Hi,we have now finished 6 years of our iva,i have just received my final annual report for our six years stating that we have paid all of our payments etc etc,the supervisor intends to extend the arrangement by a period of up to a year for ppi purposes.If all investigations are concluded before the expiration of a further year,the arrangement will be concluded earlier.
My question is,can i ask for a letter stating that the supervisors can only contact me with regards the ppi & cannot ask for further i&e reviews or ask for bank statements or look into my finances at all.We have finished our iva & i am absolutely enraged that this extension can be allowed,They have not even sent me any forms to fill in for ppi purposes yet.Why was this not arranged 6 months ago so that this ppi could have been settled before our 6 years was up.
Why are they allowed to wait until we have finished before sending us the ppi forms or whatever forms they are,i find this totally unacceptable.
So,can i reasonably ask for a letter stating that they are no longer allowed to look at any of our incomes,bankstatements,or anything apart from for ppi purposes.
Hi Kieser. I can't quite believe what I'm reading!! How is it possible that it can be extended for up to 12 months, when you have fully complied with the terms of the agreement? Is there any clause in the original agreement/Chairman's report that shows that they would be allowed to do this? I really feel it for you, and hope this fiasco is swiftly resolved. x
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
GilliB.
They are only extending for ppi investigations,Thats why im asking if im within my rights to ask for written confirmation that they cannot ask for any further bank statements,payslips etc etc.or anything to do with my iva apart from ppi investigations.
Yes,im absolutely enraged that they can extend for 12 months for this to be resolved.Why did they not do the ppi investigations say 6 months ago,so that when our final payment date was here (NOW) this would all have been resolved.Yes i demand i have my completion certificate as we have complied with our iva which is now finished.
Its been a tough 6 years & we have complied fully with our iva,i have paid my dues now surely my civil rights are that i can get on with my life without this still dragging on.
Hi, I completed my IVA with a full and final and the meeting was end March 2012, they have told me the same up to 12 months for completion certificate. My last contribution was in December 2011 and as far as I am aware they will not need any further income details from you, just need to pursue any claims to increase the amount payable to creditors if there is any.
Also i would like to state that as of today i still have not received any paperwork regarding doing these ppi investigations,(forms or whatever i need to fill in)How dissapointing & truely unproffesional of the company concerned
Hi. as suggested by GilliB, have aa good look at your paperwork. It should define the rights your supervisor has to extent the arrangement, as well as the notice he has to give. The extension you describe would not be allowed under the terms of my proposal, but yours could differ.
I see no reason why you should not ask for, and get, a letter confirming substantial compliance and feeing you from the obligations of the IVA except PPI.
Might I ask who you are with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy,Thanks for your reply.Im not naming the company as this sore subject has been raised numerous times on here before,not by me i might add & people will know whom im talking about.How would i know looking at my proposal wether they are allowed to extend for ppi investigations.
Kieser, I can only tell you how it is dealt eith in my proposal, which might well be different from yours. I have a paragraph stating that the proposed duration is 66 months (inc. 6 month admin period). Any further extensions are as detailed in the Standard Conditions.
In thos conditions the duration is defined in Part 2 Section 5.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am in the same boat, IVA extended for a year to conclude PPI reclaim. My IVA proposal states that the term of the IVA will run for 66 months ( of which there will be payments for 60 months and the other 6 months is to conclude any unfinished paperwork etc.)
In my proposal they are allowed to extend the duration first by an extra 6 months and then a further 3 months so total duration the IVA can be kept open for is 79 months not allowing for any variations to the term. (my IVA was extended for a year in a variation so it will be upto 91 months that they can keep it open.
I questioned the year extension after my final payment, they said that was months 60 to 66 plus the first 6 month extension making the year.
In my case Cleardebt did not start the process of claiming for miss sold ppi until two months after my Final payment!
I think the whole thing sucks!
There is a real risk that while you will not make any more monthly payments that if you recieve a windfall while the IVA is still open then your IP could claim some or all of that back!!!!!
7 years after starting an IVA I finally received a completion certificate from ClearDebt
It's the term 'extension' that is really troubling to me, which to me is a variation of your agreement - one you had no prior knowledge or warning of before the anticipated 'completion date' of your IVA. Furthermore, it seems evident that you have not been told about how this will affect you - hence you having to raise queries here. I think it unacceptable how this whole PPI issue is being handled by some companies. There should be a test case brought before the courts for a precedent to be set, so that ALL companies deal with this matter in a fair, consistent and equitable manner - for all parties involved.
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
I really dont know what im looking for in my proposal.
Under section 5.4 duration of arrangement it says:
the duration of the proposed voluntary arrangement is 60 mths unless an early conclusion is agreed by creditors.The duration may be extended at the sole discretion of the supervisor in order to realise assets,agree the claims of creditors & deal with all matters arising under the voluntary arrangement but creditors must receive the final dividend within 63 mths of approval unless there are payments in lieu of equity still to be introduced.
So you have already done 72 months, which is beyond the 63 months stated anyway (in lieu of equity release?). Surely they should have started this process way before the end of your agreement? I hope an expert will be along soon to enlighten you and other posters with similar issues. x
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
GilliB,yes we have just completed 72 mths,the additional 12 months was agreed by creditors as 12 mths lieu of equity as obviously we could not remortgage after 60 mths.
Kieser, did you have an extension in lieu of equity ? If this extension is over and there are no payments still to be made in this regard I would read thet clause as meaning they have to make final payments to the creditors once all payments in lieu of equity have been made --- they have no authority to delay for PPI, as the only delay allowed by your proposal is for equity release.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
