Can somebody please explain to me what the difference is between R3 and Protocol? I have seen this mentioned many times, especially relating to PPI claimed post IVA Completion and relating to continuing trusts. I am just imtersted what these terms mean and how they are different
I have no idea but will keep this bumped up in the hope that one of the experts can help.
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
R3 is the regulatory body and have standard terms abd conditions T&Cs. Protocol is a type of proposal aimed primarily at straightforward IVAs and has its own T&Cs. Some firms use protocol T&Cs but others us included use the R3 ones. We have incorporated some of the protocol into our proposals but have never used their T&Cs based on advice from compliance.
Some creditors such as HMRC do not like protocol and prefer R3 as they were involved in drafting these T&Cs so simple or protocol IVAs can only ever cover a percentage of cases.
There are pros and cons of each set of T&Cs but we have no intention of switching and will remain using R3.
R3 also have a stronger legal basis as against protocol.
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.
