Firstly thanks for puttng up with my constant questions lately, its paid off as my IP have announced that I have not equity and therefore no release or extension - woo hoo.
However, I have asked about the closure process and thay have said it will probably get delayed due to the PPI issue. I have asked if I can sign the deed of assignment(?) that people talk about on here. They have said yes, but it means that I have to also move on to the new, 2014 terms of the IVA. This is what they have sent:
The deed of assignment links to the new terms and conditions – the signed document agrees that you allow and agree to PPI being completed outside of the IVA until all matters are successfully closed. The terms and conditions gives us the authority to remain in trust on the IVA and distribute any monies received from PPI outside of the IVA.
The new terms and conditions do not negatively affect you in anyway, it helps to speed up the process of the day to day running of the IVA and the main aspect (the property clause) has now already been dealt with so these changes would not affect you either.
Do you see this as enough to safey switch (if I have to ) to the new terms so I can get the PPI issue put to bed?
Just state in your response and acknowledgement of the change that you accept that this ONLY relates to PPI and you do not accept that allows for anything else to be inferred from that agreement.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
My husband never had to do that - his completion letter just stated that the company would continue to look at PPI claims. I'm assuming that they found nothing as it's been 18 months since he finished.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I see no reason why a DoA need be tied in to the new Protocol provisions in any way, shape or form, but am guessing your IP is just being lazy. The only real clanger with the new protocol is the requirement to fund equity release via secured lending if the remortgage fails --- but, as your property has already been excluded, this should present no problem.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
And it looks like someone has already proven that a secured loan cannot always be obtained.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Well, last payment is in Jan (i had a couple of months off). As i understand it can make the payment break up but the IVA will still finish on the january date due to this being the date sent to the creditors. either way, they have now started the process for the creditors meeting to request the DoA and change to new terms.
Just a thought to play devils advocate, what's to stop a greedy company setting up a secured loan company/arm specifically for people nearing the end of their IVA ? Lets so far example I setup that business, I offer you a secured loan at 500% interest rate purely for the purposes of extending your IVA. You contact the IP firm and say I cant secure a loan, they say try this company (their in-house huge %%% apr department and they offer you a loan).
Isn't that a risk of the new 2014 protocol ? And by being bound by this new rule in the new protocol would one have to take said ridiculous interest rate loan ?
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
For me that seems a very good reason not to sign up to the 2014 protocol.
sorry if I'm a bit behind the times with this one.
Last edited by longslog101 on Fri Aug 07, 2015 10:56 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
A number of us have suggested for a while that the BR route these days may be the more preferable one at times and if we did it all over again that might be the option we take.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
BR comes with much many more restrictions though and not knowing what tomorrow holds could be an issue. Perhaps a company that doesn't use the relevant secures loan feature of the 2014 protocol and IVA would be better, I recall Michael Peoples in another post saying many IVA's have variations to the protocol specifically having something different so perhaps the way forward is an IVA with 2014 protocol but insisting the clause which relates to secured loan is excluded (or an alternate variation is added that makes it more like previous protocol) or simply insisting a previous years protocol is used ?
I can see why some firms are trying to Ram this 2014 protocol down clients necks, IMHO it greatly prolongs exposure for the poor client /IVA'er - I don't think I would enter one on the 2014 protocol due to the risk without said secured loan section removed/edited in specific wording.
I would be interested to know what those reputable companies who currently do IVA's have in their wording these days with regards to this clause.
I must admit I cant remember which protocol I was bound by in the IVA I was I started in 2015, I will go and have a look......
edit to add - it was the 2013 version 3 (for an IVA that was taken in 2015 spring), I was sure had read it and it had no secure loan terms in it - seems a sensible approach.
Michal P - if you read this,
1.Do your new IVA's still go out bound to 2013 protocol ?
2. {slightly of topic but thought I would ask also} Do all your IVA's exclude statutory interest in the event of a windfall (so max is 100 in £ should it occur) ?
Last edited by longslog101 on Sat Aug 08, 2015 8:45 am, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
