Dont recommend IVA to anyone

[Foggy]

Rach.... I was one of those who thought I had no PPI -- they found over £7k worth !!

Frankly I don't care, I was never going to claim it anyway ( especially as I didn't think I had any to claim!). However, that is by the by --- your IP probably will not let this go and it would be faster in the long run to just let them get on with it.

[GilliB]

Hi rachrew. Welcome to the forum. I read your post with interest, and have to admit that I have swung between deep regret of choosing an IVA and being thankful that I had an opportunity to repay as much as possible. As I am awaiting my CC/nearing the end of my journey, I would say that on reflection, I am satisfied with my choice. It has been stressful, nerve-wracking, frustrating and demoralizing at times, but alongside the sense of achievement when I was able to do overtime and pay in a little extra, or when I had some small 'windfalls' (payout from car accident), and finally being able to settle early with a F&F t a higher dividend.

Regarding the PPI issue, the IP industry have been feeling their way through this mire for a while now, and I lay blame with the regulators, who have left them to make arbitrary decisions in their approach to the whole sorry matter. Just like you, In January, I declined to have EIF investigate any possible claims, as I was adamant that I've not been miss-sold any. However, I've read numerous posts on here reporting that they've received refunds/interest for PPI/unfair charges that they had no idea about!! Following which, I signed the forms in November, and await an outcome. As things stand, I can't see how this is a fight you can win, as your IP will use the 'obligation to explore/realize all assets for the benefit of creditors clause'. They will be able to 'snatch' any windfalls that come your way whilst it's still open. It is a disgraceful state of affairs.

I have questioned whether or not some IP's have been dragging their feet with closures, and using PPI/VAT issues to delay the process, as after all, they benefit from '15% of all realizations'. I would hope not, but times are hard for everyone, and with more IVA's failing, they need to 'exhaust all possible revenue streams'. Whatever your decision, I sincerely hope you get closure soon. x

[Adam Davies]

Hi

I understand your concerns and many people find themselves in a similar position

Some people have been sure taht they have no PPI but have found out that they have unknowningly signed upto it.

My advice is to agree with DFD and let them make the claims, this way you can be sure that your completion certificate will follow at some point and your IVA will conclude

Regards

[rachrew]

Hi Andy,

Honestly, I dont care anymore had enough of the whole thing, my point is that if you claim for mis sold PPI this is for PPI that you have been mis sold, I know that if I had PPI then I asked for it. I actually think PPI is a valuble tool and feel sorry for the companies who provide that insurance. If you had a illness wouldnt you like to know that your debts would be paid ?

[Foggy]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by rachrew

Hi Andy,

Honestly, I dont care anymore had enough of the whole thing, my point is that if you claim for mis sold PPI this is for PPI that you have been mis sold, I know that if I had PPI then I asked for it. I actually think PPI is a valuble tool and feel sorry for the companies who provide that insurance. If you had a illness wouldnt you like to know that your debts would be paid ?

You would indeed. However, there have been many instances where such insurance was asked for and sold, but not actually needed, as well as those where the insurance wouldn't have paid out anyway ---- were you asked about pre-existing medical conditions, for instance ?

[Niobe]

I can honestly say that we never took out PPI - hubby has been retired since 1994 and I have always had full pay whilst off sick. I told Payplan that and they were quite happy.

They have managed to secure some bank charges back though - they can do that without my permission apparently!

[Iain.68]

I was convinced i didn't have any PPI to claim back, however an amount of approx £14,000 has been claimed. I was disappointed that I didn't see any of it, but understood and agreed that it goes towards my debt. An IVA was a great solution to my problems. It is a long struggle, as people have said the first 2/3 years are the hardest, but it has certainly changed me for the better, made me account for every £1 which will be something I will continue to practice when my IVA finishes, hopefully in 2 payments time. MERRY CHRISTMAS everyone !!

