Hi, I am in 66th month of my IVA with DFD and have received the letter congratulating me on reaching so far! However I am being informed or rather threatened that I need to complete the following obligation or I will be in breach of IVA (all the payments are up to date!). My IVA began in Nov 2011 under 2010 IVA protocol.
The obligations are as follows:
I need to accept the the amendment of Terms and conditions, that is accepting 2014 IVA protocol amendment and once I have agreed to that then I can complete deed of assignment to pass any future PPI gains to the creditors. Otherwise DFD says there is little they can do accelerate the closure of IVA. (I don't know what exactly they mean by that). I had rung them twice and rejected this amendment when they were sent to me as it included secured loan clause for equity release in last year of IVA. My suspicions were right as during equity release their approved brokers select partnership tried to get me to take secured loan of 20 years at frightening interest rates and his grounds were that I had signed up to amended terms of IVA protocol 2014 to which I responded I had not. Subsequently I complained to DFD and my IVA was extended by a year in lieu of equity release. Hence I am very cautious of any correspondence from DFD at this stage.
However to turn to the question and the way I read this is that I am being told sign up to amended terms and deed of assignment(jointly) to speed up to close the IVA or else closure will be delayed. Can they legally do this? and delay the closure . As I feel it would be very unethical of my IP despite me paying everything to put my IVA on hold to get me to accept amended terms which were not there at the inception of IVA. I feel i am being punished and threatened with my IVA being not completed (I would also like to know what are the implications of this) if I don't sign up to amended terms.
The wording linked to PPI is standard and designed to allow the IVA company to continue progressing any claims without affecting the closure of your IVA - getting you completion certificate.
You can reject the amended terms but complete the deed of assignment.
Unfortunately DFD can be a pain - they will take the maximum possible time (6 months) to issue your completion certificate so you may have to nag at them,
Thanks for the reply. I did mention this to them upon receipt of this letter as I am not really interested in PPI as I know I don't have any, however am happy to sign deed of assignment to put matter to the bed. The lady on the phone told me it can't be mutually exclusive meaning I can't sign deed of assignment without agreeing to amended terms of IVA 2014 protocol. I don't see why I have to sign up to 2014 protocol? to sign the deed of assignment. The reason I was against it was because it included secured loan clause. As I say I am happy to address any matter with PPI but do not want to accept the revised protocol.
You are under no obligation to agree to the 2014 Protocol amendments and the IP cannot make one variation mutually dependent on another with no good reason. Stand up to them and, if need be, make a formal complaint which you can escalate to their regulators. That all said, hopefully Laura can sort this out without the need.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
