End of IVA

JO480

Hi


I am looking for some advice on IVA.

I have completed my 6 years of payments on my current IVA.

Having received a letter I now have to sign for a further 12 months and declare any extra monies (What does this mean?) I might receive in this period whilst I was in the IVA. The company has already received several thousands of pounds from their checks from PPI which by the way was not paid to my creditors.

Can the company add new stipulations? If I don't sign this my IVA will not be completed and they will not release my deeds. When asked this could also take several months for completion. It is never ending!!


It also relates to a court case Green v Wright (2015).

Please could anyone advise if this is possible and I also wanted to share this to make people aware that companies keep adding extra requirements whilst you are still tied to their contract.


I have not choice but to sign this and retain my deeds.


Any advise is really appreciated.


Kind regards


JO480

sourcrates

Hi,


The Green v Wright case concerned specifically PPI, and this is not a new stipulation.

The judge has ruled that the release of a debtor from an IVA (Individual Voluntary Agreement) is not the same as the discharge of the debt, and after the release any property subject to the IVA is held on trust.

I don`t understand though why you have recieved this letter now, after already completing 6 years of your IVA, you would normally get this letter in year 5, can you expand on this at all ?

PrettyKittyKat

Extra monies could be under the additional monies rule?

When you say sign for 12 more months, do you mean 12 more months of payments?

Have you complied with all the terms of your IVA, i.e. sent all payslips, paid in all additional monies, reviewed equity and extended payments for 12 months if applicable??

Craig1981

i only did 5 years on my IVA - at the end i signed a waiver of PPI claims for anything found in the future, to be paid to the IP, but was never extended

is this what you mean, as you mention PPI in your post as well?

JO480

Here is the first clause:


I/We confirm that we have made all our required payments into the IVA accepted on end of Aug 2018… (as modified by any subsequent meeting of creditors, where applicable) and am/are now entitled to a certificate of completion (“the Certificate”) subject to the issue detailed below… However, I/we also agree that claims for compensation that I/we have entitlement to prior to entering the IVA (including but not limited to claims of mis-sold PPI) are being investigated… I/we acknowledge that the joint supervisors have up to 12 months to complete the final administration of the IVA prior to issuing the Certificate. The joint supervisors confirm that the only issue preventing the issuing of the certificate is the investigation in to the prior claims.
I have paid all monies and they have already investigated and received monies back from PPI. They told me that they have not further investigation.. (This is quite obviously a standard letter !!!)


Comments please

Craig1981

yes, i signed a waiver that any further ppi claims after completion of my IVA was to be paid into the IVA

standard practice, and you do not need to pay anything else

JO480

Thanks for the reply.


What about if you received any other monies. Are they entitled to this? eg postcode win. Not that I have won anything. Just trying to understand the period of time that they still can take money from you...


Would it be best to wait to receive your completion certificate..


Many thanks

Craig1981

i believe they can still request payment if you receive a windfall prior to certificate being issued, but not entirely sure and happy to be corrected if not

JO480

Many thanks for your advice.


Very helpful.


It's nearly over.