In IVA was due to end Feb this year but the IP held off it ending as they want to do PPI claims which I haven't requested. So even if the creditors agree to complete the IVA and sign it off the IP is saying that they won't sign off for atleast another 12 months until the PPI claims are done, is this correct?
Any powers they have to extend the arrangement should be defined in your proposal. If not, then, yes, they can delay formal completion while awaiting the PPI claim.
I would, however, request confirmation from them, in writing, that you have fully complied with the arrangement, have no further obligations and the only outstanding matter is the PPI.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The FSA recomend you claim yourself one simple download form! And that's only if you were misold PPI
If you were not misold PPI then do not make a claim, don't be bullied into signing anything you don't want to.
Please be aware unless the creditors agree before hand the use of a claims company, you are at risk from from future claim (their bill) from the claims company, if the creditors take all the money.
I have no idea why the IP firms ignore the advice from the FSA. I would appricate any comments from an expert as it is beyond me?
lenders only keep PPI on records from the last payment for six years then the asset no longer exists!
Thank you for your help sponge. I am bullied into signing. I feel I have no other option. I have not signed for DFD to claim back PPI as I feel it is wrong as the creditors already have lost so much in the IVA. However DFD are ademant that they have to make the claim and have put in my variation today that they claim back all their costs. There is no help out there at all I would not recommend anyone go into an IVA. I have been in mine 6 and half years, should have ended Feb not making any payments now but its still not completed. Should I sign the variation? DFD are saying I have too, otherwise they cannot finalise?
My IP from Cleardebt posted in this very forum that if I had not signed paperwork allowing their chosen third party to claim for miss sold ppi then he would have failed my IVA and I would face bankruptcy!
If that is not bullying I don't. Know what is!
7 years after starting an IVA I finally received a completion certificate from ClearDebt
Here today, I am in exact same position as you were. Surely they cannot make you claim for PPI, or even instruct a company without your signature or permission?
Hopefully an insolvency professional will see this post soon and comment. However, I doubt it will be definitive. This whole PPI situation is new and untested in the courts. Currently every IP has a differing view. The consensus is that PPI monies are an asset of the IVA have have to be paid in .... the differing attitudes are towards the mechanism for claiming and the timing.
Ultimately the IP could invoke failure for non-compliance, although at this stage that would be unlikely -- depending upon thier general policy.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
sthomas, don't worry ... other members will keep this bumped up until an expert comes along ( but not every minute or so :0) ) -- we try not to let posts die away unresponded to
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
