Full and final settlement IVA

Dawn123

Hi can anyone help. My Creditors have agreed an F&F and taken the money save for any PPI realisations but are now extending the IVA for 6 months. I did look into PPI but had no success which they were told at the meeting. But one creditor wants any PPI so Now my IP is looking into PPI
1) if I receive PPI back does this go towards the 5 year figure we agreed or the whole of the debt?
2) If in 6 months they haven't finished their investigations can they keep extending the IVA even though They agreed the F& F and took the money
3) Can I offer the whole amount of debt to pay it off completely to finish it and if so can they still insist on any money from PPI realisations

At the time Of offering the F&F I did not realise that it meant they could agree but keep the IVA open. The person who gifted the money thinking it would be finished is very upset about it and probably wouldn't have offered it

National_Debtline

Hi Dawn and welcome to the forum.


IVAs being kept open for protracted PPI realisations seems to be a regular issue in recent times.


I don't know the exact terms of the F & F that you agreed with the IP, but it may not have overridden their right to reclaim any assets due to you before or during the IVA. That said, if you believe that the terms of the F & F were in some way misrepresented to you, you should consider a formal complaint to your IP:


https://www.gov.uk/complain-about-insolvency-practitioner


To answer your questions specifically:


1) if I receive PPI back does this go towards the 5 year figure we agreed or the whole of the debt?
It amounts to the same thing either way. The IP is entitled to collect as much as possible, right up to the total debt owed plus their fees, whatever the original "dividend" agreed in the IVA proposal.


2) If in 6 months they haven't finished their investigations can they keep extending the IVA even though They agreed the F& F and took the money
You should complain if you feel that the completion of your IVA is being delayed unnecessarily. See my above advice re: complaining about the F & F agreement.

3) Can I offer the whole amount of debt to pay it off completely to finish it and if so can they still insist on any money from PPI realisations
This is normally only possible if your offer is big enough to satisfy 100% of the amount owed to creditors plus IP fees.

Dennis
@natdebtline

Dawn123

Thank you Dennis very helpful