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Discussion and questions about what to expect when your IVA is finished
By Tinks
Hello everyone

Not sure if this is the right place to post this but here goes....

I was in an IVA and then contacted by a company called IVA Watchdog. They said that the IVA was the wrong solution for me as I had no assets and rent my house and I was probably better off going bankrupt. I decided to go down the bankruptcy route and paid IVA Watchdog £1000 to help me. I am now bankrupt and everything is fine. However IVA Watchdog said that I would also be able to claim back the payments I had already made into my IVA. This was about 8 months of £150 so this would help towards their fee and the court fees.

I am having difficulty claiming this money from my previous IP and now I can not get hold of IVA Watchdog. Can you suggest what I should do?
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By Hayden
Hi Tinks and welcome to the forum

I am glad you are happy having declared bankruptcy. However I think IVA Watchdog have given you some pretty poor advice concerning being able to claim back any money you paid into your IVA. I do not think you will be able to do this. I think the office of fair trading has been trying to close down some of these so called IVA ambulance chasing firms. I'm not sure, but the IVA Watchdog may be one of them and that's why you can't get hold of them. Either way you have no hope of claiming moey back from your IVA i'm afraid....
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By James Falla
Hello Tinks

There are a number of unscrupulous firms who tend to prey on people who have just started their IVAs by suggesting that they have had poor advice and that they would be better off going bankrupt. They then charge then a hansom fee to "help" them.

In your case, it does sound like bankruptcy was a good option for you. However, I would say that if you paid £1000 this seems like a very high amount. Did it include your court fee? If not then I feel you have unfortunately been overcharged.

This firm should not have lead you into thinking that you would be able to claim back the money you had paid into your IVA to off-set their charge. This is certainly not the case. You should have been told that if you stopped paying your IVA, you would most certainly forfeit the money already paid into it.....