Full&Final June 2012. PPI paid, case closed June 2013. Now PPI demands for loans not in IVA

[nickjohn]

How many of us at the time of signing up actually knew what they were actually signing up to....

I for one was told that once my IVA proposal had been agreed then that was it and as long as I made all my payments for 5 years (and the equity release if poss or another year) then that was it and I would have little contact with the IP..

There was never any mention of clawing back assets that existed before the IVA was established, whether they be PPI, jewellery or motor vehicles. They just specified my property as a pre existing asset and said if I came into any other money through the term of the IVA it was an after event acquired asset and I was to tell them....

The fundamental problem with all of this is that the IVA business has dropped substantially as people have less disposable income so less IVA's are being agreed with creditors so there is less business to go round. IP's are folding due to reduced cash flow and those that are continuing are buying up the assets of closed businesses and are busy trying to find new ways of generating additional fee income and what better place to generate fee income than those who have been paying regularly and have a solid track record and those who will do anything just to get their completion certificate..

[Borneo]

I couldn't have put it better myself...totally agree with you!

[newdidit]

I just worry about what else they are delving into, I have nothing to hide, but in the beginning they really couldn't be nicer but now I just feel like they are trying to squeeze every part of my life for every penny available, you see the trouble is I am not a business person I work in the health profession (think I need to harden up) Interestingly since my previous post an old friend has just completed his IVA, I knew nothing about this, and he cannot believe whats happening with mine because his was so straight forward and he has actually reclaimed 3 PPI's himself after the IVA event and all that those he claimed against wanted to see was his certificate of completion, don't get me wrong they weren't magnificent sums but all the same seems funny that they were never delved into, but just as you say Foggy if they don't all sing from the same hymn sheet how are we to know what to do or what happens.

[Borneo]

So what is legal and what isn't? Even though all cases are individual and circumstances can change the IVA standard rules for payments and completion should basically be the same especially for individuals who have been lucky enough to be able to keep to their arrangement without unforeseen circumstances. I have also recently found out about a colleague of mine that decided to go bankrupt roughly the same time as I entered my IVA and she has been trouble free for years.
Wish I had had the guts to do same back then but you try and do your best at the time especially as you have got yourself into the mess in the first place. It just doesn't seem worth it at the moment.

[nickjohn]

I have 2 sets of friends who went bankrupt. Both bankruptcies lasted for 12 months only, both sets of people now have bank accounts, credit cards etc and one even has a car on finance...

I was told going bankrupt was a last resort and I would always be better of doing an IVA etc etc yet these people have walked away from it all, get no hassle, do as much overtime as they want and get to keep it all.. There is little or no stigma attached to going bankrupt nowadays and once the 6 years is past its off your credit file as if nothing ever happened....

[Borneo]

Exactly...I would not advise anyone to go into an IVA these days. Even if you start with a good IP there is no guarantee you will finish with one.
The contract that you sign somehow manages to get pulled out of all proportion and the time frame (almost 7 years in our case) means nothing.
We are still being told that creditors have to agree to this and that, even though they have already agreed to this and that! And still no certificate!

[newdidit]

Borneo no wonder your cat looks so p****d off that sums me up also

[Borneo]

Thanks for the comment...at least it has put a smile on my face...for the time being anyway!