Hi, we have just finished our iva via a f&f offer which was excepted in dec 12,and we have since received out completion certificate, at the time of our iva we had a secured loan with first plus which wasn't included in our iva but the ppi was and was paid during year 2 of the iva, since completion we have been informed by first plus that we are due the interest from our ppi payments while the loan was running, but as they have us down as still being in a iva they are telling me that the payment cheque will be made out to the iva company..i have informed first plus that the iva has finished and have emailed my completion certificate over to them, first plus then spoke to my iva company who have told them that the cheque should still be paid to them as it may have been a asset to the iva! can they do this? starting to feel like a iva is for life and not the 5 years..please advise
If the terms of the full and final offer confirmed that it was in full and final settlement of all of your obligations under the IVA, then you should be released without this interest being payable at this stage into the iVA. But do check the wording of the offer, as this will be key in determining who is ultimately entitled to the money - and given that the PPI was part of your IVA you may struggle to argue that the interest which attracted to that claim is not rightly payable to the Supervisor.
If the figure due to you is significant, it might be worth you seeking legal advice.
Update; our certificate of completion states we are released from all debts under the iva however 3 weeks ago we contacted our ip regarding what they've done with the £1200 & were informed their legal team is looking into it & the possibility of forced bankruptcy! She also said she would contact us in a week, since then we have been calling & she's always in a meeting, so despite having paid a f&f settlement & having a cc releasing us from debts, they've threatened us with bankruptcy & left us to stew regarding our future! Where do I go when the supervisor is in constant meetings?
Hang on Tracey, you have a completion certificate, so what's the force bankruptcy thing about?
Hopefully one of the experts will come along and be able to guide on this matter, it doesn't make sense that you have got a completion certificate and now facing the possibility of a forced bankruptcy or am I not reading that correctly?
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
No, you reading it correctly! Apparently during year 2 we underpaid by £2000 which wasn't picked up on during the annual check & only came to light after the cc had been signed & sent out. I feel they would not be pursuing it if we had said your welcome to the £1200 cheque but as we said hang on the iva is complete this has now come up.
wl that's there tough luck if it wasn't picked up in year 2.thats what they get paid for to manage your iva and all that entails.they did not even see it when they was closing your iva down and then issued the cc.tell them to take a running jump.who was you with?
cc received 6th January 2014 now upwards and onwards
well that's there tough luck if it wasn't picked up in year 2.thats what they get paid for to manage your iva and all that entails.they did not even see it when they was closing your iva down and then issued the cc.tell them to take a running jump.who was you with?
cc received 6th January 2014 now upwards and onwards
It is very worrying that after you have received a completion certificate more money can still be demanded from you . This is contrary to everything we have been told about an IVA . I hope that this is a misunderstanding !!
That's my original worry, it's seems my iva could well be for life:( As for who I'm with I must be careful with that one given the main sponsor ! Having said that, maybe my EX supervisor will return my call as promised.
Your IVA has concluded as evidenced by your completion statements, so the former supervisor has no ambit to threaten you with bankruptcy as a result of the IVA. That said, if the money should rightly have been paid into the IVA, or rightly should be now, and you do not pay, then there is an obligation on your part to correctly account for the monies - and if you don't then that could create a debt which your Supervisor as beneficiary of the trust under which your IVA was underpinned could pursue you for, and this might give grounds for bankruptcy.
This point raises interesting legal issues, and perhaps you may need to seek legal advice - but is it really worth it for a relatively small sum? One thing is for sure, you cannot be pursued for outstanding monies due to the IVA if this was not picked up by the supervisor before they issued their completion certificates.
Tell them to stuff it and to take you to court. I seriously doubt they will, and if they do, I seriously doubt they will win. GL, and let us know what happens.
