Posted: Wed Jan 30, 2013 10:09 am
This is the post IVA Victim:
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by g4vhn
I have received the following email. My interpretation of it is, they have been stalling all this time whilst they decided how they are going to go about things. Basically nothing has been done regarding closure while they decide and the have just been fobbing me off the whole time. This is the first mention of PPI to me.
By the way i know 100% i have no PPI claim as none of my credit has ever had it on, mis-sold of otherwise.
Good Afternoon Gavin,
Thank you for your email, I hope you are well.
I am writing to advise in order to gain an update on the progress of your closure you would be required to email our closures department direct at iva.closures@uk.gt.com.
I would however note a quite important matter which is having a serious impact on the closure process at present.
PPI is considered a "Contingent Asset" of an IVA as per legal advice we have recently sought on this matter. We wrote to all our clients to advise this asset must be investigated and introduced to the IVA for the benefit of all creditors where funds are available. Opting out of this process was previously an option as some clients may have been aware that PPI did not exist on any of their debts however as this is a constantly evolving process, this is no longer the case. We will only accept confirmation from your creditors that PPI was not present on any of your debts in order to ensure you fulfil your obligation in this regard.
As it currently stands we are still awaiting some further guidance to be issued from our regulators in respect of PPI however we must currently treat the asset as it would be treated in Bankruptcy and to that end all debtors are obliged to investigate a potential claim. Assets cannot be withheld from your creditors. Failure to investigate mis-sold PPI will be deemed a breach of your IVA and will result in an indefinite delay in the closure of your case as we can not clarify you have fulfilled all obligations with this unresolved matter.
In order to minimise disruption to our clients and the closure of their IVA, we are proposing to hold a Mass Variation meeting with all creditors across our entire case load requesting permission to close the case and treat PPI as a separate entity which will continue on post closure. If accepted by both the debtor and creditors this will allow the Certificate of Completion to be issued whilst the Supervisor still investigates all claims in respect of PPI. Funds would then be distributed to creditors post closure of the arrangement.
We expect to start issuing paperwork on this process in the next couple of weeks and it is imperative that you give this paperwork your urgent attention and return as soon as possible to ensure this process can be completed as quickly as possible as we are aware this PPI campaign has caused significant delay already for many of our clients. Should you not accept this meeting to take place on your arrangement then closure will be inevitably delayed while the PPI process completes in full.
Should you have any further queries please do not hesitate to contact Customer Services on 0844 855 2166.
Kind Regards
Claire