[rachrew]

well Ive sent dfd a statement of fact, Ive stated that I wasnt mis sold PPI and have not and will not be pursing a claim for PPI. we'll see if they still maintain that im obliged to complete the docs I will but on xmas eve they want to get a life pestering people Im not stressing anymore Ive stressed for too long about this

[rachrew]

Good luck to everyone else venturing into an IVA !!!! merry christmas thanks for all of your replies

[IVANotOverYet]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by rachrew

IVANotOverYet...pleased you have received your certificate. Did you claim the PPI ?

I didn't. I certified that I had never taken PPI(although I was promised a disclaimer to sign that never came) and that was the end of it (save a little data-protection issue that meant the claims firm still had my details despite my opt-out).

I also put in writing that I did not wish to, have not, and have no future intention of claiming for unfair bank charges or PPI compensation.

It seems I may have been one of the lucky ones.

[size5]

For balance, and setting aside the PPI argument for a moment here, as you are advising people to eschew IVA's, could you tell us how much debt you had when you entered into the IVA, what it was costing you in payments at the time, and what you paid back per month/over the IVA period?

Regards.

[Heretoday]

To give this some further perspective, when I started the IVA process in late 2005, an IVA was a very attractive way forward. The chance to pay back as much as you could over a 5 year period and then at the end of that 5th year you would be debt free, the slate wiped clean, and free to rebuild your credit rating and move on with your life.

In 2005 the economic climate was far better than it is now, I was confident that my job was safe and that I would be able to maintain payments to an IVA for a 5 year duration.

The delays in completing existing cases for reasons of PPI and VAT are well documented but both have extended the sentence served by people nearing the end of their IVAs.

With the benefit of hindsight now knowing that I will be entering 2013 still in an IVA I personally would have opted for bankruptcy (having no assets or a job that would have been threatened by being made bankrupt), I would have been debt free in no more than 3 years!

People entering an IVA today hopefully will not face the PPI, IVA or what ever the next big thing is, but who today feels confident that they will have a job for the next 5-6 years?

Banks used to be considered a job for life, even people working for IVA companies have seen their jobs go as IVA accounts have been sold on. High street  chains like Comet and public sector employees are all at risk.

I don't want to seem all doom and gloom but any one considering an IVA today should seriously consider whether they are likely to be able to pay into it for the next 5 years?

Hmm just noticed the time, Happy Christmas every one and I certainly hope that I and others will not have an IVA hanging over us this time next year.

[Kev.02]

we received the PPI pack to sign and did so as requested. We did not think we had taken any out but starting getting letters 0ffering us large amounts of money, we forwarded them on to EIF as requested by our IP. we contacted EIF a couple of months ago to get an update and where shocked at the amounts they had passed on to our IP and how much they kept for them selves

[orange]

when we were in debt iva was the only choice we had ! not sure we new what we were doing either and most of that times a blur ..the repayments were too high and it was a hard lesson !ivas are has good has the ip .as for the whole ppi thing its shocking and im so glad we didnt get tied up in it !

[12 months to go]

Morning rachrew and merry christmas everyone

Firstly in terms of the PPI disclaimer statement you have sent to DFD , you will see from below the date of my last payment and also date completion certificate was issued by DFD. To give you an idea of timescales, I emailed the declaration confirming I hadn't been mis sold PPI back to DFD on 18th sept, however as I had a creditor who still after 6 hrs hadn't claimed, they were given to 24th oct to claim, which they didn't and my completion certificate was issued on 1st Nov, meaning a couple of days past 6.weeks after DFD received my signed no PPI to claim declaration , I received my certificate, so perhaps yours will only be a few weeks away.

Now I fully appreciate your frustration & unhappiness, however in no way would I suggest to people up to their necks in debt not to enter into an IVA, to the contrary. It was the best things I ever did andim now debt free with an above average credit score ( not that I intend taking credit out again )

Hopefully your certificate won't be too long now. Of course I agree that the customer service levels demonstated time and time again pretty consistently over the last 9 months by DFD are shocking and whilst I would and have indeed actively steered potential DFD clients away from DFD to some of the better IPs who regularly post on the forum, I most definitely would not discourage people from commencing on the IVA journey , just not with DFD

Enjoy christmas everyone