Having come to the end of my IVA and not missing a single payment and having to organise a loan ton satisfy my Creditors instead of releasing equity in my home, I am about 3 thousand pound short of my original debt.
My IVA agent has suggested to my Creditors that they keep my IVA open for a further 6 months so thay can get there hands on 15% of any PPI I may be owed. My question is are they allowed to do this for there self interest, aren't they supposed to represent me and not the Creditors, I have done all that was asked of me and now my IVA representatives ask for an extension!
The IP represents neither party but is more of a supervisor of the arrangement. Anyway ---- why did you have to get a loan ? This is not standard practice for older IVA's.
There might be a bit of miscommunication here. They are within their rights to hold the IVA open for administration ( not add arbitrary payments ). That said, the regulators are generally of the opinion that an arrangement ned not be kept open purely for PPI as this can be dealt with in other ways.
Incidentally, the PPI is an asset of the IVA and they will not be keeping the arrangement open purely for the 15%
Which company is handling your IVA ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think some IVAs will have the 6 month extension option as standard i'm afraid. Best to just comply so that your IVA doesn't extend beyond the 66 month point
Regards
JamesD0116, you can just "comply" like a good little boy or if you think your being railroaded by your IP, you should challenge it.
Although they don`t represent either party, they will look like they are taking the side of your creditors, things dont usually go in your favour. (even more so if there is a potential of a fee to be made)
Last edited by deanwinchester on Fri Jul 24, 2015 12:07 pm, edited 1 time in total.
There is the potential for up to 9 months admin period after you have made all payments.
PPI by itself should not be a problem with a deed of assignment completed allowing for the IVA to be closed.
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.
