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Posted: Fri Oct 30, 2015 8:59 am
by JJSIDE
Can somebody please explain to me what the difference is between R3 and Protocol? I have seen this mentioned many times, especially relating to PPI claimed post IVA Completion and relating to continuing trusts. I am just imtersted what these terms mean and how they are different
Posted: Fri Oct 30, 2015 11:28 am
by kallis3
I have no idea but will keep this bumped up in the hope that one of the experts can help.
Posted: Fri Oct 30, 2015 11:32 am
by Michael Peoples
R3 is the regulatory body and have standard terms abd conditions T&Cs. Protocol is a type of proposal aimed primarily at straightforward IVAs and has its own T&Cs. Some firms use protocol T&Cs but others us included use the R3 ones. We have incorporated some of the protocol into our proposals but have never used their T&Cs based on advice from compliance.
Some creditors such as HMRC do not like protocol and prefer R3 as they were involved in drafting these T&Cs so simple or protocol IVAs can only ever cover a percentage of cases.
There are pros and cons of each set of T&Cs but we have no intention of switching and will remain using R3.
Posted: Fri Oct 30, 2015 8:45 pm
by lifenoteasy
R3 also have a stronger legal basis as against protocol.