Hey everyone. Its been a while since ive been on the forum. Well, we failed the IVA in December (because we simply couldnt afford to pay it every month) - it still hasnt ended because of the PPI investigations they are doing. We got sent a letter from the IP with the details of the PPI investigators. They will be coming to our house, we have to get a credit rating report for them and they want to see all our bank account details etc....is this normal? Im not happy about it.
Im not sure what will happen once the IVA has failed, I suppose everyone will start chasing us for money again.
We have an empty house that is up for sale but wont sell [:(!] so that will either be repossessed or we will have to sell it to one of those cash offer firms.
We are still completely skint and nothing seems to be getting any better - just a lot worse!!
One of our friends offered to get us a 10,000 loan so that we could offer a f&f on the IVA (they were due to get 12,800 back and we had been paying for 18 months)but my instincts tell me that this is the wrong thing to do. The hubby thinks its our best option but im not so sure.
I hate life at the moment [:(]
"Everyone is a genius, but if you judge a fish by its ability to climb trees it'll go its whole life thinking it's stupid" Einstein x
i haven't heard of anyone coming to your house or having to get a credit report. i could be wrong tho, so hopefuully someone on the forum will be able to advise you better[:)]
Yeah I hope someone can too. I dont fancy the idea of someone coming to the house and I dont see why they need to? Its just to investigate PPI. Why would they need a credit rating or to see bank details??
"Everyone is a genius, but if you judge a fish by its ability to climb trees it'll go its whole life thinking it's stupid" Einstein x
Personally I wouldn't show a copy of my credit report or bank statements to a company investigating PPI, especially if your IVA has failed. Have you been given a reason why you need to do this? Maybe one of the experts can shed some light on this but it seems strange to me.
Thats exactly what I think. Why should we? They are investigating a PPI claim, what on earth would they need to see a credit report for?? and is it normal for them to come to your house??
"Everyone is a genius, but if you judge a fish by its ability to climb trees it'll go its whole life thinking it's stupid" Einstein x
I've never heard of them going to someone's house before and quite frankly it sounds out of order to me. I have no idea why they would need to see your credit report either.
Hopefully one of the experts will pick up on this in case there is something I don't know about (highly possible!) but I definitely wouldn't let anyone come to my house without a very good reason.
The home visit is designed to expedite the process where all forms are completed and signed there and then. I agreed to a home visit on that basis and have no complaints. The idea of the credit report is to ensure all possible PPI claims/avenues explored. IE all credit accounts you have ever had. If your IVA has failed then I cannot see why you would allow this?
If you are with Clear Debt who are doing this, they do acknowledge that not everyone is comfortable with a home visit and will by exception, arrange an alternative solution
If the IVA has failed, about to fail, or will fail,it seems obvious the IVA company are simply after some fees before you are left with the same debt problem you had when you contacted them in the beginning. I see no reason if you have PPI that you cannot now pursue this yourself and maybe use what you get if anything to pay your bankruptcy fees, bring your mortgage up date or for any other essential household repairs, it seems to me that they are not going to officially fail this IVA until they receive more fees there is nothing they can do to make you co-operate with them now. I can only see financial gains for them coming to your home and no benefit to you whatsoever.
Even though we've already signed the forms to give them authority to make a claim??
This is sooo confusing. Why cant they just be honest with you and say look 'youve stopped paying your IVA, its going to fail, thats it'???
I was under them impression that they wouldn't let the IVA officially fail until we have gone through the PPI claim. I much prefer to claim it myself!!
"Everyone is a genius, but if you judge a fish by its ability to climb trees it'll go its whole life thinking it's stupid" Einstein x
Are you intending to make yourself bankrupt, if not the following of what I say matters not,
Following the failure of the IVA as you are now back or soon to be square one. You are talking about selling your home to "One of those cash firms who will only pay about 65 to 70% of its value which means your mortgage must be below this amount do you have that kind of equity in your property, I would imagine that is not the case so this option you may not have. I see no relevance to you to you allowing anyone into your home examining your documents, or you co-operating with this PPI claim only to enrich others now your IVA has failed or will fail but yet to have the certificate. I do not know if you are entitled to PPI or not but you could on your own decision pursue this now yourself under your own authority with your own chosen firm, if you are thinking about bankruptcy you will need to find £1400 from somewhere the PPI may well help with that.
That is an unfair representation of what is happening with regard to PPI claims Daniel. The IP is duty bound to realise the assets captured under the IVA proposal and this will include any potential PPI monies due - to suggest that this is done with the only motivation of earning fees is ridiculous.
In advising clients to pursue PPI claims themselves, when their IP is already doing so, doesn't put the client in any better position - apart from perhaps saving some claims management company costs which could be directly repatriated to creditors and thus providing them with a better return. Advising someone to keep the money, assuming that they could get away with this which they probably cannot - and when it may be already entrusted to the IVA creditors, is not good advice.
Whether the IVA has failed or not makes little difference. The claim must be pursued and IPs are doing nothing wrong in conducting their business and duties to creditors. Whilst there may be no financial benefit to the person you are advising, the rules of trust continue to apply where assets are captured under the terms of the IVA.
If Daniel's advice to declare bankruptcy is followed, this will not break the trust clauses of the IVA, and therefore I fail to see any advantage at all to this suggestion - apart from bringing you additional cost, of the IVA could be saved with some co-operation from yourself.
For anybody who does have any concerns with regards to a home visit regarding PPI, my experience is that it is quite painless!
Took approximately 45-60 minutes to wrap up and the guy that turned up was fine and not judgmental or intrusive in any way. Saves all the hassle of posting forms backwards and forwards so should speed up the process.Fingers crossed.
One would imagine when an IVA is current it could be useful to the debtor to be visited to have it all done for them but when an IVA has failed and the debtor is about to lose their home to send someone round to your home and demand sight of documents simply to pick the bones dry prior to cutting ties with the debtor leaving them to the mercy of creditors seems quite crude to me, if the debtor uses monies obtained via PPI to cover his bankruptcy fees instead of handing them over to a claims management company and then his IVA company which is failing his arrangement he does not expose himself to costs when he is petitioning for voluntary bankruptcy
