www.iva.co.uk

What are the benefits to filing appropriate variations on my IVA, MY IVA should of completed 2 years ago.

thanks Richard

Hi Richard, and welcome. To what variations do you refer ?

My IVA company suggested filing appropriate variations which will apparently close my IVA quicker allowing me to get on with things. As I understand this is adding things to the IVA as in amendments?

Is this GT by any chance ? They are in the process of issuing mass variations in order to deal with the PPI issue more effectively. At the same time they are slipping in a multitude of other variations, affecting their fees etc.

There are numerous posts around the forum about this issue.

its Varden Nuttall my IVA is with. I'm not sure whether to sign or not. I owed £19,000 but paid £18,000 back then I realised I had PPI which will take the amount to £24,000 so I'm not sure if there trying to have some of the over spill.

Until the IVA is closed you will owe the full original debt plus fees and possible statutory interest. I imagine this would more than account for £24k.

The next question is whether your IVA is "all assets" or "defined assets" -- part of their proposed variation ( as in GT's case ) is to make it all assets, so PPI is payable to the IVA. In a defined assets PPI it could be argues that PPI is excluded and is, therefore, yours to keep. However some IP's have countered this with the arguement that PPI should have been declared as an asset -- I don't think that would hold water, but, until tested in court we will not know either way.

I imagine that they are looking to take an assignment of your PPI misspelling claim rights, to give them the ability to receive that money on your behalf and distribute it once the IVA has concluded. No harm in that, and if it means your IVA will conclude at an earlier time it seems a sensible way forward to me.

Hi Richard,

The main purpose of the variation is to enable Varden Nuttall to deal with the outstanding PPI issues after the IVA has been closed and to ensure that all PPI claims are dealt with in the same way on all cases. This prevents us having to keep IVA's open any longer than is absolutely necessary and will allow us to close cases quicker.

If you have any questions regarding the variation please contact your Customer Services Advisor who will go through the document with you and ease any concerns you may have.

Kind regards,

Gareth

Hi Richard,

The main purpose of the variation is to enable Varden Nuttall to deal with the outstanding PPI issues after the IVA has been closed and to ensure that all PPI claims are dealt with in the same way on all cases. This prevents us having to keep IVA's open any longer than is absolutely necessary and will allow us to close cases quicker.

If you have any questions regarding the variation please contact your Customer Services Advisor who will go through the document with you and ease any concerns you may have.

Kind regards,

Gareth

Hi Richard,

The main purpose of the variation is to enable Varden Nuttall to deal with the outstanding PPI issues after the IVA has been closed and to ensure that all PPI claims are dealt with in the same way on all cases. This prevents us having to keep IVA's open any longer than is absolutely necessary and will allow us to close cases quicker.

If you have any questions regarding the variation please contact your Customer Services Advisor who will go through the document with you and ease any concerns you may have.

Kind regards,

Gareth

This would be helpful Gareth if I ever received a call back, Customer service quite poor.

thanks

Hi Richard.mt welcome to the forum. If signing the letter will enable your IVA to be closed asap and allow you to move on then it can only be a good thing. Hopefully you get to speak to your advisor soon to sort things out otherwise maybe Gareth can get someone to call you.