Can you can a IVA?

[c.shallow]

I really need some advise... My partner was with a debt managment company for over a year, when he was suddenly approached by a company who deal's with IVA's and asked whether he would want to go ahead with one because it was a quicker way of paying off his debts.The company called him at least once a day until my partner finally agreed, not fully understanding what he was getting himself into. (He dosn't even owe that much.) He was not told by the company what a IVA REALLY was, until he looked it up on the internet and realised that a IVA was another way of going bankrupt. Is there anyway he can get out of this? He's feels totally mislead and conned! HELP!!!!

[PFA]

Hi C

Without pussyfooting - the answer is NO.

Here is some info from the internet

Q: Can I cancel the IVA once it is set up?
No. An IVA is a legal process and, once it is set up, you cannot just cancel it if you change your mind. **

Full article:
http://www.debthelpuk.co.uk/faqs/ivafaqs.htm#2 1



* This is no way constitutes to any legal / financial advice whatsoever. The author absolves all liabilities in providing this information. Furthermore the author does not and cannot guarantee the validity of external website contents. (Just to cover me own back... :) )

[shomer42]

If he has been mis-sold an IVA he should tell the company that recommend it to him the truth. His Supervisor has to be a licensed insolvency practitioner. As an LIP he is regulated by various bodies, if you complained to one of them about being put into an IVA your Supervisor would be in a lot of trouble. But first tell the Supervisor what you think pollitely.