My wife and I entered into an IVA apiece in November 2006 and December 2006. They were accepted and we paid for the full five year bar one glitch when my personal income took a nose dive. Due to this they were extended a further 12 month. We were able to keep payments until outgoings started exceeding income and it was brought to an end. We even tried to re-mortgage the house but there was no equity due to the fact it was starting to look run down. We weren’t budgeted for upkeep of the property. In other words we couldn’t decorate or upgrade fixtures when needed. All said we were told it was officially finished and we were waiting for the appropriate paperwork. That was until they demanded we go after mis-sold PPI’s. These are now flying in and have exceeded £25,000. They’ve gone back to loans previously played in full and that were closed long before we entered into our IVA’s. They say they are assets, therefore are claiming it as part of our IVA’s. I personally would class it as a windfall because if it was an asset We would never have needed the IVA’s in the first place. The end of this year and it’s 7 years we’ve had this hanging over us. When does it legally end and are they entitled to 100% of the PPI’s this late in the contract.
Hi Dappa -- they are entitled to PPI until the full amount of the original debts, plus fees and possible statutory interest has been met, assuming you have an all assets IVA (which is an arguement all on it's own). Many firms are still issuing completion certificates whilst PPI investigations continue -- but a couple are hanging on until the bitter end.
Who are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your IVA will legally end when your IP has concluded their administration of the case. They seem to be doing a fine job for all parties, if they have bothered to fully investigate potential PPI claims - and whilst it may be disappointing to see that the arrangement has needed to be extended, you may actually end up with some of the money coming back to you if they are able to pay all claims in full.
