I have had a Full and Final offer accepted for my IVA which was 8 months ago but have still not received my Certificate obecause it f Completion.
Debt Free Direct have said that they are still pursuing PPI claims and the Certificate cannot be issued until a further variation is agreed.
The Full 72 month term of the IVA has passed and a dividend is greater than initially expected.
Is what I've been told true? I entered into the IVA because it was a fixed term with a clear end date. Now I'm being told it won't end until the PPI issue is resolved. Is this correct?
Hi and welcome to the forum. Some companies are issuing completion certificates whilst still pursuing PPI refunds is what I believe to be happening. Not sure how DFD are dealing with PPI tough so hang in there and I'm sure someone who does know will be along.
I do know PPI is holding up closure for a lot of people within an IVA.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi. As things stand they can probably do this. So far no-one has taken an IP to court to test it!
A lot will depend upon the exact wording of your proposal. Mine says I have 60 payments and 6 months allowed for administration. There are clauses which allow my IP to extend the period, on two occasions
only, one for three months and another for 6, provided they give the required formal notice. The way my proposal reads, after that they have to close.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It is all very frustrating but little you can do other than to comply I am afraid.
They are correct in stating that the IVA can extend whilst they investigate PPI although your payments will cease as per the original agreement
I can fully understand the frustrations - and this should have been highlighted to you when the offer was being made.
In my firm we ensure that clients' expectations are set accordingly when presenting similar offers - and we do then try and prioritise the claims process, but if matters have been referred to the Ombudsman things are being processed very slowly at the moment.
Thanks all for your responses. I guess I'll just hold on in there and hope I don't have to wait too much longer.....
Just one more question though, if the F&F offer stated that funds should be distributed within 90 days and the Supervisor had 6 months for Final Administration why is it possible that 8 months later funds haven't been distributed?
If the Supervisor has not distributed the funds within the 90 day period, then they are in breach of the terms of the IVA. If this is the case you should question them on their lack of action in this particular area, and ask whether they have applied to creditors for an extension.
