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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Hi, I am in the 5th year of my IVA with DFD and due to complete

Resolved Question:

Hi,
I am in the 5th year of my IVA with DFD and due to complete in July this year after releasing a specified amount from the equity of my house. Recently, DFD has sent me (and a lot of their customers) a "Deed of Assignment" for claims on Mis-sold financial/credit products, and also a form of "Variations to the Terms of IVA". If I signed both documents, will (1) DFD have the power to increase the originally agreed specified sum to be released from the equity of my property? (2) Say after July, I was issued the Certificate of Completion of my IVA by DFD, can they in later days make claims of any of my pension lump sum, inheritance or say lottery winnings.
Kind regards, David
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

You need to check the wording of the Deed of Assignment.

Alex Watts :

It should be on the basis that they can ONLY claim back the mis-sold PPI, so check the wording

Alex Watts :

Once you are discharged, that is it - you have completed the IVA.

Alex Watts :

Any debts you have are written off and they have NO claim on anything else such as pension etc.

Alex Watts :

Even if you win the lottery after being discharged then they can NOT claim anything.

Alex Watts :

Once you have completed - that is it - too late to do anything

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

Hi Alex,

Alex Watts :

Hi

Customer:

Hi Alex, The Terms Agreed within the "Deed of Assignment" document certainly did not mention anything about release funds from equity. However, it is the "Variations of Terms of IVA" which I am worried about. I don't trust and claim I can understand all of it thoroughly because there are embedded some legal terms which just go over my head. I have attached the scanned documents here if you feel you can make the time to help me screen through it to ensure they are not given the power to change the originally agreed amount simply because the equity of my property has increased over the last 4 years. I am prepared to compensate the extra time and effort (if you can make it) with additional fees at your professional rate. But if you can't it is fine, not to worry. Kind regards, David.

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Alex Watts :

I should say that this site is not designed for in depth legal advice and if you are in any doubt then you should take independent legal advice.

Alex Watts :

But I would agree, it does not say they can take equity

Alex Watts :

If you are not comfortable then dont sign it - they cant make you.

Alex Watts :

Does that clarify?

Customer:

Hi Alex, thanks for your contributions.

Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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