Hi everybody, I have just two questions please.

[msjax]

Hi everybody, I have just two questions please. My husband is in the final year of his IVA, what happens next? If he cannot raise a mortgage this year will they extend the iva by another year?, and secondly, to day his debt company have written to him telling him he has to reclaim his ppi through a certain company and pay any gain to his creditors??? can they force him to do this???? thank you

[plasticdaft]

His paperwork should state what happens in the event of remortgage being unavailable. A years extension is a possibility.

As for the ppi a claim can be made through any company but the funds must be paid to the iva,however the claim can only be made if ppi was mis-sold!

What firm is hubby with?

Paul

[msjax]

Hi and thanksfor responding.He is with debt free direct and his iva is complete august 2012. Debt free have written to him telling him that he must sign an authority paper to a company called equity finance for them to claim back his ppi.It states that anything he wins will go straight to debt free for his creditors less 36% charge which will go to equity finance. My query is can they force him to sign this because I thought you couldnt claim back ppi if you were in an IVA, because if he could of then in reality he probably wouldnt have needed to go into an IVA.And the problem with the mortgage is a little complicated. We have a joint mortgage with the Nationwide,and they have already told us that they willnot mortgage him which means we willhave tomove the mortgage,and I do not want to move it.If I refuse to move the mortgage,he effectively willnot be able to get a mortgage because I am not wanting to move it. All a little complicated but would be gratful for any advice. The pack says nothing about what happens if he fails to raise any money. Thanks

[luluj]

It is very unlikely if you move the mortgage that any new lender would lend anyway as your husbands credit rating will not allow....so I would envisage an extra year of payments is probably where you will be heading.

With regards to the PPI . although I do not agree with it, unfortunately I am told that you do have sign it and agree to them making a claim even if you think you were not mis-sold it - anything that is gained will be passed across to benefit of your creditors.

[ginger3232]

Luluj - fully with on this !!! - what these IVA companies seem to fail to do is mention the commission they are gaining on these claims

[msjax]

Thank you,but surely if this was likely to happen,shouldnt this have been discussed at the outset and not reactively because they see it as a way to gain extra money? in addition,we have a joint secured loan that has not gone into the iva, and they are insisting that he has to claim the ppi back on that as well. How can that be right because I entered into that ppi on the basis that it will return me cash back. If he signs that then I will lose £13k which is actually my money and I am not in the iva ?????

[luluj]

I really think you need to discuss with the actual IP your secured loan element as I can personally see good reason for not claiming on this, although at present it appears alot of IP companies are forcing the issue of PPI refunds for IVA customers.

I agree that this should have been discussed at the outset, but I believe two / three years ago PPI was not the hot topic and was a rare win to those that went through the process - now it appears that most that apply get a refund, so creditors are now pushing for refunds to be made.

[msjax]

Thanks Luluj, much appreciated, last question (hopefully lol) because this secured loan is also in my name, I would also have to sign over authority I believe. If I refuse to do this can they fail his IVA ?

[kallis3]

That I don't know msjax. You need to speak to the IP about this.

[msjax]

In fact, if he believes he was not actually mis sold, surely they cannot force him to sign because then he is signing an untrue statement ????

[kallis3]

This is a very moot point at the moment - nobody seems to know a definitive answer.

[luluj]

As Kallis says this is the topic of conversation at the moment and there are various thoughts going around. Your IP will need to give you the advise that is specific for your husbands case.

[msjax]

Ordinarily that would be fantastic advice Kallis, but unforetunately his IP is not the brightest I suspect. She allowed a joint debt to go into his IVA, my name is also on it, and it was not discussed with me, nor was I made aware of it until I tried to make a payment ??????? not the sharpest tool in the drawer. I may be better off talking to a solicitor do you think ????

[msjax]

Sorry about this folks, but surely he entered into a definative contract 4 years ago, with clear direction of what he needs to do and what they need to do. I couldnt go and change contract details on a whim when Im 4 years into it so how can they be allowed to "stick this in there" because they want to ????? surely thats a major contract change without consultation ??? how can that be legal

[kallis3]

A joint debt will always be included in an IVA and you will be jointly liable for it and will be chased for the whole debt. The IP doesn't have to inform you as far as I am aware.

You will have to make the full contractual payment unless you can come to some arrangement with the creditors.

Which company are you with?