Is it normal practice for IP to send power of attorney forms to sign at beginning of IVA ?

[Jean.89]

Is it normal practice for your ip to send the power of attorney forms to sign at the beginning of a iva, as i'v noticed while being on this site most people receive them towards the end.

[MelanieGiles]

Hi Jean

The use of Power of Attorney forms by an IP during an IVA is actually quite rare. Has this happened to you, and for what purpose?

[Jean.89]

Hi Melanie
They want to try and claim back PPI on credit cards.

[MelanieGiles]

But why do they need Power of Attorney if you are co-operating with the process? What stage is your IVA at in terms of its proximity to closure?

[Jean.89]

I'm only 5weeks into the IVA

[MelanieGiles]

And they are asking you to sign an overreaching Power of Attorney? This is just not necessary Jean.

[Jean.89]

This is all new to me.
Would it do any harm to sign it if there's a chance they could claim something back to put in the pot.

[MelanieGiles]

A Power of Attorney is a serious thing to be asked to provide Jean. It is normally granted where someone can no longer, or temporarily cannot, handle their financial affairs - such as someone with dementia, and therefore I am sure you would not put yourself into this category.

Which firm are you with?

[Jean.89]

I'm with Harrington Brooks

[luluj]

I wouldn't sign power of attorney forms .... As Mel says this is not necessary. You can give written permission to claim PPI back for you but certainly wouldn't given control of your bank account, savings accounts or all other financial activities.

[Foggy]

Jean -- are we talking about Deed of Assignment, rather than Power of Attorney ?

[Jean.89]

Hi foggy,
I'm so glad I found this support forum had the sense to check this one out because I could have signed without thinking.
I checked the forms again this morning and they say power of attorney and must be signed as they form part of the IVA agreement.
HELP

[Foggy]

There is no way on God's Green Earth that a Power of Attorney is required and I fail to see how they form part of the agreement, unless you specifically agreed at the start and it is referred to in your paperwork.

[Jean.89]

I know I don't know much about IVA's but there's no way in hell I would have agreed to this. I couldn't sleep last night for thinking i'v just made the 2nd biggest mistake of my life, the other one was my first husband. lol

[luluj]

I would not sign anything. Has your IVA avtually been approved by creditors yet ? If not i would stop and speak to two or three other IPs on Monday and get their opinions.

If your iva is already approved, then I would not sign over power of attorney ... I would seek a meeting with your IP to ensure you fully understood everything before signing anything else.