www.iva.co.uk

Dear All
Please can I have a copy of the R3 Standard Conditions to Individual Voluntary arrangements - Version 1 - as I had a IVA June 2004 and my IP is claiming that she can take the cheques from me for my PPI claim - I completed my IVA in Jan 2010 and I have a completion certificate. I noticed that another person asked for this and though I would too.

http://www.cleardebt.co.uk/media/3045/r ... itions.pdf

The above link should take you to the document you require, but this should also be attached to your original IVA proposal. I think that your supervisor is correct with regard to the PPI monies, unless these were expressly excluded from your IVA which is probably unlikely.

Can anyone actually confirm at what point an IVA is classed as completed and you can get on with your life.

Here we have Julie.ng who completed their IVA in 2010, has a completion cert and still has to hand over PPI money to their IP in 2013.

What other assets can the IP claim after the event, what if I sell my house 3 months after I get my CC and make a large profit due to a change in the housing market (I know its not going to happen in the real world but I can dream) will they suddenly say they want the profit or what if I get a large inheritance 3 months after my CC what happens then...

An IVA is completed when the debtor has complied with all of their obligations under the IVA, when creditor claims have been agreed and paid, when all costs have been discharged and the Supervisor has satisfied themselves that there is nothing further to be done with regard to the arrangement.

Julie's IVA has not completed, because it appears that there are unrealised assets which are yet to be dealt with, and monies still to be distributed to creditors.

If your house was not included as an asset of the IVA, then you are free to do whatever you wish with it. In my opinion, and inheritance is not due to an IVA once the debtor has concluded all of their obligations to the IVA.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

An IVA is completed when the debtor has complied with all of their obligations under the IVA, when creditor claims have been agreed and paid, when all costs have been discharged and the Supervisor has satisfied themselves that there is nothing further to be done with regard to the arrangement.

Julie's IVA has not completed, because it appears that there are unrealised assets which are yet to be dealt with, and monies still to be distributed to creditors.

If your house was not included as an asset of the IVA, then you are free to do whatever you wish with it. In my opinion, and inheritance is not due to an IVA once the debtor has concluded all of their obligations to the IVA.

Hi mel
So what is the point of the completion certificate if it does not mean you have completed your iva. I know we have a situation now where people are signing over rights to the ip to allow them to chase ppi etc after completion but this was not the case in 2010..
Does the ip have a duty to tell you if your case is still open or can it run without your knowledge if the ip thinks an asset may appear.

If the asset was unrealised the IVA was not closed properly. For example, if Julie had inherited money during the IVA and this was not disclosed, the money would still be the property of the IVA and could be reclaimed should it subsequently come to light after the completion certificate has been issued.

The PPI issue is hopefully a one off but has to be dealt with by all IP firms.

Interesting.... What happens if someone receives their completion certificate and then is awarded a successful PPI refund but the original loan was paid off BEFORE the IVA was completed, surely that can't be taken?

is ppi a undisclosed asset ? i had a all asset iva

ulie's IVA has not completed, because it appears that there are unrealised assets which are yet to be dealt with, and monies still to be distributed to creditors.


how can i tell if my iva in 2004 had ppi included or excluded?

Clare.
The PPI would be an asset of the IVA even if the loan was repaid years ago irrespective of whether the certificate was issued or not. Any award such as you describe would have to go back to the IP for distribution to creditors.
This can however depend on the terms of each individual IVA so it is always worth considering independent legal advice.

Vesper.
If you have an all asset IVA basically everything is included unless specifically excluded so the PPI would be caught by your arrangement. If your IVA has long ago concluded you need to find out whether your IP will be reopening cases or even if you can claim back that far. I personally have no idea.

So depending on the wording of the Proposal and whether it's R3 or Protocol compliant, you're saying that if a successful PPI claim is awarded post completion (regardless of the length of time the completion certificate was issued)), then the monies will have to be paid into the Arrangement?

Hi

Would this be the same if someone was dicharged from bankruptcy and then received a PPI refund ?

Regards

If this is the case, then when is the debtor truely free of his/her obligations? Surely there must be a timeframe????????

Hi

Agreed

What a nightmare for the poor debtor

Regards

Hi

Just thinking, it would be good to look at some IVA adverts from 2006/7. Guarantee that the "be debt free in five years" will be very prominent

Regards