PPI question - last payment of 60 was made March 2015, no missed payments at all no extensions. All overtime paid in as requested. All obligations met our side. Still waiting for completion certificate. One PPI claim still outstanding which our IP is pursuing on our behalf. After us chasing saying we were unhappy with delay he has now put in a formal request for a creditors meeting to consider a variation of the terms of iva.
The meeting will consider
1) the iva shall be extended by a futher period of six months, to continue with the investigation into mis-sold PPI claims
2) the supervisor shall have the discretion to extend the iva further for the purpose of completing PPI claims, collecting funds due and distributing any monies to creditors
3) that the variation fee for this meeting and report be £250 and be met from any successful PPI funds received.
Please can someone explain what this means for us? We are desperate to get our completion certificate, desperate to see our names removed from he insolvency register, desperate to start rebuilding our credit rating and desperate to put this whole period behind us having done everything required of us and having learnt many important lessons along the way. We are both wracked with anxiety that the iva may now be extended for another 6months plus..... Please advise, I feel sick, when questioned the ip threatened that if we do not cooperate (not sure what this even means as we have made all payments on time) our iva will fail at this late stage?!
Hi there, I wonder if you can ask them to issue the certificate and continue with the PPI claim in the background. I know it's been done before but I further acknowledge all companies work differently.
It is very frustrating when you comply to all your obligations during the life of the IVA and right at the end you're hanging on for what seems like forever for them to claim PPI etc.,
Got to be worth asking.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Ask if they would accept an assignment of the PPI to allow closure. The Regulatory bodies are of the opinion that PPI is not a valid reason to delay completion on it's own and a formal complaint might be in order. You could then follow this with a complaint to their regulators who have been imposing financial sanctions on IP's for this very reason.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
They are also being cheeky saying they need to call a meeting given they have already had 5 months and then want to charge for something that is virtual anyway.
Most agreements allow for 2 extensions up to 9 months in total with out this.
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.
Thank you all it is very frustrating and upsetting actually. I feel that a phrase used in an email direct from the ip was particularly threatening. Basically we could as debtors chose not to accept the extension but this would mean we would fail our iva at this last stage which he presumes we do not want to do. Too right! When we have done everything required of us with no delays or mishaps. So it seems they have us over a barrel.
Can anyone confirm what this extension would mean for us? Obviously delay us receiving our completion certificate. What about any windfalls, inheritance, bonuses, overtime? I presume as iva will still be open they would be entitled to claim extra money for us as we still owe full amount of original debt until case is closed. Please can someone clarify? Thanks in advance.
Unfortunately I fear you're right about the windfall etc, as if in the IVA you're bound by the terms and conditions. Do ask about the assignment of PPI to allow closure as that would see an end to it and they can then claim the PPI in the background.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
You will still be liable for lottery wins, inheritances, disposal of assets and the like, but earned income like bonus payments and overtime are yours.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks everyone this all just feels very unfair and such an anticlimax... At a time when we really should be celebrating. We have worked so hard to not mess up in any way and have made every single payment on time including any extra monies due. I understand why they need to persue ppi but surely they have had enough time by now. I will ask about this assignment of the ppi to allow closure. Is there anything else I can do? Should we be making an official complaint? I am being over sensitive that I am finding our ip threatening?
I would definitely ask and hopefully they'll agree then you'll be free to move forward. I don't think you're being over sensitive as I would be the same but unfortunately, we just have to go with it. Rightly or wrongly until they issue our certificate what can we do? All the best and hope they take the common sense approach and allow you to move on.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi, just to say that today I have sent a strongly worded email asking for clarification of the situation and requesting that they close the case and issue the certificate now and continue the PPI claim in the background. I will keep you updated. Thank you again for giving me the confidence to stand up to them. I just want to put this whole thing behind me.
Well what a result! Today we received news that the final PPI claim has been successful and that our IP has already received the cheque and is waiting for it to clear..... The timing seems a bit suspect to me! Glad I shouted and made a bit of noise! I think we were sat at a bottom of a pile somewhere! Fingers crossed it doesn't take them long to finalise everything. In the meantime I have asked for confirmation that the meeting scheduled with the creditors in a couple of weeks has been cancelled.
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
Just another update to say we are now proud owners of our completion certificates!!!! Whoop whoop!!! They really did pull their fingers out! We are so pleased! Free at last! Thank you again for your support/ advice!
So what now? Can anyone guide us through what we should be doing to ensure that our credit files are as they should be? I have seen it mentioned that we should get a credit card for everyday spending that we pay off in full each month to rebuild our credit ratings? Any advice/ recommendations gratefully received.
You need to check your credit files (Experian, Equifax and Call Credit) to see if any defaults have been registered after the start date of the IVA, if so then contact the data controllers of those concerned and ask them to remove the defaults back to the start.
Your IVA will remain on your credit files for six years from the start and will be on the Insolvency Register for up to three months so keep checking that.
Make sure your bank, mobile phone details are up to date and all of this will 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
