I have had a letter today from DFD saying they are seeking to amend the terms and conditions which govern the administration of my arrangement.
Seems to be geared towards simplifying the distribution of funds and addressing the complications with PPI claims.
It looks from a quick read to be a good thing but I am concerned as I only have 5 months left on my IVA and if i consent to the amendments could I be lumbered with more time, or if i reject it will i be stuck in the limbo of waiting for the PPI claims to be settled.
Has anybody else received a letter like this. I'm pretty clueless as you can tell.
Most creditors these days are only allowing a period of a further six months for IPs to deal with PPI claims, which seems reasonable except for the fact that claims referred to the Financial Ombudsman can take up to 18 months to resolve.
My advice is to agree to the terms, but ensure that the extension is not open-ended so you know when to expect absolute closure.
Thanks Melanie
Was a little unsure as I didn't want them to come back and see x months of payments had suddenly been added to my plan, just as the finish line is appearing over the horizon.
It does not seem that they are extending your payment terms, merely seeking more time to deal with agreeing creditor claims and dealing with PPI matters - but do check before you sign up to this to ensure you fully understand what is being proposed on your behalf.
Shame the creditors can't be left to sort of PPI between them, in IVA type cases the moneys probably going round in circles anyway (I'm guessing they end up paying out and receiving a similar amount of money from PPI payouts and enhanced dividends)
This is a principle that I often think about as well - the problem is that it really needs someone to ensure that all creditors are dealt with fairly, and that really does have to be the IP.
Hi, I have also received from DFD new terms & conditions which they are insisting I accept - although my final payment to complete arrangement was April 2013 - but they wont issue Completion certificate! Why should I accept revised terms for an IVA which I believe to be completed? Is this right??
Hi Melanie, They are not suggesting they extend the term (I think?) - just wont finalise Completion cert until PPI claims resolved (apparently). I made final payment in Apr 13 (all up to date & correct). But now they expect me to accept new T's & C's in order to facilitate Comp Cert?? Afraid I suspect sharp practice?
What about ppi amounts being with withheld from creditors due to " clarification on offset creditors amounts" -
What a farce the ppi thing is - you get chased up & threatened by iva lot if you don't play ball & then when ppi claims come through a chunk of it sits in the coffers of iva company " waiting to be distributed" - because they have to work out who it's owed to- its a farce.
The circle ends with the iva company sitting on funds waiting on some sort of legal ruling ( that will probaly take years to come )to see who is entitled to it it-
I think any ppi claims money rec'd should just go back to the creditor you're claiming it from & tough luck to all other creditors.
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.
Martha - but they must be suggesting an extension if you should have completed the IVA in April 2013 - unless you offered an early settlement? What new terms and conditions are they seeking to introduce?
Hairbobbles - the issue of creditors entitlement of off-set sums against their debts is one which is causing a lot of headaches for IPs, and may only be settled if someone actually brings a case to Court. I am afraid that a lot of us are in the same boat - and do remember IPs did not cause this, greedy bankers and their staff did that.
