The Financial Services Ombudsman is currently receiving around 2,500 PPI complaints per week. That doesn't include the many other claims that are being handled directly between the banks and the CMCs. Given the sheer scale of the mis-selling it seems to me that debtors and IPs cannot afford to ignor...

If the mortgage/loan is in joint names you are jointly and severally liable to pay these debts. That is to say, in the event of default, they can pursue either/both of you for the full amount of the debt until they are paid. If the mortgage/loan is in default and there are arrears the lender(s) will...

Hi GMAC

It is important that you get your tax returns in so that HMRC's claims can be quantified. This will help determine your overall financial position and your IP firm can advise you on options accordingly.

Unless you've decided to go bankrupt, not submitting the returns isn't an option.

The Financial Services Authority has fined several companies for mis-selling PPI including Egg Banking plc, Aliance & Leicester, HFC Bank Ltd, Capital One Bank (Europe) Ltd, GE Capital Bank Ltd to name but a few. Indeed, they must have been doing something badly wrong as such insurance policies can ...

I'm sure your case officer should be able to come up with a solution to this when you contact them. Let us know if you have any problems.

Hi Squawk Ginger's right. Debts get sold/assigned all the time especially after approval of an arrangement. Your IVA is in full and final settlement of your debts; even if those debts are assigned. It makes no difference to you. However, as Ginger suggests, you should contact them and provide a copy...

I suggest that you ask them to provide you with a copy of the relevant paragraphs from your IVA proposals that state you must pursue such a claim and, in the absence of this, would they please issue a Certificate of Completion.

Hi Sally You need to speak to your Supervisor in order to confirm precisely what is required as per the terms of your proposals. If it's not a protocol IVA then it may be necessary to convene a further meeting of creditors to request that they agree to accept an additional 12 months voluntary contri...

This is an odd situation. One could take the following views: (a) Unless it was a term of the arrangement, the Supervisor cannot compel you to proceed with the claim. (b) If no Certificate of Completion is issued and you agree to the claim going ahead and it is successful then (i) the creditor's cla...

There are no hard and fast rules regarding time scales. You simply need to contact them to inform them of what you are intending to do i.e. cease making payments and enter into an IVA. Inform them that you are happy to co-operate with regard to giving them access to the car/house so that they may re...

Hi Ann

Generally:

If a secured loan has crystallised and a shortfall has arisen then this can be included in an IVA.

Provided you keep up to date with paying your mortgage and secured loans then you will not lose your house or car.

Hi Mike In order to advise whether an IVA is an appropriate solution for you it would be necessary to perform a full appraisal of yours and your wife's current financial situation. To do one you'll need to be able to offer more than £80 per month over 5 years; nearer the £350pm mark. An assessment w...

Hi Kate It all depends upon the source of funds. If it's from your own sources then it's likely to fall under the windfall clause whereby you'll need to pay the debts, costs and expenses of the arrangement in full plus statutory interest on the debts at 8%. If it's third party funds then creditors w...

I agree with Melanie.

You should consider speaking to a licensed insolvency practitioner.

Apologies. Not a problem. I know now. Consider my hand slapped. No harm done.