Letter from DFD

UpToMyNeckInIt

...I found this rather interesting article on 'Debt Camel'

http://debtcamel.co.uk/iva-agree-to-small-change/

It appears that one of the other main changes to the IVA 2014 protocol is to formalise the process whereby an IVA completion certificate can be issued, allowing the customer to move on with their lives, whilst PPI investigations are still ongoing (and with firms like EIF & EIC involved, these seemingly take Months).

I rather suspect that DFD (and possibly others), are merely then asking customers to agree to this 'fast-track' to completion. (I still stand by my previous comment about customers clarifying in writing that further, or modified, 'equity release' attempts/terms will not be required first though).

Agree with Debt Camel's assertion that this seems a little OTT, when a simple written agreement over ongoing PPI to allow completion, could be agreed anyway.

longtermplanner

I agree with Depth Charge that DFD should be explicit about what they are trying to do.

Curlybing

Hi all, I also received a letter from DFD that confused me no end! I have no assets (I don't have a mortgage), I am two years into my IVA and all PPI claims have been finalised through equity in finance. After reading this thread I am in no doubt now that I will not be signing the new deed of assignment as I have no faith in the information or advice I have been given by DFD.

I just want an end to my debt problems and after 60 months of payment I don't want the worry of it dragging on further if they want me to get a loan

cosmicjonny

With 4 Months to go there is no way that i am agreeing to new terms, regardless of how slow the Equity in Finance people are. I'll take my chances.
Im now getting emails from DFD (even though the email was from fairpoint) saying that they have yet to hear from me regarding the letter they sent.

Cuddles22, Did you sign yours?

22cuddles

As my equity release has already been settled, but the PPI hasn't (despite me thinking otherwise) I decided to sign rather than potentially hold off the completion certificate any longer than necessary. I'll hopefully find out in a few months if it was the right thing to do.

Find_The_Real

Wishing you all the best with it 22cuddles, and I really do hope that there are no delays for agreeing with the new terms.

The debate has certainly been getting a lot of interest on the other site as more customers are sent these new terms and only time will tell what impact this may or may not have on DFD customers.

Depth_Charge

Hi

Just read this from the Debt Camel site

Might be of interest on here and elsewhere

http://debtcamel.co.uk/dfd-iva-variation/

A lot of discussion around now on these issues, there has to be clear statements and information from the IVA industry as this looks like its going to run with attention and interest growing.

Those currently subject to IVAs or considering entering one deserve the full advice, facts, information & clarity, anything less, well, make maybe make your own minds up on that one.

Maybe a spokesperson from DFD or the IVA Industry would consider coming on here and set the record straight on what can only be described as extremely important issues.

My opinions as always

DC

UpToMyNeckInIt

DC,

Thanks for highlighting that article. Clearly then, there is a World of difference between DFD customers like 22cuddles (good luck by the way), who are in no danger having already attempted equity release, to those being asked to sign the new terms with equity release still to be attempted.

DFD are suspiciously quiet, but to put this into context, another IP quoted the following (relating generally to the equity release clause in the 2014 protocol) on another forum:

'My own view is that this is a storm in a teacup, as the ability to get a secured loan based on the other resttrictive criteria of the protocol - affordability, length of term etc will make it quite diffiult for anyone to get a secured loan.

We have recently done a back review in my portfolio of cases where equity release is relevant over the last 13 months, and on only one occasion would it have been possible.

As an IP in practice, I have to work with what I am given, and if the Insolvency Service choose to amend the rules then so be it. Personally I don't see protocol DMPs growing at the expense of IVAs - but it is vitally important that clients be given the full facts to enable them to make appropriate choices at the outset.'

...I don't know if that statement 'sets the record straight', but clearly a qualified, professional opinion to add into the mix nonetheless.

So are us IVA/homeowners maybe worrying unduly about the impact of secured loans etc?

For customers who are not homeowners - probably OK to sign up to DFD's new terms if it means you complete more quickly.

Louise84

My husband is in an IVA and has received one of these letters... after reading the articles on here (thank u) we decided not to agree to these terms. However he has received an email today saying thank you for agreeing to the changes and it will be proposed to your creditors at a meeting in April! The cheek! Has anyone else had one of these despite saying no?

Mr_F_Dorsetty

I am not commenting on the OP's situation but have a general viewpoint.

Anyone thinking of going the IVA route should read this whole thread and see that in the OP's case they have lived with 6 yrs of an IVA, now they are most likely getting mucked about and frankly, their credit record will still not be 'nice'. Plus other people here are also getting 'mucked about' by the handlers of their IVA.

People think bankruptcy is an awful thing for a myriad of reasons, be that social morality or physical loss of property. I've been bankrupt and frankly by year three not year six, my life was fully sorted again, I was happy and enjoying life. Definitely not getting stressed out yet again by debts.

I read somewhere not so long ago that 80%+ of all IVA's end in bankruptcy anyway. If that figure is even close to being true then that has to be a thought before entering the IVA road, surely?

IMO people need to take advice from the CAB, several Insolvency Practitioners and any professional non-profit making debt service they can find, face to face.

Make that effort to see if an IVA is really a better alternative to bankruptcy for your position. Do not just make a phone call to an IVA provider off the internet, because their raison d'etre is to get you onto an IVA if they possibly can.

From what I can see, people who provide the IVA service make profits from your payments, whilst the IVA holder will probably will be suffering nightmares about their still unresolved debt many years down the line.

Bankruptcy may well be 'ripping the plaster off' but the pain subsides very much quicker it seems to me.

I truly hope the OP's and other peoples issues sort out with the minimum of stress.