This is just great!! .....So finally the PPI has completed its claims, They are doing the paperwork which could take a week or so but should mean I can finally get my Completion certificate or so I thought.....
Completed my Iva over a year ago, it was 6 years a couple of months ago, everything is off my credit file apart from the IVA as I haven't got the completion certificate and guess what apparently one of my creditors has offset £500 of PPi against the debt I owe so they can't give me my certificate as they are applying this with the FCA and they don't know when a decision will be made!! Seriously!! I want to die now. Does anyone know anything about this? Or how long it could take?
This can't be right, It can't go on and on and on like this. What happens when the next thing comes up? It stays open forever? They've extended it beyond what they advised, legally they should be bound by the report also? They said they can extend up to a max of a year and it's well over that? PPI is done and I've always complied to everything!
My arrangement has the option to extend twice only, once for 6 months and again, if required, for a further three, and on giving me notice within specified time frames. I never got the chance to test this clause as my certificate arrived in time. Whether the arguement would hold as a breach of contract I will never know. But, if you have similar clauses it is worth lodging a formal complaint which can then be escalated to the Regulators if need be.
I doubt this will get you anywhere, but the regulators need to be bombarded with similar complaints before they will act (if they do at all).
The impression I get is that, as PPI is a transitory problem, everyone is keeping their heads down and waiting for it to pass, whilst ignoring the carnage this is doing to peoples lives in the meantime.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Mine has done similar - admitted that a PPI payment is due but has paid it to themselves rather than to the PPI company. Because of this, they are now apparently fighting it through the courts and my IVA can't officially complete until it is sorted.
What a ridiculous, stupid situation.
All my debt was with the one creditor (a bank) apart from a small storecard. I suggested that they worked out how much the storecard would need as an equal dividend to the bank and I would pay it myself - I was told this wasn't possible as then then bank would want a bigger dividend... despite them having caused the problem by helping themselves to the PPI in the first place.
I needed to move house in the next 9-12 months to be able to get my son into a reasonable secondary school but this is totally out of the window now.
The end is in sight - months not years!
Looking forward to a brighter future for my children!
it's so unfair isn't it, I feel I was misled when I applied for an IVA, I was told debt free in 5-6 years yet mine is going well over 6 due to this PPI, I finished my term after 60months, they didn't start PPI till after that and it's taken over a year to compete yet friends who have done PPI themselves done within 3 months!! Also in my report it doesn't say they can extend my term yet when I've questioned it as I thought it was a legal document they are advising me its tough basically they can extend for what they want, I was also told after the 6 years it will be off credit report and I don't have to declare it to anyone.....yet reading this forum of other peoples experiences it's seems I won't be able to get a mortgage from a high street lender and If I don't declare the IVA I will be found out even if it's off my credit report! Talk about IVA mis sold to me! Yes I know It was my fault of course with the debt, I was a single mum and ex bled me dry (stupidly all in my name) also the banks (HSBC)kept putting my credit limit up and up 10k even though I was only paying min amount back each month and also lent me 20k to try to consolidate them all (more than what I earn't at the time in a year) without even a chat, online accepted yes without 1 question! The rest is history! I only wish I had come across this forum before I did it and not after I'd finished it! It was all great until I finished the IVA and 6.5 years after and 1.5 after my last payment I am desperate for an end:(
