Hi,
I am in the 5th year of my IVA with DFD. It is due to finish by July 2014 with the remortgage of my property to release a lump sum for the creditors. Yesterday, I received a letter from post from my new supervisor who is trying to get me to sign a "Deed of Assignment" and also another form to allow her to change the "Terms of my IVA" in the name of make things easier and better. Example used is the PPI issue which can cause debtors not being able to complete their IVA in time.
I personally felt that as long as the originally agreed IVA contract is fulfilled, why need the change of "Terms of my IVA" and ask us to sign the "Deeds of Assignment".
I will value your comments on these two requests. Personally, I don't want to sign the "Deeds of Assignment" because an agreement was made and I have fulfilled all aspects of it for four and a half years and now nearing the end. In the worst scenario, I thought DFD can only extend my payment period to a maximum of 6 years in total by law. Thus, I am prepared to stick it out to 6 years in total but I don't know the impact of PPI if not all the companies managed to provide a conclusive decision on the matter.
I understand your concerns, however if you do not comply with DFD they will not issue a completion certificate and you will not be able to move on with your life
Apologies, Andy, but I do not agree. Many firms are managing to complete and work around PPI without the need to resort to Deeds of Assignment. They can deal with PPI under the existing continuing trust provisions.
I understand that, they then have little power to compel co-operation, but it is completely in their power to ensure that all PPI investigations are underway at an early stage so any compulsion would not be required.
The amendments to the Ts&Cs, however, is an entirely different matter as they are seeking to apply the new 2014 Protocol terms retrospectively.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It sounds like more than just a deed of assignment - is that for the PPI element??
What's the other form for relating to changes to "Terms of my IVA"? Is it by any chance anything to do with switching to the 2014 protocol and a secured loan if you can't a remortgage?
I understand that, Andy, but witholding the completion for not agreeing to changes in already agreed terms is unreasonable and would not stand up if challenged in the courts.
Yes, PPI is a different matter, and all depends upon the terminology used. A deed confirming what they already have is OK ---- anything more than that, again, is not reasonable. All the firms that manage perfectly well without can be cited as examples.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It's not just that, Bob. The new terms might (might!) suit some and due consideration has to be given. What I object to is the way people are, apprently, being harried and confused into signing something which has great impact on their lives.
This threat of delayed completion has been used before, and I spoke out against it then ... nothing has changed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Afraid to say we were threatened with " non compliance" if we didn't sign the dastardly deed of assignment.
So we signed it to get the completion & though we'd turned the corner.
However! We didn't really understand what we were signing as it wasn't fully explained to us & it has now bitten us on the bum because EIF have been digging into our financial past going back 10-20 years looking for any other potential ppi claims.
Really it's a scandal hat the iva companies can get away with this threat of non completion if you don't sign.
If I could turn back the clock I would have pursued ppi to go into iva pot myself & not signed anything. Any delay in completion would not have made any difference at the end of the day.
This week we have had a letter from mcd telling us to sign paperwork to authorise EIF to pursue a ppi claim they have dug up ( from 12 years ago)
I've told them I'm signing nothing & I will pursue any ppi myself & I'll forward cheque if its successful.
So when does it end???? We completed after the 5 years of slog last August.
My understanding is the deed of assignment gives the PPI chasing lot the authority to dig up potential ppi claims for as long as it takes.
IVA COMPLETED & CLEAN CREDIT FILE.
An old bible proverb says this: the rich one rules the poor, and the borrower is a slave to the lender.
Hi all, thanks for contributing your views on the matter.
DFD did list the contents under the revised terms, as follows: (a) You will benefit from more flexibility and I will distribute funds to creditors as well as complete administration tasks in a more streamlined way. (b) I will have more discretion to make decisions affecting the continuation or the conclusion of your IVA without seeking instructions from creditors. (c) If you are a property owner, the terms of the equity release are also changed to ensure that it is affordable and fair.
DFD goes to say: The changes will also specifically address complications or delay with PPI claim issues and other future financial claims where applicable. This will prevent delays in administration or the closure of your IVA when you are approaching the end of your arrangement.
Please review the terms and conditions included or where your case is already subject to these terms, review the proposed variations document which recommends other specific changes affecting your IVA. You and your creditors must consent to all the changes of terms and conditions and the proposed amendments.
DFD said: IF YOU CONSENT TO THE PROPOSED AMENDMENTS (I will proceed to obtain creditor approval at a creditors meeting and upon approval your new terms and conditions will apply); IF YOU REJECT THE PROPOSED AMENDMENTS (You will remain bound by current terms and conditions, If you are approaching the end of your IVA I must resolve all financial claims such as PPI before your Arrangements are closed.).
Andy, there are 3 (A4) pages (font size 10 used) containing the proposed variations to the terms and conditions of the IVA.
On the face of it, it looks to me like they are lumping together the PPI issues with a change the terms to comply with the 2014 protocol. The options to reject reads like a thinly veiled threat. Well if I got that, that's how I would read it
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MikeyM
On the face of it, it looks to me like they are lumping together the PPI issues with a change the terms to comply with the 2014 protocol. The options to reject reads like a thinly veiled threat. Well if I got that, that's how I would read it
Hi MikeyM,
Do you know much about the intention of the "Deed of Assignment". Can they abuse it? Can they use it illegally for other purpose other that fulfilling the IVA Terms and Conditions?
Personally I am not adopting the use of a Deed of Assignment in my own caseload, as I am confident in the legal advice I have received - and have not encountered any difficulty in closing cases or continuing to pursue claims just yet.
However, I am aware that DFD have sought extensive legal advice as to how to tackle this on their much larger caseload, and it is possible that what is effectively another mass variation exercise is deemed to be the most appropriate way forward. I would urge any persons being asked to agree to revised terms, to read through them carefully and thoroughly, to ensure that they understand what they are being asked to sign up to. Failure to agree the revised terms, may well result in cases taking longer to ultimately close.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by David.43
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MikeyM
On the face of it, it looks to me like they are lumping together the PPI issues with a change the terms to comply with the 2014 protocol. The options to reject reads like a thinly veiled threat. Well if I got that, that's how I would read it
Hi MikeyM,
Do you know much about the intention of the "Deed of Assignment". Can they abuse it? Can they use it illegally for other purpose other that fulfilling the IVA Terms and Conditions?
Fraid not. Just like to express an opinion trhe issues on here.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
Personally I am not adopting the use of a Deed of Assignment in my own caseload, as I am confident in the legal advice I have received - and have not encountered any difficulty in closing cases or continuing to pursue claims just yet.
However, I am aware that DFD have sought extensive legal advice as to how to tackle this on their much larger caseload, and it is possible that what is effectively another mass variation exercise is deemed to be the most appropriate way forward. I would urge any persons being asked to agree to revised terms, to read through them carefully and thoroughly, to ensure that they understand what they are being asked to sign up to. Failure to agree the revised terms, may well result in cases taking longer to ultimately close.
Hi Mel,
Thanks for your contribution and advice. My further research in this matter has now lead me to accept both "Deed of Assignment" and "Change of Terms of IVA". The key to change of mind is the "Deed of Assignment" is it only "bound to return to my IP any funds I receive directly from my creditors even if my IVA is closed". I felt it is reasonable. Originally, I feared the "Deed of Assignment" will give away my rights to my total asset including my home.
Regarding the details of the change of Terms and Conditions, I will read it over a few more times to ensure I understood the new circumstances DFD has placed me in. Like all debtors, the ultimate goal is to complete the IVA smoothly and be issued the Certificate of Closure of their IVA.
Thanks to all who has given their professional and personal opinions.
