www.iva.co.uk

Afternoon all,

Firstly thanks for puttng up with my constant questions lately, its paid off as my IP have announced that I have not equity and therefore no release or extension - woo hoo.

However, I have asked about the closure process and thay have said it will probably get delayed due to the PPI issue. I have asked if I can sign the deed of assignment(?) that people talk about on here. They have said yes, but it means that I have to also move on to the new, 2014 terms of the IVA. This is what they have sent:

The deed of assignment links to the new terms and conditions – the signed document agrees that you allow and agree to PPI being completed outside of the IVA until all matters are successfully closed. The terms and conditions gives us the authority to remain in trust on the IVA and distribute any monies received from PPI outside of the IVA.



The new terms and conditions do not negatively affect you in anyway, it helps to speed up the process of the day to day running of the IVA and the main aspect (the property clause) has now already been dealt with so these changes would not affect you either.

Do you see this as enough to safey switch (if I have to ) to the new terms so I can get the PPI issue put to bed?

Cheers and thanks

Just state in your response and acknowledgement of the change that you accept that this ONLY relates to PPI and you do not accept that allows for anything else to be inferred from that agreement.

My husband never had to do that - his completion letter just stated that the company would continue to look at PPI claims. I'm assuming that they found nothing as it's been 18 months since he finished.

Cheers all...

Reply sent with conditions attached!

Here's to a quite closure!

I see no reason why a DoA need be tied in to the new Protocol provisions in any way, shape or form, but am guessing your IP is just being lazy. The only real clanger with the new protocol is the requirement to fund equity release via secured lending if the remortgage fails --- but, as your property has already been excluded, this should present no problem.

And it looks like someone has already proven that a secured loan cannot always be obtained.

At the end of the day it falls down to the figures involved -- but just gives the creditors another avenue to look at should it prove possible.

Also is it not the case that PPI investigations are not a legitimate reason for delaying issuing of the CC?

Nice that everything has been sorted and the certificate will follow soon. The new terms should not affect you going forward.

Well, last payment is in Jan (i had a couple of months off). As i understand it can make the payment break up but the IVA will still finish on the january date due to this being the date sent to the creditors. either way, they have now started the process for the creditors meeting to request the DoA and change to new terms.

fingers crossed.

Good luck ..not long till January and then it will be debt freedom for you !

Just a thought to play devils advocate, what's to stop a greedy company setting up a secured loan company/arm specifically for people nearing the end of their IVA ? Lets so far example I setup that business, I offer you a secured loan at 500% interest rate purely for the purposes of extending your IVA. You contact the IP firm and say I cant secure a loan, they say try this company (their in-house huge %%% apr department and they offer you a loan).

Isn't that a risk of the new 2014 protocol ? And by being bound by this new rule in the new protocol would one have to take said ridiculous interest rate loan ?

I just googled the above, seems its happening already, see the story half way down, someone being offered a 22% loan !!! yikes

http://debtcamel.co.uk/2014-change-to-iva-protocol/

For me that seems a very good reason not to sign up to the 2014 protocol.

sorry if I'm a bit behind the times with this one.

A number of us have suggested for a while that the BR route these days may be the more preferable one at times and if we did it all over again that might be the option we take.

BR comes with much many more restrictions though and not knowing what tomorrow holds could be an issue. Perhaps a company that doesn't use the relevant secures loan feature of the 2014 protocol and IVA would be better, I recall Michael Peoples in another post saying many IVA's have variations to the protocol specifically having something different so perhaps the way forward is an IVA with 2014 protocol but insisting the clause which relates to secured loan is excluded (or an alternate variation is added that makes it more like previous protocol) or simply insisting a previous years protocol is used ?

I can see why some firms are trying to Ram this 2014 protocol down clients necks, IMHO it greatly prolongs exposure for the poor client /IVA'er - I don't think I would enter one on the 2014 protocol due to the risk without said secured loan section removed/edited in specific wording.

I would be interested to know what those reputable companies who currently do IVA's have in their wording these days with regards to this clause.

I must admit I cant remember which protocol I was bound by in the IVA I was I started in 2015, I will go and have a look......

edit to add - it was the 2013 version 3 (for an IVA that was taken in 2015 spring), I was sure had read it and it had no secure loan terms in it - seems a sensible approach.

Michal P - if you read this,

1.Do your new IVA's still go out bound to 2013 protocol ?

2. {slightly of topic but thought I would ask also} Do all your IVA's exclude statutory interest in the event of a windfall (so max is 100 in £ should it occur) ?