www.iva.co.uk

Once in an iva agreement can I legally be forced to change to a deed of assignment. I am 63 years old and have completed approximately 33 months of payments,working 60-70 hours a week and paying much more than the minimum amount to repay my debts. Surely it is unfair to make me take out a loan at the end of the 60 months when I will be almost 66, wish I had never heard of DFD.

You cannot be legally enforced to do anything whilst you are in an IVA, however your failure to co-operate with a reasonable request could lead to the failure of your IVA.

You say they are asking you to execute a deed of assignment. Why do you feel that this means you will need to take out another loan?

Mel, I think this is one of those cases where one variation is being introduced with another. I gather DFD are requesting clients to consider a change to the 2014 protocol. As an incentive they are also requesting the DoA to process PPI, on the promise that completion will be swifter.

So, in the mind of the client the two become inextricably entwined.

I think Mel has put it to DFD on another thread. They need to clarify this. But in short Foggy, you have the gist of it. Sign up and we will close cases quicker - but you will be expected to go down the secured loan route. it ois essentially a form of blackmail. Why would PPI stop the closure of a case anyway?

When being asked to consider variation proposals suggested by IPs, their clients do need to consider the implications of each respective change in isolation to others. If this seems confusing, then I would suggest that independent advice is sought to avoid agreeing to something that you could regret at a later stage.

That said, I am sure that DFD must be taking time to explain their strategy to all of their clients who they deem this is necessary for.