Debt Free Direct

[simon1883]

Hi all,

Anyone else from DFD recieved a letter asking for the IVA contract to be altered? There is a huge booklet with it but I'm no expert. Does anyone know the key changes? Net benefit VS net loss?

[Shining]

Hi, I'm sure there will be so hang in there and in the meantime I can keep this bumped up for you.

[Foggy]

The main thing is the change to the 2014 protocol, which, if you are a homeowner, is a BIG change. They are amending the equity release clause to include using secured loans as opposed to remortgages only -- something DFD have been pressing clients to do even prior to the new protocol. Whether this is good or bad depends entirely on individual circumstances.

[Shining]

interesting,personally not something I would have wanted.

[simon1883]

So if I don't agree, Do I remain on the "old" terms until completion?
So, do all the other requirements still stand? like the cost of the secure loan?

[Judith Anderton]

Hi Simon1883,
Please feel free to email me (address in my profile) and a member of our team will be able to contact you with more detail and answer any queries you may have.
Kind Regards
Judith

[Desperate Bob]

Simon, if it is asking you to sign up to the new protocol I wouldn't.

You would be required to get a homeowner loan if you could not re-mortgage at the end of the term.

From where im sitting it is not in your best interest to sign it.

[simon1883]

Bob,

I have read through some of the items in the book. The only carrot that I can see is the inclusion of issuing the cert of comp. whilst dealing with PPI. but what I cannot see is how long they have to claim the PPI!

I have also asked for some clarification on certain points. Shoudl I feel any are pertinant I will share.

[Desperate Bob]

If its only PPI then that is fine, I would sign over my rights to any PPI refund to get a completion certificate.

[MelanieGiles]

Judith

Can I suggest that a representative from DFD comes onto the forum and explains why their clients are being asked to amend the terms of their existing IVAs to adopt the 2014 Protocol. There are a number of posts about this, and rather than having the forum regulars assuming the reasons for this, it would be good to have an absolute clarification from the horse's mouth.

[simon1883]

You go Melanie!

The more I read the booklet the worse it gets.....
As a question (DFD not answered yet) If PPI is not settled at the end of the IVA can they still issue closing cert.

[MelanieGiles]

I genuinely believe that DFD are trying their best to find a solution which enables them to legally close their client's IVAs, and then still pursue the PPI claims. This is being done in the best interests of their clients, as we are all trying to do within our own portfolios - but it would be good if they could clarify the issue about the 2014 Protocol, as my office is taking a lot of calls about this right now, and we are not really able to assist clients of other companies.

[Til]

We're with DFD and I've not had anything as yet.

I would be very unlikely to agree to a change of T&C's at this stage though... it feels a little like moving the goal posts to me. Plus we have no equity so it would be a waste of everyone's time to change anything.

Also we have already sorted our PPI out (did it ourselves) and had it confirmed in writing that we have complied with all PPI needs so I doubt there would be any benefit to us or DFD to pursue a T&C change on our particular IVA's.

I will post on the Forum though should anything come through.

For what it's worth simon1883 I would definitely take Judith up on her offer to contact her - she has always been a great source of help to us when we've contacted her.

Good luck