To quote BoL "People are too fixated on 60 payments of £xxx; our reesponsibilities do not start and end with monthly payments"
I think a large part of this is down to unscrupulous advertising by some IVA firms, which focus on "getting up to 75% written off" and referring to 60 payments of some ridiculously low amount, without mentioning that this is reviewable or even hinting at assets and equity.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Broke of London, it's generally 72 payments as a high number of people are homeowners or shared ownership like myself and couldn't remortgage, we had to extend. Damn right i'm fixated with the length of payments, as soon as the they finish the IVA can go whistle, i want my certificate and the banks and everyone can go do one....No PPI should jeopordise the agreement ,especially if, as i have now done, the forms are returned!
One of the terms I agreed in my IVA was to co-operate with my IP to maximise returns to creditors. Therefore, my IP could fail my IVA because I refused to co-operate and help realise an asset which would benefit creditors.
But couldn't this be viewed as a contradiction?
Surely the whole ethos of an IVA is to maximise returns to your creditors, beit monthly payments, overtime, windfalls property equity or in this case mis-sold PPI?
This return would be maximised if the debtor was allowed or even encouraged to claim themselves as 30-40% more would be re-paide to the creditors.
Isn't this a good thing? Or are some people not that bothered whether they're doing their best to maximise the repayment of their debts??
Last edited by oddbod on Thu Jun 28, 2012 8:09 pm, edited 1 time in total.
It's the IPs responsibility to ensure maximum returns not the debtor once the IVA is approved.
The debtor has a responsibilty to work with any requests from the IP to achieve that but the debtor doesn't have any obligation to turn down the central heating down by a few degrees or use the washing machine less frequently to reduce ongoing costs.
And if the IP feels that some money via PPI can be reclaimed just let them do it.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
To be perfectly frank here, i couldn't care less who claims PPI as long as those that are employed to do so, do it in a timely fashion and not hold up closures of IVA's. I shall be ringing EIF once again tomorrow to find out the outcome of what DFD have decided in my case as neither of them have communicated to me what the decision has been! Poor show DFD and EIF, don't get me started!!!!!
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
In response to Declan: It would be nice if DFD got their finger out and replied to my last e mail and gave me an assurance that now i have complied and returned the forms my IVA completion and certificate WON'T be held to ransom!
Like I said in previous posts, if an iva failed following 72 months worth of payments then all monies including fees can be requested back!! Are the ips who are really taking this stance going to risk losing thousands by failing an iva!! It's only going to take one successful challenge.......!!!
I'm in the final year of my IVA, no mention as yet to PPI, but I know I took it with loans and ccs but I did it willingly and on one occasion my husband succesfully claimed on it, paid out, I was never missold, I new what I was doing. I will not be happy if I'm forced to go down the claiming back root, maximising returns to creditors is one thing... fraud is quite another.
Hi Louise -- if you claimed on the PPI there will be no repayment as you used the policy --- if your IP wants you to try for a refund of fees tell him this.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Wow...pounce on someone for an opinion!! Once this train got going y'all didn't even care what I wrote. You just joined the party and got projected your own issues onto me!!
@Foggy. It's something we see time and time again on the forum. People think that by paying their set monthly payment for sixty months is all they need to do. It was a statement of fact and I didn't lay blame at anyone's door but by quoting me the way you did your post implies I did. WTF?
@Badboy. It generally isn't 72 months. An iva can be of any term but a standard homeowner iva is still a 60 month term with an equity clause. 72 months is Plan B. Irrespesctive of the term, the iva cannot go whistle when you have completed your monthly payments if there are still unfulfilled terms and conditions. Sorry to be the bearer of bad news but you might want to re-read your proposal and be clear about your obligations.
@oddbod. Jumping on the bandwagon and putting words into my mouth! I spoke about reclaiming mis-sold PPI in principle. Didn't mention anything about the mechanics or rights and wrongs of claim firms being employed. So there isn't any contradiction in what I was saying.
@herberkj "It's the IPs responsibility to ensure maximum returns not the debtor once the IVA is approved". You're wrong; it is a joint responsibility. You might want to re-read your proposal too. I only suggested we have a responsibility to co-operate; not that we had to live uncomfortably for the benefit of our creditors.
I was only trying to answer a post honestly. And in my opinion, an iva could be failed for not reclaiming PPI and I gave a rational logic for that opinion. I'd be interested to hear why other people think that not complying with clauses in their iva wouldn't lead to failure. Or why PPI is irrelevant to the success or failure of their iva.
Sorry BOL but I agree in that most iva's will now be 72 months in length should the debtor be a homeowner! Thus needs to be made absolutely clear from the outset! It wasn't clear in our arrangement and we had to sell anyway due to cost of mortgage and threatening failure of iva
Most IVAs will require an extra 12 months where there is equity to be addressed. Homeowners without equity may not require an extension; homeowners who start with a six year IVA will go to 84 months to meet the equity clause.
I was talking in standard terms to make a point - badboy was patronisingly responding with pedantry and missed the jist of what i was saying. And his point was equally over-generalised thus not achieving his aim of deflating me. Shame.
