www.iva.co.uk

Advice please. Early next year I finish my IVA . Today I received in the post a document from the IP explaining a solution that they want me to sign up for. In a nutshell they are offering me if I sign a deed over to them giving them the rights over any outstanding PPI claims. The reason for this is the amount of time clients have to wait for the completion certificate and how this is delayed due to PPI claims. It goes on to say I sign over all monies, that I still have to assist them etc.

What it doesn't say is how this will benifit me or how quickly will I get my certificate if I have paid all monies and I am clear. Does anyone know about this and any advice before I sign. I am worried because I only want my certificate and the knowledge that should I receive a windfall or redundancy etc after my certificate this new deed would not lock me in for a longer period

Thanks

That deed is OK and only relates to PPI outstanding. It will speed up completion, otherwise you will need to wait until all PPI is investigated (which could take 18 months or more). It will benefit you by getting the IVA done and dusted.

Thanks foggy but I am still unclear

1. I have been in PPI claim for two years so I can't see how this will help me

2. I want clear confirmation that I will not have to pay apart from PPI any windfalls , redundancies, overtime etc

3 That this deed will absolve me from these payments


I am negative about this because I don't see any benifits for the IVA firm so why are they offering this

They are offering this as a way to get the IVA completed faster ( they are actually one of the more client centred and caring firms).

People with other firms who have had PPI ongoing for years still have to wait until all claims are settled. Yours might finish next month, or might hang around for the next year ... no-one knows.

You can be liable for windfalls etc until you get that completion certificate -- so that is the goal -- and signing this will make that happen faster.

This deed has nothing at all to do with windfalls etc and will not absolve you from these -- only your completion certificate can do this.

The benefit for McCD is a happier client (better reputation)and they get "dead" cases closed and put away faster.

I think they do this to close down the iva as soon as possible. They have a obligation to creditors so have the right over any outstanding claims and you get your certificate quicker.

Thanks Foggy

It benefits them, as they can trawl back through your financial history and claim PPI on any historic loans/cards etc you have.

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

It benefits them, as they can trawl back through your financial history and claim PPI on any historic loans/cards etc you have.

They can do this anyway MM ---- this just allows them to get the IVA closed as far as the client is concerned.

You around foggy?, got an interesting call from my IP company a couple of weeks ago

Thanks Foggy for explaining everything and I appreciate the praise for our firm. You are absolutely right that we just want to be able to close down the cases subject to any further PPI or financial irregularities being included.

The clients receive their certificates and will hear nothing else from us about reviews, overtime, bonuses etc and if they subsequently win the lottery then good luck to them. We will never know nor care.

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

You around foggy?, got an interesting call from my IP company a couple of weeks ago

Sorry Mole -- missed you -- early night for a change

Hi Foggy, this is a good one. Got a call from my IVA company to tell me they can help me switch providder, electricity, gas, phone, insurance and TV. This would both benefit me and also potentially allow additional money to be paid into my IVA !!

Also, assume there is a nice payment for my IVA company for brokering this deal.

I know IVA companies are commercial enterprises but is this another route they are going.

Whatever next, giving me food vouchers for Lidl ?

Hi Mole --- talk about diversifying ! I hope creditors in the future don't cotton on to this and expect us to go through that routine to maximise payments !!

I wonder if they could fix me up with a cheap plumber !

I wish they offered club card points on iva payments!