ClearDebt and Mass Variation

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David Mond

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Post by David Mond » Fri Mar 27, 2015 5:07 pm
I'm really pleased to be able to tell everyone that we have agreed a mass variation with creditors to enable us to close completed IVAs with PPI mis-selling issues, here is our statement on the matter:



“ClearDebt Agrees Mass Variation to Enable IVA Closures

On Friday 20 March 2015 ClearDebt agreed a mass variation with creditors that finally enables completion certificates to be issued to those customers whose IVAs could not be closed because of the need to investigate PPI mis-selling claims for the benefit of the IVA estate.

Commenting, ClearDebt CEO David Mond said,

"It's a great relief to me, my staff and, most of all, to our customers that we are now able to bring closure to the many cases that have remained open due to creditors' behaviour in not assisting with investigation of PPI mis-selling".

All ClearDebt IVA customers are being sent letters now detailing the mass variation andf explaining what they must do next. They should reply promptly.

ClearDebt customers who have made all their contributions (usually 60 over five years) and have fully complied with all the conditions of their IVA will soon be issued their completion certificates.

ClearDebt customers who are still making IVA contributions should continue to do so - and should also reply to the letter. The mass variation will ensure that there are no delays relating to PPI mis-selling to IVAs due to complete in the future”


This has taken a great deal of perseverance by many at ClearDebt and I hope all will agree it's a good result.

Any questions, do ask!

Very best wishes.

David
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
 
 

Foggy

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Post by Foggy » Fri Mar 27, 2015 5:14 pm
Great news David, thank you for posting.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

lifenoteasy

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Post by lifenoteasy » Fri Mar 27, 2015 6:12 pm
Thank you - very good news on what appeared just to be a bad news day.

You will be making a lot of people really happy.
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.
 
 

reesay

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Post by reesay » Fri Mar 27, 2015 7:04 pm
Hi

I recieved this letter today and I'm happy to sign although I have one query. We now have to agree to instruct DrSp to investigate any mis sold package bank accounts. Whilst I would obviously like my CC I am worried that this will stir up a problem with my bank account. I have used the same account for 10yrs and it is a packaged one, the benefits of which I use so I obviously do not think it mis sold however with drsp investigating i am worried the bank may close or down grade my account. I have been very lucky that I have had the benefit of this full current account throughout my IVA and I would hate to lose it.
 
 

lifenoteasy

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Post by lifenoteasy » Fri Mar 27, 2015 7:23 pm
Packaged bank accounts are not PPI - therefore speak to the company and ask them to explain what the impact would be.
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.
 
 

lifenoteasy

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Post by lifenoteasy » Fri Mar 27, 2015 7:32 pm
Ironic that DrSp also investigates missold debt management plans that can lead people taking the next step into an IVA.

What next - investigating missold IVA's leading to compensation?

The cycle never seems to end.
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.
 
 

Foggy

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Post by Foggy » Fri Mar 27, 2015 7:34 pm
PPI will soon have run it's course ... new income streams need to be investigated !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

David Mond

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Post by David Mond » Mon Mar 30, 2015 1:07 pm
Reesay - the point is to investigate whether or not the account has been mis-sold. In your own case, it doesn't sound as though that is the case.

In my experience, the vast majority of people who have these types of account have not used the benefits/insurances associated with them, did not receive value for money, had other insurances which were retained and unfortunately, many vulnerable consumers were actually advised that taking out this type of account was a prerequisite of obtaining an overdraft or other borrowing.

I accept, as appears the case for you, that not every account has been mis-sold however your own experience sounds more like an exception than a rule.

If that is the case, you will be able to keep the account without needing to downgrade but complete the form and advise DRSP of same.

Regards

David
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
 
 

suzzy

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Post by suzzy » Thu Apr 02, 2015 12:13 pm
I had the same letter i beleive i was not mis sold the PBA on my old account as i used the benefits associated from it so it would be wrong for me to say i was mis sold when i wasnt i was never advised wrongly when taking it out so iam confused to why i would need to sign paperwork for it to be investigated or do i just say advise drsp in a letter i believe i was not mis sold and there is no claim
 
 

suzzy

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Post by suzzy » Thu Apr 02, 2015 12:26 pm
I had the same letter i beleive i was not mis sold the PBA on my old account as i used the benefits associated from it so it would be wrong for me to say i was mis sold when i wasnt i was never advised wrongly when taking it out so iam confused to why i would need to sign paperwork for it to be investigated or do i just say advise drsp in a letter i believe i was not mis sold and there is no claim



font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by David Mond

Reesay - the point is to investigate whether or not the account has been mis-sold. In your own case, it doesn't sound as though that is the case.

In my experience, the vast majority of people who have these types of account have not used the benefits/insurances associated with them, did not receive value for money, had other insurances which were retained and unfortunately, many vulnerable consumers were actually advised that taking out this type of account was a prerequisite of obtaining an overdraft or other borrowing.

I accept, as appears the case for you, that not every account has been mis-sold however your own experience sounds more like an exception than a rule.

If that is the case, you will be able to keep the account without needing to downgrade but complete the form and advise DRSP of same.

Regards

David
 
 

David Mond

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Post by David Mond » Thu Apr 02, 2015 5:25 pm
Suzzy – I think the same applies as did in Reesay’s case.

If you complete the form and return it I will arrange for completeness along with a comment if required about your circumstance.

DRSP will then contact you to confirm the details provided. As above, full disclosure will be best – I’ve also commented on your other thread so please do get in touch regarding that issue.

Regards

David
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
 
 

susieq73

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Post by susieq73 » Thu Apr 02, 2015 5:40 pm
Hi, I've received the same letter today from Cleardebt and am happy to sign and return the form for the PBA. But I am just confused as the wording of the letter is very ambiguous. I am waiting on the results of my 4th Year review and only have 1 year to go. As i read this letter when I got in from work, it looked to me as though I was being told that my IVA had finished assuming all contributions had been made!!! I really got my hopes up thinking it had finished a year early...but on 2nd/3rd & 4th reading, its just the same standard letter everyone is getting...so I assume I still have the 12 months payments to make....I know my PPI claim with DRSP is complete as I have received my goodwill payment.

Sorry venting a bit of fustration as although it is good news, it's not as good as i had initially thought! Wording of the letter is very misleading.
Susie
x

IVA Accepted 31st March 2011.
IVA Ends 31st March 2016.
 
 

susieq73

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Post by susieq73 » Thu Apr 02, 2015 5:52 pm
I've just had an email apologising now for the wording of the letter...oh well...At least I know I only have 1 year left to go anyway....will await the result of my 4th year review now
Susie
x

IVA Accepted 31st March 2011.
IVA Ends 31st March 2016.
 
 

David Mond

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Post by David Mond » Thu Apr 02, 2015 5:53 pm
Susie,

Sorry you thought the letter was misleading - I tried to ensure when it was composed to explain everything in a logical manner.

Anyway you now know and accept the position as stated.

The mass variation will help those cases where all contributions have been paid and a completion certificate can then be issued once forms are returned AND for those cases still yet to complete (still contributions to be made) then the mass variation will work to ensure completion documents will be sent at the appropriate time.

Regards

David
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
 
 

Adam Davies

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Post by Adam Davies » Thu Apr 02, 2015 7:04 pm
Hi

Thanks for posting David and let's hope more of the major players follow suite

Regards
Andam Davies
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