This depends on whether your IVA was closed down as full and final or whether it ran it's course. You need to speak to your own IP and possibly seek independent legal advice.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
This depends on whether your IVA was closed down as full and final or whether it ran it's course. You need to speak to your own IP and possibly seek independent legal advice.
hi, what difference does it make whether it was a full and final or ran it's course ??
A 'full and final' in my opinion is effectively that and creditors cannot come back for anything else. The resolution 'full and final' effectively excludes everything else whereas in a 60 month IVA everything is included unless specifically excluded so the assets are still available to creditors if they turn up post IVA.
Completely agree with you there, Michael. However, not all IP's take the same view, So, as you say, people shoulkd always check this out with their own IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Please may I ask simply out of curiousity, would this only apply to PPI in the sense that it was an 'asset' that existed while the IVA was active?
What if an asset came into existance 'AFTER' the IVA had ended and Completion Certificate issued - eg. an inheritance a couple of years after the IVA. Since this would be an asset that did not exist during the life of the IVA would the IVA have no claim on this?
I am only asking out of noseyness and to understand how post IVA financially you can still be tied or owe to it?
Many thanks
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
Til, you are correct in that something, like an inheritance, that did not exist prior to the issue of the completion certificate would bot be taken into the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
A 'full and final' in my opinion is effectively that and creditors cannot come back for anything else. The resolution 'full and final' effectively excludes everything else whereas in a 60 month IVA everything is included unless specifically excluded so the assets are still available to creditors if they turn up post IVA.
I hope that makes sense.
Thx for the reply, that makes perfect sense
It hasn't be tried or tested in court by anyone yet has it ??
It is a grey area and probably one where we won't know the right answer until it has been tested perhaps at Court. If the creditor you are claiming against was included into the IVA, they may contact your former Supervisor who may lay claim to the monies, and if they do you could then have a legal case on your hands to see who is exactly entitled. The wording of your original IVA documents may give some clues as well, but Michael makes a very good point about the full and final - but again the devil is in the detail, and the wording of the resolutions passed will be key.
Am I missing something, as it doesn't seem fair to me that if you conclude with a F&F, you could claim PPI say 2 years later and keep it, yet if you've paid in for 60 months and concluded, you could effectively still have the IVA hanging over your head. I'm in the process of concluding mine with a F&F using redundancy funds. I don't have any PPI claims so it doesn't apply to me. I think there are too many grey areas with IVA's, which can make it confusing and worrying for debtors. I'm still glad I chose it over bankruptcy, but I would wish for a more level playing field across the industry, with more swift, clear, transparent information from the outset and throughout the IVA process.
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
The profession would definately benefit from some clear guidance on PPI, but as IVAs are contractual arrangements the law and terms of the individual contract will prevail, which is why there are many differing opinions at present about the treatment of these assets or windfalls
Is there not a six year rule ie it's beyond the reach of creditors and that's why after six years defaults etc fall off your credit reords? a debt that cannot be reclaimed as it were. I read somewhere that a creditor only has six years in which to make claim to any given unsecured debt but beyond that it cannot be recovered and assuming you do a 60 month stint, then a further 12 months (without further claim) then they can have no future claim at all? (just my thoughts)
Sponge -- to "qualify" to be statute barred the debt must be unacknowledged for 6 years. If a debt is included in an IVA then this period would commence after the IVA concludes
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
