www.iva.co.uk

Hi,
I have an IVA,
My Partner cleared my IVA last year in the month of september after contacting the IVA company for a settlement figure,The balance was paid in full but the IVA company was awaiting the outcome of PPI investigations,Having said that i have had virtually no feedback from them whatsoever,
Why is it taking so long ?,
Where do i stand with PPI ?,
Should this IVA have been completed now ?.
I am really frustrated with this company.
Regards,Lee

Hi Lee - welcome.

If you look at all the threads regarding closure you will see that many people are experiencing delays that seem unacceptable.

Which company were you with? I would email or write to them giving them 14 days to reply asking for timescale of closure and state you will escalate to the companies complaints procedure if a reply is not received within the 14 days.

Once you have exhausted the companies complaints procedures you can then take it to the regulator.

This is generally frustrating everyone at the moment, but IPs have to be sure that the correct sums are eventually repatriated to creditors and it seems that you are in this ever growing queue.

Which company are you with?

Hi Thanks for the info folks i am with Varden Nuttall.I have got a response from them and they have advised that i will have a positive response from them before end of day on Monday,Regards,Lee

Fingers crossed Lee!!

Good to see that they will be able to come back to you on this Lee. Hopefully you will get closure of your case soon.

Hi Lee,

Just waned to check that you have received your response as promised? If you need any further information please feel free to email me directly at gareth.buckley@vardennuttall.co.uk.

Kazza, regarding the timescale for closure. We cannot give definite timescales as we are often waiting for 3rd parties to respond (e.g. creditors to PPI complaints) which is not within our control.

Kind regards,

Gareth

Hi Gareth,
My Partner and i think that Septemember last year is adequate time for
this case to be completed and closed by now dont you ???.
Regards,Lee.

Hi Lee,

without looking into your specific case I cant see the details of your IVA and give you any feedback. I was simply explaining that we cannot give any client a set date as we are waiting on other parties to respond which is not within our control.

As I mentioned in my previous message I will be happy to discuss your case with you directly if you wish?

Kind regards,

Gareth

Hello Lee13, have you still got a copy of the ORIGINAL iva 'contract' that you signed and sent to your Supervisor. If so check carefully for any details of PPI. I guess if no details are there then you have totally complied with Varden Nuttells own terms and conditions, see below:-

"6(1) When the arrangement ends, and if you have complied with your obligations under the arrangement, the Supervisor will issue a certificate (“the completion certificate”) stating that you have fully complied with it."

Unfortunaley, it doesn't give a timescale and unless PPI is involved, and lets face it thats why its being so long, 15 months is a ridiculous time to wait for your certificate

Best of luck

In the majority of IVA proposals it will not specifically mention PPI. This does not mean that it is not included in the arrangement. There is a section in all VN proposals called Excluded Assets which will list all assets that are not included and PPI will not be listed in there.

Based on Varden Nuttall IVA proposals and I suspect, proposals from the majority of IVA firms PPI is included in the IVA in almost all cases.

Thanks TheArtist i will check !

Seems to me that 'Excluded Assets' could mean almost anything that has a pulse. Because of the ambiguity of the term and the fact that anything can be included in it, at any time does not detract from the original arrangement unless clearly specified and agreed by the client.

Is this a safety net for IP's for any conditions deemed unlawful by the FSA, that they can include them at any time? Windfalls are specified, inheritances are specified, yet PPI, the most popular and most widely used asset is not specified.

Some Insolvency Practioners may have dropped a rickett because WHEN the client applied for an IVA, the misselling of PPI MAY not have been an issue. Therefore at the time, it would not have been in the 'Excluded Assets' at THAT time. So the IP's have moved the goalposts to include something now that did not exist then. Lee 13, I hope you continue in your pursuit and hope you succeed.

Lee13, please see below VN terms and conditions again:-

"14. After-acquired assets
14(1) Subject to the following sub-paragraph, the Supervisor may claim as an asset of the arrangement any after-acquired assets. Any such asset will be subject to and be an asset of the arrangement."

Lee, note that it says "may claim as an asset of the arrangement any after-acquired assets". So if your PPI assets were in place when you took IVA, they would not have been included

Like so much of the terminology in the IVA proposals you could read things in many ways to suit your own view.

Such as that by having ppi insurance on loans at the time that you entered into an IVA means that they were an existing asset at the time. If it was your creditors of IPs intention to realise the value of those assets then they should have been included in your proposal.
If they were not included then surely they can not be an after acquired asset?

The first ever PPI misselling case was in 1994 so it was in the public domain at that time. This information was available to creditors and IPs the same as it was available to joe public.