Thanks Foggy, I think you pretty much sum up the situation, it isn't that I am particularly concerned who gets the PPI, I want my certificate, having been told 6 months ago that by agreeing to the PPI amendment I would then be able to get the certificate without delay, I feel I have been misled, deceived possibly into signing a revised agreement, when the agreement / arrangement had already been honoured and completed.
As I am the only IP who posts on this forum Mike, I assume you are saying that the advice I gave you "did not stack up". In which way as a matter of interest?
My point is simple, if my original IVA agreement had encompassed PPI then I would not have had to sign a new agreement to cover it. As my IVA was technically completed when I made the payment in full and final settlement back in May 2012 in accordance with the revised terms accepted by my creditors, Therefore any changes no matter what they are that my creditors or Grant Thornton wish to impose are simply irrelevant.
How can you amend an arrangement that has been completed, all Grant Thornton did was to refuse to issue the certificate and gave me no choice but to sign the amendment or sit in limbo for god knows how long.
As for your earlier advice, if I recall correctly you referred to clauses etc in the original agreement that allow them to pursue assets even after completion, if this was the case why ask for an amendment?
Please find my email address in my profile. If you could drop me an email I will look into your case further, and get back to you to discuss any questions or queries.
I still don't understand the point you are making Mike, sorry.
Without knowing the specific terms of your original agreement, it is difficult in any case to advice fully or properly - but in simple terms if the PPI was specifically included, or you had "all-assets" provisions in your original IVA agreement, then regardless of whether this is finalised or not, the asset will remain due to the IVA and creditors should receive the sale proceeds. The IP can still act under a continuing trust regardless of whether the IVA has been closed or not.
You are, however, correct that the agreement cannot be amended if it has already successfully concluded. If you chose to agree to the IVA being amended prior to this, then you will have to live with the consequences of that decision I guess.
Mel, I think the point Mike is trying to make is that GT intimated that the issue of the certificate of completion would be delayed if the MVM terms weren't agreed to -- this was after the full and Final had been proposed to, and accepted by, the creditors.
Therefore the MVM was seeking to vary an arrangement that had already concluded and included in those terms was agreement that PPI was an asset, regardless of whether it was included in the original arrangement.
Now, having incorporated PPI into the arrangement, the investigation of this is holding up the issue of the certificate in any event.
There is a lot of thin ice on the legalities here and I am only making assumptions in this case.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
But I would really like him to confirm where he thinks I led him up the garden path Foggy.
If GT are acting in such way, and are ultimately found to be incorrect - the guidance to IPs made it clear that IPs were to be sure of their position before pursuing any PPI monies - then this may be a matter for Mike to seek his own independent legal advice. But I would have thought that would have been better done before he signed and agreed to accept the variation terms.
Gt have an opinion which they think is right but has no legal binding effect.
They make lots of promises if you,ll sign anything put in front of you and then make threats of breach etc when you dont.
But push them and they back down as they know thier position isnt a strong one they just milking the proverbial cow until something like the "bought IVA" judgement goes against them and hurts thier profits.
Time to end of IVA 0 days
Time to end of GT dealing with it...CC recieved after a battle royal !!
