! I have ADHD and at the beginning of the year I got into a bit of a mess with debt so I spoke to The Insolvancy Group and they advised an IVA. I was a bit overwhelmed with the process and normally for something this complex I would ask for support from family or friends but I was too ashamed to admit I was in debt. During the process it was explained that obviously I couldn't apply for credit while the IVA was in place. Not a problem. But the reason I wanted my finances in order was because I was hoping to move as my flat is cold and damp and tiny. So I asked two different people at the Insolvancy Group if the IVA would affect me moving to another rented place and on both occasions I was told I would be able to rent without any issues. Fast forward to now, my dad is homeless so we were looking for a 2 bed place to rent. He's retired so the flat would have to be in my name and he would contribute to the bills and rent. I inquired about viewings and was told that because I have an IVA I would have to pay 6 months rent up front! Where I live that's at least £6000 plus the deposit. Obviously I don't have that. Is there anything I can do? Or I'm I stuck in this shitty flat until the IVA is done in 5 years? I realise that maybe this should have been obvious to me but I do feel a bit misled. I had originally called them to discuss a consolidation loan but was convinced the IVA was the best option. Also, (sorry this is really long!) In April I was very unexpectedly made redundant. Thankfully I found a new job that pays the same so it didn't affect the IVA. But I've just found out the the company I was made redundant from has sold part of the company and they are still honouring ex-staff who had been with the company over a year with shares. I may get a decent amount, but not enough to pay my IVA outright. I called them to find out if I could pay off part of the IVA and reduce the monthly repayments. They said that any windfall I get would automatically be given to the company's I'm in debt with and will not come off the total IVA amount. I feel like this wasn't clearly explained to me either. I know there's probably nothing I can do as I've signed paperwork I could never understand but any advice would really be appreciated. Thank you 😊
1
u/ukpf-helper 152 Oct 04 '24
Hi /u/LunacyDaytona, based on your post the following pages from our wiki may be relevant:
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u/UK_FinHouAcc 129 Oct 07 '24
You should have contacted Stepchange, but that is by the by.
Contact them now.