• What is a Post IVA Trust? I thought my IVA was completed?

    • When you first entered into your IVA, you would have agreed to include certain assets or money to be realised for the benefit of your creditors.
    • This would include all your assets at the date your IVA was approved, unless they were specifically listed by you as being excluded.
    • Even assets which you were not aware of at the time your IVA was approved – most typically claims for financial mis-selling, including the proceeds of mis-sold PPI claims – would have been included in your IVA, unless they have been specifically excluded by you.
    • From the start of your IVA, your assets are held on “trust“ for your creditors, until they are realised.
    • The trust does not automatically come to an end when your IVA closes, as there may be assets which had not been realised and which the former Supervisor (now the trustee) is required to administer post-closure under the same terms as the IVA.
  • Who are First Dispute Management Limited (FDM) and why are they investigating claims years after my IVA was closed?

    • Aperture’s Office Holders were approached by FDM at the end of 2018, with a view to investigating potential claim for the mis-selling of financial products, including any outstanding mis-sold PPI claims.
    • The Office Holders then instructed FDM to act on their behalf, in their capacity as trustee, to pursue all outstanding claims for financial mis-selling, which had occurred prior to the inception of your IVA.
    • FDM lodged a huge number of outstanding claims prior to the deadline in August 2019 and many lenders are now processing offers as a result.
  • I’ve received a copy of an offer of compensation, so when will I receive Statutory Interest? Will you calculate my Statutory Interest Payment for me?

    • You will be entitled to receive the Statutory Interest element (net of realisation costs) on a successful claim if this was included in your IVA terms.
    • You will be entitled to the Statutory Interest element (net of realisation costs) if the claim has been recovered by FDM, irrespective of the terms of your IVA.
    • In order to calculate your Statutory Interest payment, Aperture will require a copy of the offer letter from the lender which shows the Statutory Interest figure.
    • We aim to pay Statutory Interest by the end of the month following which the mis-sold PPI payment was received by Aperture. For example, if the payment was received on 10 October 2020, the payment should be sent to you by the end of November 2020.
    • Please be aware that where Statutory Interest is not paid within the approved timescale, this is almost always because Aperture has not received a breakdown from the lender.
  • I’ve received my Statutory Interest cheque however I can’t bank can you re-process?

    • Aperture can cancel the Statutory Interest Cheque and refund you via BAC’s if the below details are provided to IVATrusts@aperture.co.uk.
      Name:
      Aperture IVA Reference:
      Email Address:
      Statutory Interest Cheque Value:
      Bank:
      Account Name:
      Sort Code:
      Account Number:
    • I can confirm that this process can take up to 30 working days to complete therefore we would request that you do not send multiple emails regarding this matter unless you have not received your refund within the timeframe communicated.
  • I’ve received a Statutory Interest cheque for a deceased member of my family, am I entitled to this payment?

    • Aperture can cancel the Statutory Interest Cheque and refund you via BAC’s if the below details are provided to IVATrusts@aperture.co.uk.
      Name:
      Aperture IVA Reference:
      Documents to reflect personal representation:
      Email Address:
      Statutory Interest Cheque Value:
      Bank:
      Account Name:
      Sort Code:
      Account Number:
    • I can confirm that this process can take up to 30 working days to complete therefore we would request that you do not send multiple emails regarding this matter unless you have not received your refund within the timeframe communicated.
  • When will I receive a Receipts and Payments Account of the funds which have been received and paid out of my PIVAT trust?

    • It is proposed that where there have been realisations and distributions during the year, that a summary of the trustee’s receipts and payments account will be sent to the IVA creditors and to the former debtor on an annual basis.
    • Where there are no recoveries or payments, no summary account will be circulated, as there will be nothing to report.
  • How long will it take for my credit file to be updated when my IVA completes?

    • Aperture do not have any remit to update your credit file – that responsibility rests with your creditors and they will typically take steps to update your credit file data around 8 weeks after we issue your final report. Please visit the Equifax, Experian and Call Credit websites for more information on your credit file and actions that you can take to ensure that the information held is accurate and up to date. Please also ensure that you keep a copy of your IVA final report and completion certificate safe as you may need it to evidence that the IVA has come to a successful conclusion.
  • Why has it been longer than 5/10 days and I still haven’t had a reply?

    • Following the sale of the live book of cases to Jarvis Insolvency Limited on 1 September 2020, there has been a change of some of Aperture’s systems which, coupled with the difficulties over working remotely due to COVID-19, has led to temporary delays in responding.
    • This is not the service anticipated from Aperture, for which we apologise. Please be assured that our staff are doing all they can to deal with backlogs, so that we can respond within the timescales, going forward.