There is no need for any of you to put up monies for a fighting fund to challenge your IP's actions. If more of you complained to the appropriate authorities - and that would only cost the price of a stamp - then you would be assured that the matter would be fully investigated and proper and correct guidance given.
Given the number of disgruntled people there are posting about the same thing over and over again - I simply do not understand why the complaints mechanism is not invoked more. The IPA take all complaints very seriously, and if they rule that your IP is acting appropriately then frankly there is no place else to go.
OK here are the minutes and resolutions of the variation meeting of my IVA on the 27th April 2012.
"That the following resolutions were duly passed.
That the debtors property be removed as an asset of the arrangement.
That creditors accept the total sum of £ xxxxx.xx in full and final settlement of the arrangement.
That creditors grant a moratorium on arrears accrued to date"
So what am I missing in fact the supervisor is in breach of the agreement as it also states that "All funds held must be distributed within 60 days of receipt of the lump sum" that didn't happen
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
Guys
There is no need for any of you to put up monies for a fighting fund to challenge your IP's actions. If more of you complained to the appropriate authorities - and that would only cost the price of a stamp - then you would be assured that the matter would be fully investigated and proper and correct guidance given.
Given the number of disgruntled people there are posting about the same thing over and over again - I simply do not understand why the complaints mechanism is not invoked more. The IPA take all complaints very seriously, and if they rule that your IP is acting appropriately then frankly there is no place else to go.
Wouldn't it be in the IP's own interest to get matters resolved once and for all. These issues have not just happened they have been around for a while so why have IP's not taken the bull by the horns and got a clear and defined understanding laid out, or am I missing something.......
Nickjohn, I feel that many IP's have done just that -- these problems do seem to be largely confined to the largest firms, including those that get practically guaranteed referrals via third parties, who just don't seem to care.
Regulatory Body guidance is that PPI should cause no undue delay. There are various mechanisms in place and on offer to deal with the problem and those IP's who avail themselves of these are closing --- just the pig-headed few lagging far behind. Unfortunately those big boys taint the rest of the profession.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Nickjohn, I feel that many IP's have done just that -- these problems do seem to be largely confined to the largest firms, including those that get practically guaranteed referrals via third parties, who just don't seem to care.
Regulatory Body guidance is that PPI should cause no undue delay. There are various mechanisms in place and on offer to deal with the problem and those IP's who avail themselves of these are closing --- just the pig-headed few lagging far behind. Unfortunately those big boys taint the rest of the profession.
Ahh hense the same ones always being moaned about..
Mike 523152 our variation for a Full and Final in December 2012 states exactly the same.
We were to have closure within 6 months of that date and heard nothing.
When I contacted GT in June of this year I was informed of the MVM meeting. The spotty letter arrived and we signed to speed things up.
This variation was accepted (PPI claim) but when we received the documentation to sign to agree to the new resolutions, nothing stated that the Closing Certificate would arrive any sooner.
The closures team have said that we can expect closing documents within 6 to 8 weeks but going on previous experience that means nothing.
Has anyone received their certificate following one of these meetings and how long did you have to wait?
It does state that we have the power to reject these modifications and to date have not signed.
We want absolute clarification that we will receive this Certificate because if we don't we might as well stay with our original terms and conditions which, in my opinion have already been breached. (IVA entered 2006).
Also can one of the experts on here explain what is meant by..'The supervisor will retain all powers under the IVA sufficient to deal with any VAT recovery resulting from the Paymex decision and any pending PPI claim or any other matter not dealt withunder the arrangement'.
"Also can one of the experts on here explain what is meant by..'The supervisor will retain all powers under the IVA sufficient to deal with any VAT recovery resulting from the Paymex decision and any pending PPI claim or any other matter not dealt with under the arrangement'.
My understanding is:
The irrevocable powers handed over to the IP when you sign the spotty letter allow the IP to chase any claim / refund now or in the future, this could be for something which none of us even know about at this stage or was ever included within your original IVA. Any future claims will not affect you in anyway, the IP will just do it all on your behalf, take their fee and hand any surplus to the creditors..
Thinking about it further what your doing is asking the IP to act as your agent and giving them authority to contact any third parties to makes any future claims and authorising any fees / commissions etc.. You cannot cancel this agreement once signed..
I guess this means that if you found that you could make some sort of reclaim in the future you would not be able to do it yourself it would always have to be your IP..
Last edited by nickjohn on Fri Aug 30, 2013 8:03 pm, edited 1 time in total.
Thanks for the reply nickjohn...We thought that was what it meant.
To be honest after nearly 7 years we just want the Closing Certificate which is long overdue.
We understand that GT can go ahead and claim the PPI anyway but as you have stated agreeing to the new variation gives them authority to claim any future misselling.
We are awaiting a call from GT with regards to the date for the Closing Certificate, but until then the new documentation will remain unsigned.
Borneo: I don't believe the IP has an automatic right to claim PPI it depends on your IVA. In defined asset IVA's I believe they cannot chase them without your permission, unless of course the PPI is defined in the IVA.
The "spotty letter" effectively turns all IVA's into "all asset" IVA's.
Tinks81:
I got a letter today from CPP with information of yet another compensation payment which is due, it is things like this that may crop up in later years..
I know CPP is another "mis-selling" claim, but the amounts it would involve are minimal. Maybe £30 over a year? If the IPs want to spend time investigating that, good luck to them I say!
Our IVA states assets only as 're-mortgaging in the final year of the arrangement'.
If unable to remortgage, as in our case, the supervisor can extend the period for a further 12 months.
The arrangement was not to exceed 72 months.
My understanding is that a new ruling has allowed IPs to claim PPI for the benefit of creditors anyway. It just means that you will be waiting longer for closure if you don't agree to the MVM variation.(and obviously you are not tied to their terms and conditions).
nickjohn I too received a couple of letters today (two policies) from CPP regarding redress repayment to 7 million customers (who took out their policies 2005 to 2011).
Wondering if this will be included into closed IVA's !!!!
As the current standing is that it still need to be voted on and passed in the high court for the payback to customers in spring 2014.
tinks81, from what i have read it looks like approx 120 pounds per year, (card protection £30,identity theft £80).If compensation to a customer is due, they will be entitled to the amount paid in since Jan 2005, plus 8% interest (less any money paid out of the policy).[:)]
Looks like IPs will be busy then !!!
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
