www.iva.co.uk

last friday should of been one of happiest days of our lives last day of iva .we never missed a payment.and they had our ppi money .only on that day we received a letter saying they wanted to change terms and conditions .and our relesse form will be delayed.we have shown the letter to cab who passed it on to junior solicter who could not make head or tail of there jargon.please please some one help.

DFD by any chance

If it is DFD and you own your property, be very wary of what you sign.

They appear to be looking to change the terms to allow them to sell you a secured loan instead of a mortgage(which most people won't get). A secured loan for many people is a worse deal than paying 12 months additional IVA payments (which is a common alternative to releasing equity by remortgaging)

Martin

Hi there,

I have been reassured (in an e-mail) by DFD that when the equity clause has already been dealt with it is just relating to PPI and getting closure so I am happy to sign mine but every case is individual so please check with them.

I have 1 more payment to make to them!

In which case I would ask if I could get a modification to change only the conditions which are relevant to me. The less changes the easier they are to understand and the less chance of causing issues through misunderstanding later

Martin

Why do they feel it is necessary to change the terms of your IVA right at the end, Chris?

I too have REJECTED the new T&C's as with only 7 payments left to make (fingers crossed) there's no way I would agree to anything that could introduce a secured loan.

However DFD have now said perhaps they could arrange a variation to purely capture the PPI to be dealt with outside the IVA (even though we've claimed all our PPI already).

I will agree to a variation purely in relation to PPI as I don't care if any firm wants to spends ages doing what I've already done.

However I would not sign the change to T&C's as they are legally binding and too much of a change to the goalposts in my opinion.

Not sure what is meant by "perhaps". Have they confirmed to you why they feel that the inclusion of the 2014 Protocol terms is necessary for themselves and yourself at this stage of your IVA?

Hi Mel,

No we've only had the pack to sign (had it not been for the Forum I would not have known anything about its impending arrival) and we chose to reject it off our own backs - other than that nobody has contacted us to explain it.

However I was in touch already with Judith at DFD (whose always been super helpful) about one creditor who offset their PPI. I wanted to ensure this had been sorted out as our 6 years is up this October so I was emailing Judith anyway about that separate matter.

I advised Judith we had rejected the change to the T&C's as I wanted to keep her up to date since PPI issues are also affected by the new T&C's and I wanted to know if the PPI offset would cause issues due to us rejecting the new T&C's.

Since, coincidentally, our equity issue is now due to be decided also, Judith has asked for us to submit our most recent mortgage statement to get the final equity issue decided and then she says after that she will look into a variation to separate purely the PPI for us so that hopefully our closure won't take too long.

I would refuse to consider any variation that did not purely and clearly relate only to PPI and advised Judith of this so I am waiting to hear back from her with regards to both equity and offset of PPI.

Was Judith able to give you any indication as to why they initially wanted you to accept the inclusion of Protocol 2014 terms into your voluntary arrangement?

She hasn't mentioned anything as yet Melanie but I will ask the question when I hear back as I would love to know.