I agree with Foggy, it does not limit future claims to PPI.
From what I understand they are trying to introduce a "catch all" to cover any un realised asset, at the moment this covers PPI and they have recently started chasing un reasonable bank charges and have also made mention of un reasonable interest charges on loans / overdrafts and credit cards. Ultimately if there is money to be made in fees they will chase it.
I did ask the question about un realised assets and how did it handle an inheritance. If you know you will be a beneficiary and it is due after completion is this classed as an un realised asset? under the terms of their letter I would say they could chase you for it after completion but to date I have not had any feedback as to how it would be handled.
The way I understand it, the inheritance would be an asset if you new you were waiting to receive the inheritance before you had your completion certificate. They cant claim on an inheritance you may or may not receive in the future as that wouldnt be an asset within the timescale of the iva.
I gave em both barrels and the stock to the head over the PPI mess and harrassment (including 6months of EIC sending private data sensative documents to a random address in doncaster)today i got this
"However, I can confirm that due to the evolving process concerning PPI, the option to opt out is available if you are certain that no such claim exists. A declaration of no claim form will require your signature to verify that you have no claim and will therefore not be pursuing this now of in the future. My PPI Support team are utilising this and you will therefore be required to speak with them on 0800 669 6091 to complete a few checks and arrange for the declaration of no claim to be issued"
5 minutes on the phone and ive got the document "apparently" on its way..
Time to end of IVA 0 days
Time to end of GT dealing with it...CC recieved after a battle royal !!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by louiseh
The way I understand it, the inheritance would be an asset if you new you were waiting to receive the inheritance before you had your completion certificate. They cant claim on an inheritance you may or may not receive in the future as that wouldnt be an asset within the timescale of the iva.
But PPI was never an asset until they decided to refund it nor were bank charges or un fair interest rates and now they are saying that they can chase these after completion... I am not saying this is going to happen but I have asked the question and got no answer....
I agree, Nickjohn. When PPI first reared it's ugly head I was unsure whether that could be classed as an asset, as, until claimed, it doesn't exist. I think, at the time, I used the inheritance position as an ( extreme ) example, saying something along the lines of --- if you are in a will as beneficiary and the person passes on AFTER the IVA is finished, the IP could come back and say that was an asset.
At the time I was being sarcastic -- I am not so sure now !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I honestly dont see how they could chase inheritance that wasnt realised until after the cc is received. PPI etc i understand, if it exists it exists before, and during the iva, doesnt matter when its investigated, it would still be an asset. Inheritance isnt yours until you actually become a benificiary, being named as a benificiary doesnt give you an asset.
Last edited by louiseh on Sat Mar 02, 2013 11:10 am, edited 1 time in total.
If you are a beneficiary with say an inheritance due of £10k and six weeks after completion of your IVA, but before you get your completion certificate, you inherit then the IP can take the money..
It will be interesting to see what will happen in the future to those who have signed the irrevocable right to chase any financial claim after the completion cert has been issued, I for one would not like to take the chance that at any time after completion I will be back paying funds into an old IVA.
Also when I entered into my IAV PPI was not an asset, in fact it was never mentioned and I had no knowledge that it existed or that I could get it back yet it is now taken for granted that PPI is an un realised asset...........
Ultimately though it is up to each of us to make our own decisions, I have only commented on the forum to help those who felt they had to sign as the IP said so and that there was more to it than getting back your stat interest...
Last edited by nickjohn on Sat Mar 02, 2013 11:36 am, edited 1 time in total.
I am with Synergy/Cleardebt, I finished my iva 6 months ago, but my supervisor keep on harassing me to claim for PPI, finally I've signed the claim authority paper because he keep on delaying my certificate of completion, why they let me finished my 5 year contract before they asked for this ppi claim...I just realised that some or majority of the IVA supervisor are greedy...instead of helping us they will juice out everything to us...My suggestion to those thinking of entering iva, claim your ppi first, you might have enough money to pay your debt.
I don't think that is actually right nickjohn - if the debtor has paid all of their payments and complied with all of their obligations, then I do not believe a Supervisor of an uncompleted IVA can claim windfalls correctly. If this does happen, then legal advice should be sought.
Insolvency practitioners are not greedy - we are just properly carrying out our duties in accordance with statute, contract law and our responsibility to creditors. And most of you are getting the benefit of substantial debt write-off which is often forgotten.
Hi Melanie, I think this is one of the things with this letter from GT, what you are being asked to put forward is an amendment whereby you are giving them an irrevocable right to chase PPI and any other financial claim after the IVA has completed. There is no time scale to this and no detail as to what it includes, my interpretation is that they can chase any financial asset / windfall at any time now or in the future.
Until they send confirmation / clearer detail as to what they actually mean by the clause I can only work on my own interpretation..
