Brits misled by IVA cancellation letters
Brits misled by IVA cancellation letters
Thursday 5th June 2008
According to the Office of Fair Trading (OFT), the letters imply to readers that they could have been mis-sold their IVA, when in fact this may not be true.
This is in breach of official guidelines, it said.
Meanwhile, Companies which do not explain the consequences of cancelling an existing IVA are also acting illegally, the watchdog added.
Ray Watson, director for consumer credit at the OFT, said: "Tackling companies who are engaging in unfair business practices by targeting vulnerable consumers with misleading advice and information, particularly if it leads to consumers becoming more over-indebted, is a key priority for the OFT.
"We expect any advice and/or information given to debtors to be in their best interests and it should include a full explanation of the implications of offers or advice."
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