Sterling - we have a dedicated closure team who can be contacte dby email on ivaclosues@uk.gt.com, please contact them and they will be able to provide an update on what stage your closure is at.
The question I would ask is if it is mandatory that debtors comply with their IP in the investigation of mis sold ppi why then does an incentive have to be provided???
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Muggins
is mandatory that debtors comply with their IP in the investigation of mis sold ppi
Seems a reasonable question? I agree that you should assist them to see IF ppi may have been missold but after that is there a legal requirement to assist them? I have seen recent posts where an IP can bypass the debtor and make investigations or claims with or without their consent, however if the initial investigation / claim is unsuccessful then the options are to drop it or refer to FOS.
HOWEVER your IP can not make a claim to FOS without your approval and signature. So is it mandatory to assist your IP make a claim to FOS?
7 years after starting an IVA I finally received a completion certificate from ClearDebt
I don't agree with incentive payments, an dhave queried this with the regulators to see if they feel this is within the IP's discretion without creditor approval. I guess some firms have taken the view that their clients will co-operate with them moreso if there is some reward.
I know Mel but I still have to ask why some debtors are given £500, others 8% interest etc!! If the IVA can officially fail due to non compliance then I do not understand why an incentive payment is required!! I'm lost in all of this
As I don't offer incentive payments to my own clients, all of which so far have comletely co-operated with me in the process, I cannot really answer that. Suffice to say I have raised all issues with the regulators and await their general guidance, as do the rest of my profession right now.
That is really a question for FOS to get their heads around. As beneficiary of the trust, legally an IP can make the claim without their client's agreement or knowledge. If FOS refuse to accept the position of the IP in this chain - then the IP may well need to take legal action against them. It needs a test case to test this theory however.
A last question from me tonight and I would understand if you do not want to answer:
If one of your clients agreed to an initial investigation to see if PPI had been missold, even thought they believed that they had not been missold ppi.
The lender stated that it had not been missold.
The debtor agreed with the outcome of the lenders investigation.
The debtor then refused to cooperate with referring the case to FOS.
If this was the case would the debtor be in breach of the terms of their IVA and if so could the IVA fail?
7 years after starting an IVA I finally received a completion certificate from ClearDebt
I'll give you a very honest answer to this. I would:-
1 Consider whether there is a commercial benefit to creditors in my taking this further - taking all future costs into account
2 Consider whether my actions would cause undue detriment to my client in continuing the action
3 Then seek legal advice as to my position - clearly documenting all stages of my decision process in the event of a subsequent complaint
4 Consider calling a meeting of creditors to determine whether creditors wished the matter to be pursued
I am not convinced that the debtor would be in breach of their IVA if they refused to co-operate - but at the end of the day I believe the IP can run the claim in any case, so I would not be too bothered about that and would have my fight with FOS - but only if I felt very comfortable and right about my decision.
we did have some issues within our iva but ran mostly ok and recieved completion cert ...although its over 1year now i still read this site and post when i feel i can help
it breaks my hear to read that DFD have issued people certificates who made final payment in april 2012............. we made a final payment in march 2012 and have chased a certificate since........ initially we were told its been delayed due to ppi then more recently we were told its due to hmrc vat issues. we have received 3 separate communications from dfd since march saying the final variation meeting had gone ahead and we would have the certificate in 2-4 weeks. after chasing in mid october we were told 1 final time that a meeting was going ahead on 15th november to discuss the vat with creditors and the certificate would be with us 2-4 weekks. yesterday we chased again and was told 1 creditor wanted an adjurnment to the meeting and by the 27th november everything would be finalised and certificate would be with us 2-4 week from that point.
if anyone who was with DFD ad completed march april this year and as received there certificate could please tell me what they did how they managed it i would be eternally grateful. i applied for a new position recently but was declined the job as i failed the credit check the company cited i am on the insolvency register with an active iva. all this because i cant get my certificate.
