Just thinking with lots of people being sent forms for their IVA companies to start claiming PPI. When I signed up for my IVA it was with the promise that I would be debt free in 5 years if I successfully completed it. Now they're chasing me to complete forms when I thought it was all done and dusted. Wonder if there will, be a people's champion on this? It will surely make people cautious of taking one in in the future.
Worried Sick wrote:Just thinking with lots of people being sent forms for their IVA companies to start claiming PPI. When I signed up for my IVA it was with the promise that I would be debt free in 5 years if I successfully completed it. Now they're chasing me to complete forms when I thought it was all done and dusted. Wonder if there will, be a people's champion on this? It will surely make people cautious of taking one in in the future.
Handing over PPI does not relate to being debt free --- at the successful conclusion of an IVA you are debt free in that the debts you had entering the arrangement are written off. Devil is in the detail --- IVA's only concern themselves with unsecured lending.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Agree with Foggy - your PPI will always be liable to your IVA regardless - be thankful you are debt free.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
A recent article on Debt Camel suggests that there are indications that concerns exist around IVA being missold.
Ultimately the devil will be in the detail but if there are case IVA companies only have themselves to blame - if they were really honest when people were signing up it would put them off.
With some of the PPI posts on this board at the moment there are only 2 groups that will benefit - the PPI company and the IVA company.
As with any industry there will be those firms who indulge in dubious practice and there must be IVA's out there which were effectively mis-sold, but I do not think there will be a blanket approach to IVA's en masse. Early exit loans and secured loans that, I am guessing, some must have been bullied or harried into, flying in the face of the agreed terms will be another matter. But ... who will champion such cases ? Although IVA's per se are beyond the remit of the ombudsman maybe the related lending would prompt a look-see from that quarter.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Agree with Foggy - we are always told to make sure we are ok with our IVA's. Can't see it happening.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It would be a huge kettle of fish that no one person would want to try and get a successful president from. Most people, me included, would just not be bothered to assist in such an action. My IVA is over, I am debt free, I owe no one a substantial debt and pay only a tiny bit of interest on my new car. I have learned from my IVA that I am quite capable of managing my finances myself and wish to not pass that mantle to anyone else again. I in effect borrowed all that money and payed back a fraction with little to no real hardship, just a tiny proportion of my life. It would not interest me to be party to such a class action should it ever be challenged.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Clear Debt previously lost a court case where their interpretation of what an IVA is was challenged.
I have no interest in going over the past in the sane way as MerlinL14 - it would appear that the IVA companies have an interest in doing that instead.
