If I remember right?? The banks according to the government . Should be writing to all their customers on mis selling of ppi. Not had one letter!!! Who has??? Never ever will trust a bank again!
Hi Wiggle, there are terms within most modern IVA's to allow the IP to extend (usually on two occasions -- the first by 6 months, the second by 3) without reference to you, the creditor. However, if the time limits therein are not observed they cannot extend.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Those provisions are only in IVA protocol cases, and even with those terms many IPs will provide for an overriding need to extend - my own cases certainly do, although I rarely need to invoke this.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
OK -- the contract states that the IVA shall not exceed 72 months. It also gives some conditions under which the arrangement might be extended.
If those conditions have not been met, under the terms of the contract, the IVA no longer subsists and claims on windfalls etc. are no longer patent.The Certificate should be issued without further delay.
However, if we agree that PPI is an asset and that the arrangement is an all assets one, then it is still payable to the creditors and would have to be dealt with under the continuing trust ( Gallagher Trust) that exists post completion.
There ARE solutions out there to enable completion on time ---- if IP's do not wish to rely on a Gallagher Trust ( which isn't really the best option for them as it is rather limited), Cleardebt has generously offered it's solution template to any other firm wishing to avail itself.
Other firms, such as Melanie Giles and McCambridge Duffy are also completing in good time. So, it can be done.
Hi Foggy,
The PPI question has been around for a long time now and people are still asking the same questions and one answer which crops up a number of times is whether your IVA is an "All Assets" one or not.
To assist others where in your IVA would it say that it is "All Assets" or not..
This will be detailed under the "Assets" section either in the proposal document itself or within the terms and conditions which are attached to the proposal. If in any doubt get your IP to clarify their position in writing, by reference to the clauses they are relying upon.
