Thank you Michael for that, but notwithstanding that, do you not agree that when one has, what seems, the whole world on their shoulders financially and what goes with that, health, family, lifestyle etc that what is needed is CLEAR, good English terms easy understand? Indeed, you mentioned two different sets of T&Cs but my simple question is why can't they be all the same?
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
I understand the question but unfortunately I cannot answer it. There are contradictions between the various T&Cs and also some creditors modify proposals which further complicates matters. For example HMRC will put in a modification saying that every asset not specifically excluded is included which overrides the protocol T&Cs so each case would need to be looked at individually in light of the T&Cs and modifications.
An IVA is a contract at the end of the day, which is written specifically to suit a set of particular circumstances. Prior to entering into the contract, both parties agree to the terms of that particular contract, and if they agree they sign up to it and it is binding. As Michael says, the R3 terms and conditions used by his firm make it very clear what is and is not included - and the bottom line is with those that they included everything. I do hope that the firms who use these terms and conditions make it clear to their clients - however it is there in black and white for all parties to read, undertand and accept or reject.
The IVA Protocol Terms and Conditions do not make such provision, however some firms - including my own - have latterly sought to include "all-asset" provisions within the IVA proposals to ensure that assets such as mis-sold PPI claims become assets of the arrangement. I have not had one client query or moan about this, in the past year since introducing those terms.
Mis-sold PPI claims become assets at the time the policies are sold. If there is no mis-sale, there is no asset.
If a debtor says they are not missold, and the lender after their own investigation states that it has not been missold, is this enough proof to satisfy the IP?
Under what circumstances would an IP insist that a failed claim be put to FOS?
7 years after starting an IVA I finally received a completion certificate from ClearDebt
If they felt that regardless of your and your creditor's views, that mis-selling had actually taken place - ie you were definately sold something you did not need or would not pay out in the event of a claim.
An example might be a PPI policy sold to someone who is self-employed for instance.
Hi Melanie,
But my issue here is no feedback at all or regular updates.My partner has cleared this IVA last September,So surely a feedback call of yes you was miss sold a PPI or no u havent and we are looking at a time scale of
But virtually nothing no confirmation of reciept of the funds of the balance cleared balance.
So for all Gareth states i have no confidence whatever because of Varden Nuttall's internal process of business.They are so efficient on calling me and keeping me up to date on altering IVA payments
due to myself having extra pay due to overtime or bonus payments.
I have had ne email or phone contact stating that i have a PPI !,As stated previous my partner required a settlement figure from Varden Nuttall and the figure was paid September last year.
Hi, Lee. As annoying as this is, I think it is becoming the norm amongst the larger firms. They are all sweetness and light drawing us into an IVA --- mediocre at best during the IVA (unless they want something) and ignore us totally once they have their pound of flesh. They appear to totally disregard the effect and hold they have over our lives.
And, Mel, I am not having a go at the industry as a whole, but I am afraid that these unthinking firms do bring the rest down with them in the grand scheme of things. We, here, are fortunate enough to know there are decent, caring firms like yours and McCambridge Duffy, but the general populace don't.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
