Has agreed been made yet from the Insolvency Board as to whether an IVA can be closed pending PPI claims still being investigated. I was led to believe this was going to be discussed in Dec 12 and I am curious if a decision has been made
As far as I am aware it hasn't as nothing has been posted on here. However, some companies are now closing. Payplan did a mass variation so that all of their cases can now be closed.
Many companies are working hard behind the scenes to try to get mechanisms in place. So far Cleardebt and Payplan have sorted their out and are starting to implement them.
I am sure (and hopeful) that others will follow soon, and will find it easier now a precedent has been set.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Much progress has been made on this issue, both internally and externally through ongoing discussions with the regulators - and I hope that something will be issued by the end of the month.
A lot of firm are closing cases - and some did not even stop!
Thanks everyone for your comments, looks as if the end of this unnecessary tunnel is getting nearer and hopefully this will resolve all the unnecessary back logs that PPI claims are causing.
I think Payplan and Cleardebt are able to close cases now even if there are PPI claims outstanding, this follows a mass variation meeting that they held with all creditors
Took The plunge and made the call, changed our family life and we have never been happier. Debt free and wont go back..... IVA was by far the best thing we ever did to teach us the real value of Family and money
Thanks Andy, I just hope Grant Thornton decide to follow suit pretty soon. I've already been waiting 12 months following my last IVA payment and the end doesn't seem to be getting any nearer.
Its been 12 months for me too since F&F was accepted and paid to GT. Im no further forward so just this week ive emailed the closure team to issue a formal complaint at the time it has taken and the lack of communication unless ive initiated it. I know Gt have to explore every option for the maximum return to our creditors but they also have a duty of care to us too and im afraid thats not there at the moment. It took 7 months after our F&F was paid for the PPI claim to be instigated so why dont GT start immediately after the last payment so that its not held up while they investigate. We've been left in limbo for 12 months when regular communication would have made the wait a lot more bearable. Lets hope there is a ruling on this soon so others dont have endure an infinite wait
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie
Hi
I think Payplan and Cleardebt are able to close cases now even if there are PPI claims outstanding, this follows a mass variation meeting that they held with all creditors
Regards
Actually we now take an assignment of all and any claims from the debtor in favour of the supervisor. That way we can close those cases reaching termination quicker.
Any mis-sold compensation received can then be distributed post closure of the IVA to the old creditors pro-rata.
This has enabled ClearDebt to facilitate early closure.
Regards
David
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
