Hello again. I have been a member on here for some time and have asked numerous questions.
I asked my IP to organise a variation meeting so that a F&F settlement could be discussed.The money was provided by a family member by the way. That was back in June. The decision was to accept my proposal and the cheque was cashed by them in August. One of the things I stated in my letter to the IP, with the cheque enclosed, was that this was for completion of the IVA. They duly wrote back to me to advise they had recived the cheque and that the closure of the IVA would take up to 6 months to complete. Around the same time they put a PPI management company on to me to see if there was any claims due to me. From what I have read on here it seems that this seems to be a way of getting money out of me that was due to me even before my IVA started (pre 2007). What I would like to ask is as follows:-
1. I have been informed on more than one occasion, by my IP, that my closure will take up to 6 months to complete. Why does it have to take this long? Surely it cannot take 6 months to close this down?
2. I have read, on here, more than once that people are still waiting for closure of their IVA over 12 months later. Can somebody tell me why this could be? Is there a legal time limit to how long closure can last?
3. Is it possible that IPs will 'sit' on an IVA closure, due to possible PPI claims being dealt with? Is this actually legal?
4. Can somebody provide me with a list of solicitors in the Liverpool area I can go to who will help with sorting this out as I cannot move with my life presently, even though someone somewhere has all the money that I have agreed to pay and my creditors had accepted.
5. Can someone also tell me where my money is sitting at the present time and until the IVA is closed? Is it with the IP? Will they literally be gaining interest on the money?
The issue of mis-sold PPI is causing many difficulties for IPs and their clients at present, as we strive as a profession to find the right legal answers to questions and how these matters will be dealt with, in conjunction with the banks as well.
It is possible that your IP has taken the decision to review their portfolio for the possiblity of realising additional assets for the benefit of creditors from potential PPI claims. Most of us will know that the banks have set aside many thousands of pounds to cover the eventuality of mass claims, and these matters are ongoing at present.
Only your own IP can clarify the position for you definitively, about the length of time things are taking to close and the reasons which are preventing this for you. There is no real legal timescale in which closures have to be completed by, unless the terms of your particular proposal dictate this.
The PPI issue is frustrating for all concerned at present, but IPs have a job to do and a duty to ensure that all assets are properly realised for the benefit of the estate. I am sure that if you arrange a chat with them, all of your questions and expectations can be answered.
