my message to anyone in IVA or seeking to take one out:
MAke absolutely sure that you deal with PPI early on in your IVA - You will loose all successful claimed monies, be resolved to this. Also if you claim at the end of the IVA as they would like you to do - even if the claims are totally bogus, it WILL prevent you from completing. Too many of us are still waiting for the Completion certificate having been force to take PPI claims further even though they are likely to be a negative response. If they are positive responses - they are likely to further add time after your final payment and it seems that some Companies are including potential PPI funds as a windfall in their accountancy. You may find that you owe money after your final payments have been made - due to change in your income apparently arrears covered by successful claims! Big conflict of interests, big risk, and the IVA customer in a very vulnerable position.
I am now 4 months passed final payment - joined by 1000's of others still waiting for PPI to be resolved.... Disgusting!
Why do you make the comment Tony.cb, that IPs would like their clients to wait until the end of the IVA process to then look at investigating PPI claims?
Just all about time - iva companies obviously want to chase possible assets - knowing that they generally get around to this in the last year of the iva judging by experiences expressed on this forum, and that ppi could take up to 18 months to resolve - it would be preferable to chase ppi claims earlier in the contract so to avoid delays at the end of the term.
The reason for this does not lie with the IPs, but on the fact that the Court case which ruled that the banks had to refund mis-sold PPI only was confirmed last year, and guidance from our regulatory bodies was only issued a month or so ago.
IPs do not wait until the last year to realise assets - that would be foolhardy and not in accordance with our duties to creditors.
We have been in this boat recently. We settled early in August of 2012, it's now June 2013 and it has only just the last week been confirmed that it will complete on 10 June, a bit shy of a year later. The variation was put through with our creditors to deal with PPI separately so as not to extend the period of closing our IVA which I find totally unacceptable regardless.
I have read somewhere in a couple of places that we may even get some money back ourselves, I'm not holding my breathe on that one though; but logically to me how can they take any further money if we settled early as they have already agreed that we have satisfied the IVA? Can anyone advise me on that one?
Thanks
It is an interesting point, which has already been raised several times on the forum. My own view is that full and final settlement is just that - but did the terms of your own settlement make it clear that this was to discharge you from all obligations under the IVA?
Tony, none of the have purposefully waited until the last minute -- it is a question of unfortunate timing. The PPI fiasco has only recently hit the proverbial fan and caught those nearing the end in the fall out. IP's are "targetting" those to try to sort PPI to get completions done and dusted. Eventually they will catch up.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I doubt that you would have much of a case Tony due to the circumstances which have led up to the PPI issue and the timeline. Clearly, for all newer IVAs, it is in everyone's interests for the claims to be submitted at the earliest possible time.
Not good enough, I'm afraid. Ppi claims have been around for more than this last year- I know this as have been contacted regularly by claim companies way before my iva company cottoned on and joined in with a add on company in the think money group. problems with claims may be recent, but if assets had been sorted out over a year ago this would never have prolonged my case. Why should a completion certificate not be handed out and then ppis resolved as and when the courts get it sorted? I still think we are victims - and who is paying the companies their salaries now we have stopped paying? I hope further charges are not goig to appear at a later date! Stres stress stress.
No... tis the problem they say that their legal team is on it - every week since april they have said that they were expecting it to be last week ! They have used the word frozen and powerless in their communications with me. I worry about time particularly as so many forum members are even further down the road waiting - some over a year - well before all this ppi stalemate has hit the fan - delays are clearly very common. If I had known this at the beginning, I may have taken a different financial option.
