www.iva.co.uk

Hello there i have around 1 year left of my Iva with baines and ernest but has been taken over by grant thornton.

My question is they have asked me to make a ppi claim, what do you think i should do? as i read that the ppi claim can hold out and completion cert at the end of the iva.

thanks
gavin.

They will require the PPI to be investigated in any event, and will not close the IVA until this is done. The only other avenue which GT are offering is to sign up to their mass variation program, which allows PPI to be pursued by GT after completion, or, if you are certain there is no PPI to be had, they sometimes accept a certificate of no claim -- which basically says you believe there is no PPI and, if it turned out there was any in the future, you will not claim it.

All I would suggest is you take the quickest route that will result in that completion certificate...

What I can't understand is how PPI claims, VAT Rulings, Aquired Assets etc, etc, can still hold up a contract that clearly states (like ours and many others) that the arrangement shall not exceed 72 months.
Surely what needs to be claimed should be claimed in this time otherwise it cannot be classed as part of the arrangement and Closing Certificates should automaticcally be produced.

Why then is it that our IVA and others are still open?
Am I missing something here?

does that mean 72 monthly payments? no idea to be honest but some closures in my opinion are taking far too long when other companies can close in a timely fashion.

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.

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

does that mean 72 monthly payments? no idea to be honest but some closures in my opinion are taking far too long when other companies can close in a timely fashion.

Lesley it usually refers to the number of payments plus 6 months admin period, with criteria for extending.

Mine, for instance, was a 5 year arrangement, with 6 months for admin -- so should not have exceeded 66 months.

Thanks for the reply Lesley.
Our original contract states:-
4. The duration of the arrangement shall not exceed 72 months and again:-
7. The term of the arrangement is not to exceed 72 months as originally agreed by creditors.

We paid 60 monthly payments. Were asked to remortgage (obviously refused). Payments were not asked for, for a further 12 months but substantial PPI was claimed by ourselves and accepted by creditors as a F@F last December 2012. Still no certificate (now 82 months).
GT have arranged another meeting to close file whilst claiming further PPI (that's if creditors agree???).

As far as we are concerned our IVA is still open and this does not fit in with our original contract terms.

What I don't understand about the PPI issue is that it was agrees on to pay people back who had been mid-sold it originally. Who Mia-sold it? The companies who are now claiming it back from us!!! My understanding (please correct me if I'm wrong) is that the financial companies were "given" a pot if money to help them pay back this mis-selling, so what they are doing is asking us to claim off them, just for them to get it back again! Or have I got this totally wrong??

Tinks -- the PPI refunds are a bit like Robin Hood in that the large cats who stole it will only get a portion back, whilst the smaller creditors will gain from it. In the end, however, whatever share they get back, it will not cover what they might deem to have "lost" from us in interest over 5 years, so we can take solace that they will not actually gain from the exercise.

Foggy - it's not that they may or may not be gaining from it, it's the fact that because if it, we are having to wait months for our IVAs to complete. They say that we can sign a disclaimer saying we won't claim after cc received - what about those who were "lucky" enough to have had an IVA & closure a week before PPI claims came about? Have they had to hold back claiming? We're getting penalised just because of timings. I know we don't have any PPI, but I bet we have to fill in forms for them to check, delaying the completion even more! Sorry to witter on & be full of doom & gloom but I honestly thought that 6 months after our last payment we would now be free from all this mess.

That is exactly it...Why should some, in fact a lot, be penalised because their IP's are dragging out closure for one reason after another.
Rules in an IVA should be the same for all concerned, including completion times, as long as there has been compliance with contracts.
Everything is totally unfair, in a right mess and seems to be getting out of control.
There needs to be stricter regulation.

They have us over a barrel though Borneo don't they? And until we ALL stand together & say/do something, I feel that's the way it will stay. It's all well & good telling us to e-mail/phone customer services etc, but all they then have to do us ignore any communication we have with them. We need to stand up as a group & make our voices heard. I don't know how, but that seems to be the only way things will change.

Tinks -- depending upon the viewpoint of the individual IP, some are chasing PPI as an asset of the IVA well past completion.

Timing is something we cannot argue with and beyond anyone's control -- for instance, I complied with PPI investigation and now my IP is offering cash incentives to encourage clients to co-operate. However, because I was compliant "early" I get zilch. Such is life on that score.

Regarding standing up to the IP, what is required is a court ruling on may aspects being dealt with in different ways by different IP's, however, none of us are in a position to take any matter to court, especially against the larger firms. The only way to get this done would be some form of class action.

Like you, Foggy, ours was a 66 month IVA (finished last December) but because MBNA won't hurry up our IP called a variation meeting without asking us and increased the time to 84 months. No happy bunnies in our house. To be fair, our IP has given us a letter to show people stating that the IVA has been paid but it doesn't help us to get on with our lives. The house is beginning to fall down around us and the boiler has been condemned. WQe just want this to be over.