Our Final report came through today, so the long awaited end to the IVA is here, very relieved! Several months ago our IVA company requested permission to pursue a PPI claim on behalf (the proceeds of which would be paid to the creditors). However the decision from the PPI company was not made until 4 days after the date of the final report. We have been contacted to ask how we'd like our refund paid. Are we entitled to the rebate or can the creditors still claim it?
I think that this will have to be paid across to.the IVA buy not
100% on that.
Hopefully one of the experts can.help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
been thinking about ips requesting to claim back ppi to pay to creditors for a wile now ,before i start yes i know about windfalls and paying as much back to creditors as possible , my point is banks got torn to shreds because the way they sold ppi and they would not be refunding if they could get away with it ,they are doing the right thing paying it back as they are bound by a court of law ,when in an iva you are protected by a court of law , ips are they not claiming back money that was payed to creditors fraudulently and handing it straight back to the poeple that wrongley obtained it in the first place ? i.e that money shouldnt of been in the pot in the first place , or am i missing some thing
I think you are missing something spla, I think because in this case the PPI reclaim was commenced before the IVA closed then the monies should be due to the IVA, however as the IP has now closed the case then I would imagined the monies would be paid over to you, as BOL has stated, it seems like this has been an oversight of the IP and they shouldn't have closed the IVA whilst this was ongoing.
Spla, what you have to remember is when we enter an IVA, we agree to the terms and conditions and however we ended up in the position of needing to enter an IVA, we accept that a proportion of our debts will be written off by the end, I think this is fair consolation for having to pay PPI reclaims into the pot, at the end of the day, you can't have your cake and eat it as they say
We've just had confirmation from the IVA company that as the IVA has finished, we are entitled to the PPI repayment!!! As it was the additional cost of the PPI (which was a very large amount) a month that 'tipped us over the edge' financially, resulting in the IVA. I think we've got justice. Thanks everybody for all your advice [:)]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
