www.iva.co.uk

Hi there,

I entered into an IVA over three years ago. One of my creditors had miss-sold PPI. I wrote to the creditor who agreed the PPI had been miss-sold however the creditor applied their right to set off against the debt within the IVA, I keep my IP aware of all of this.

Thanks to a friend I was able to make a full and final offer which was accepted by all my creditors, the monies offered were deposited with my IP. My IP is now refusing to distribute these funds and issue a completion certificate due to the set off applied by one of my creditors in relation to the miss-sold PPI.

My IP had told me this is an industry wide problem and will only be settled in court. My IP has offered no time frame for resolving this matter and appears to be taking no action what so ever. They have extended my IVA for another year.

This leaves me in quite a difficult position, my credit rating remains decimated despite having settled by IVA.

There appears to be very little information regarding IP's delaying completion due to PPI set off, is anyone aware of any other cases? How did they resolve these problems? Can anyone offer any advise on how to speed up this process?

Many thanks in advance.

Andrew

Hi Andrew and welcome to the forum

Your IP is quite correct in advising you that PPI mis-selling is causing a lot of delays in the conclusion of IVAs, where PPI was deemed to be an asset of the arrangement or creditors are exercising their rights to set-off. However, all IPs need to be proactive in sorting these things out and trying to not cause unnecessary delays where this can be avoided.

I think that you will find on this forum alone, there is a massive amount of dialogue about this issue, and if you would like me to send you a copy of the guidance notes issued in May last year to all IPs by our regulators, I am happy to do so if you e-mail me.

Which IP firm are you with?

your credit rating is stuffed for 6 years from the start of the IVA anyway but I can understand your frustration at being kept on. You say your IVA has been extended by another year,I take it you are not making payments?

Ask to make a formal complaint through your IVA company as a starting point.

Paul

Hi Melanie,

Thanks for your response. So far my IP has moved with the speed of a glacier, I am consistently chasing them and their representatives. I have been told in writing there is no time frame associated with resolving the set off.

Is there any reason why my IP couldn't take into account the creditors off set make the final distributions accordingly and complete my IVA?

I'd appreciate a copy of the guidance from the regulators regarding PPI, would you send me a copy via email?

Hi Plasticdaft,

Thanks for your comments, I shall start with an official complaint. After the regulatory body which my IP is registered with where else can I take my complaint?

The IVA will remain on my credit records but at least it should be marked as satisfied in full.

Andrew

You will need to send me an e-mail so I can get this out to you. I am only a guest poster on the forum, so have no access to individual's account details.

I'm having a similar problem - my IVA last payment was made(through Debt Free Direct) in December 2011 and to date I'm still held within the IVA due to PPI misselling claims. I'm trying to be patient but I just feel like I've held up my end of the agreement and to still have this over me more than 2 years later is more than a little unjust. Not to mention that whatever date they finally close the IVA, I still have to wait for the Completion Certificate to come through, which from looking at other forum posters will be over a year. AND each year this isn't wrapped up is a further year that this sits on my record.

I never for a minute imagined that an IVA taken out in 2006 would still be hanging over me in 2014...it's frustrating and demoralising.

Dear Nin,
Please contact me directly via the email address in my profile. This will allow me or a member of my team to discuss your issue in further depth.

Regards,
Judith