We made a f&f via Cleardebt which was accepted at the start of April, but they are not now going to issue completion certificates due to investigating if clients have potential PPI claims.
The f&f money was paid to them by my mother in law 5 weeks prior to this, so they have had what is in effect our year 4-5 monthly payments but in a lump sum by means of the f&f, in advance.
This was short of the original proposed dividend, because of the re-mortgage clause, and since our home is in negative equity, unlikely we could have raised any additional funds to add to our regluar monthly payments.
So, the creditors should get what we would have paid to them by the end of year 5, but at an earlier stage, and we are grateful they accepted the offer.
However, I am vexed that cleardebt have now decided to delay closing IVA's whilst they enquire about potential PPI claims with all of our creditors. From what I was led to believe before making the f&f, they were closing cases at that time and they even said they aimed to do so quickly and efficiently.
I dont want to remain on the insolvency register a minute longer than I have to, and from enquiries I have made today, I am told by cleardebt that it could take another 12 months to issue the completion certificate!!!!!!
I am also informed that I cannot write directly to creditors to obtain confirmation that we have never taken PPI in the first place.
Although we have had a letter from cleardebt loosley stating that the claim is being held open purley to establish if there is a PPI claim, we never ever took out PPI as a long time ago I worked for a financia company selling loans and PPI and didnt like the terms and conditions.
Also, I am not at all satisfied that any windfall such as inheritance would not be taken into account. This is of particular worry to me as we lost my father-in-law suddently last year, at which time my mother in law also took seriously ill. I know first hand just how quickly these things can happen and come out of the blue. Thankfully mother in law is better now, but windfall of any type is surley at risk with the case still open?
I have challenged our contact at cleardebt who informs me that the IP is obligated to enquire about the situation re PPI claims. Can one of the experts please tell me why this is so and if all IP's are doing the same, as I dont see anyone else on this forum posting about the same problem with their IP/IVA company.
I had made a brief post about this a couple of weeks ago, and I recall an expert saying each compay varies in their approach etc, how come this is allowed? It does not seem fair that some IVA's are going to be held open longer than other firms.
To add to my anger, I was informed of the PPI enquiry over 2 weeks ago, yet when I chased the matter today, it would seem the ball has not even started rolling! I have now to wait for a letter of authorisation to be sent to me, which I must sign and send back before they can even make enquires!!!! Bang goes another week or two.
I have always been so pleased with Cleardebt right up until this point, and have never had any of the problem that I read about other posters having with alternative companies, but since starting the whole f&f process, I am so cross about the standard of service & lack of communication during the past 2 months and now this is set to drag on and on.
I have also read a number of posts on here and found the following extract from Andy Davies book to be worrying:
"Once the last payment for your IVA has been made, it is the Insolvency Practitioner’s job to officially conclude the arrangements and issue you with a certificate of completion. This might seem like a formality, but it is a vital part of the process and must be done quickly. The issue here is that the case does not go off the register until it is officially closed. In such a case, the real danger is that the ‘windfall provision’ is there for as long as the case is open. Even though the IVA may be completed, if it hasn’t been closed by the Insolvency Practitioner and removed from the register, the creditors still have the right to grab any windfall that might come your way, even though they no longer have the right to demand monthly payments from the client any more. That puts you in an extremely vulnerable position, and if money were to suddenly turn up the creditors would be able to seize it. It is important to be aware of this issue, and to ensure that your Insolvency Practitioner concludes the IVA quickly."
So, even with a carefully worded letter from cleardebt, does the windfall clause still remain a danger to us? When I asked if we win the lottery for example what happens, the response I got was that its just being held open for PPI claims because these can run into the thousand, yet if we win the lottery or inherit money this doesnt count....the list of possible windfalls in endless, and all that I can say is I do not feel re-assured in anyway.
Makes you think i would have been better off if my mother-in-law had paid the monthly contributions for us, at least she would have had the benefit of keeping the lump sum in her own account instead of it sitting some place else, because we are not closer to getting a completion certificate having had a F&F accepted.
This really just isnt good enough.
Last edited by
flowerpot on Fri Apr 27, 2012 3:00 pm, edited 1 time in total.
