We should have completed our IVA in March 2013 but we agreed to allow a company called DRSP to investigate PPI. Over a year later we don't seem to be any nearer completion and this is getting both of us down. Is there any way we can insist on receiving our CC? Or do we have to continue with the PPI charade . We have just received a letter saying it could be another year. This will make 8 years.
Hi and welcome to the forum. Unfortunately, all too often the PPI saga does hold up certificates being issued. Often though it's he who shouts loudest so it's worth keep badgering them for that important certificate.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks we will do that. One problem seems to be thatRBS have offset their PPI amount against their share of the debt. Our supervisor is in dispute as he argues it contravenes the terms of the IVA agreed by RBS. We feel that this could be sorted out - we don't want the money and are only too pleased that it will go into our IVAS and should not prevent the CC being issued.
Its not fair is it. Were with pay plan who use eif for ppi. We sent paperwork off in 2011 august and its still not finished. Hope you get sorted out soon
I'm with DFD and have 5 payments left - in a couple of months DFD are going to put a variation together to allow the PPI offset (Nationwide did this to us) to be dealt with outside of the arrangement so that our closure won't be held up. Perhaps you could ask your IP to do the same?
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
The problem with offset, Moira, is that it basically messes up the dividend distribution to all the other creditors. As all creditors in an IVA are supposed to be paid in proportion to the level of debt they hold, if one sets off a PPI refund against their own loan they are effectively getting more than the agreed share of the dividend.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We were told 12 months ago to stop paying into the IVA as our term was ended. We have waited a year so far for DRSP to finish their investigations. Our IP is Clear Debt. They have been fine but this just seems to be dragging. We've basically signed over any PPI claims to DRSP/ Clear Debt and can't see why we are still in our IVA.
