In the period between making my final payment and receiving my completion certificate, would a windfall be subject to inclusion in my agreement. In other words, despite making my final payment, would I still lose this money?
I believe so James. I am awaiting completion certificate and I am sujbect to that clause. It would be worth checking your paperwork to check. Whilst waiting for completion certificate you cannot apply for credit either to start to rebuild credit history. Its like being frozen in time!
Potentially yes as you're still subject to the IVA until such time you get the completion certificate. It's not right that people have this clause hanging over their heads whilst they await a completion certificate in my opinion.
Having said that I've heard that some IP's are issuing letters (not the main certificate) to protect the debtor from the windfall clauses whilst PPI and the like is sorted out
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Technically the answer to this is yes, however common feeling amongst IPs, our lawyers and regulators is that if the debtor has fully complied with all of their obligations under the IVA then it would be unfair to take the windfall. You should check with your own IP to see what their thoughts are on this point.
GT, I am afraid, take the opposing view and, inequitably in my view, hold their clients fully liable. Hopefully they will see that they are swimming against both the general consensus and the spirit of fair play.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I too get that feeling Foggy we were told if we get anything in between now and when we receive certificate it is all payable even though the case in with the closure dept
I would like to see that challenged in a Court - I think that any District Judge would take a fairly dim view of any IP pursuing a windfall when the debtor had fully complied with the terms of their IVA and the closure was held up due to the action (or inaction) of the IP acting.
GT definitely aren't acting in the spirit of fair play! I think I've seen posts about IPs setting up variation meetings to formalise that no more monies are due when the debtor is only waiting on PPI and VAT, which seems a good idea. I dont think I explained that very well but hopefully didn't confuse anyone!!!
Hi
I finished my IVA recently and have done what I was supposed to do and now waiting for a certificate and the PPI I asked for them to investigate to see what they could come up with
I asked about getting the PPI just as the PPI issue was starting 2 or 3 years ago I contacted a firm they said the would claim for me I then asked my IVA company they said if you claim now they will take the cash and she told me its better for you if you wait until you finish tnen you get all the money I have that conversation in my email I sent to the claim comapany and their reply so its verified I asked that
My point is that ok the PPI has come about the last year or 2 I set out way before this was an issue so I think in my case then I should not have to abide by this new ruling I havent looked in my original documents but there will be nothing about this in the clause
I think that anybody who started the IVA Prior to lets say January 1st 2010 is excluded and if they get a pay out they can either keep it or put in the pot or use to wind up the IVA thats fair
Anybody after Jan 1st 2010 has to hand over the money no choice that way people know where they stand and IVA comapnies can plan around it and also gives everybody a lot of time to sort it out as in 2 years it will be done and dusted
For me now I am waiting for the PPI to be sorted and also waiting the certificate
OK suppose my IVA was stated to finish on the 1st June 2012
The Iva company should be looking at every person who completes in the year ahead and make plans so on the date each IVA complates then its ready to close in 10 working days
They have had 5 years to prepare in my case from Day 1 even missed payments at the most account for 2 months so they have extra allowances for people
If you extend for 2 3 4 5 6 months then it still should not matter that papaerwork should be ready to roll and kept the extra time
Mr Smith IVA started June 2007 Completes June 2012
I dont know what happens with paying the money out at the end As far as I am concerned thats none of my concern I have paid what I said each month for the last 5 years A quick check on there screen yes Mr Smith you have paid on time as we agreed end of story
Its a legal arrangement that you pay what you are told and agree to do so and if you have done that then you get your certificate
Then your creditors can argue the toss amongst themselves and the IVA company
The PPI is none of their concern either thats come in later the same with windfalls its not fair If you get a windfall then its your choice to pay the IVA off and 99% of people getting a lum of cash would do so
Or if you want a fair way as the banks are going to get the PPI back split the payout 50 50 coz they cut you some slack and let you go the IVA way and you get a nice treat as it was them who conned it out of you in the first place
It has got nothing to do with timings or dates Donkeyass - if the PPI is an asset captured under the terms of the IVA then it has to be paid to the IVA creditors regardless of the time the IVA was taken out or whether it has concluded. Banks are becoming very savvy to this, and also to their right of set-off - and are generally contacting IPs or former IPs if their customer has ever been in an IVA to get the Supervisor to confirm whether the monies are due or not.
