Good morning
I currently have an iva with freeman Jones, and Iam in my fourth year. I have recently received a PPI refund from First Plus bank for roughly £7000.00. This was dealt with by Think2Claim, they have deducted their fees and sent the remaining monies, roughly £6000.00 to Freeman Jones. The problem I have is that I was originally told by *name removed* of Freeman Jones that I will be able to keep the money and either offer a settlement figure or spend the money on what you like!! Now this has all been documented by Freeman Jones and I even confirmed it on numerous occasions because I could not believe what they told me, but they still stuck with this decision. Anyway, I drafted a letter which I sent to them to offer a settlement figure, so I thought everything was going fine, I even arranged to book the church for my wedding out of the remaining monies. Well a few weeks ago after chasing them they have now advised me that it was a mistake and they should not of told me that I could keep the money, apparently there is a legal problem and it is all up in the air at the moment. I have contacted them on various occasions since them and all they say is no news. Its not the fact that I want the money I just need to know what is happening.I have tried to speak to *name removed* and guess he is not available. I know its not my money at the end of the day and I was prepared for the whole lot to go into my IVA, but its the not knowing that I find very frustrating, someone must be able to tell me whats happening!!!!
Last edited by Michael.dw on Wed Mar 12, 2014 7:51 am, edited 1 time in total.
Hello Michael. It is generally accepted, and many firms have taken legal opinion that PPI monies are an asset of the IVA and, as such, are payable to the IVA estate. There is a slight loophole if you don't have an "all assets" clause (I am afraid I am unable to explain the wording required for this to be the case). In any even, some firms are maintaining that even if you did have the benefit of this apparent loophole, you could then be deemed to be in breach of the IVA for not declaring the PPI as an asset in the first place --- yes, even though no one ( including the IP ) knew it was an asset in the first place !! Talk about having your cake AND eating it!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Apologies for any delay. I can appreciate that not knowing exactly where things are up to can be frustrating. Please can you email me your reference number to Steve.Hewitt@freemanjones.com and I'll speak to the team to get an update for you.
I hope this helps and I look forward to hearing from you soon.
Thank you
Steven Hewitt - a member of the team at Freeman Jones
Not really fair guys to name actual names of employees of IP firms on the forum. I wonder if someone with authority from the Admin team can amend this.
The PPI issue has been quite fluid in terms of interpretation, and mistakes can be made in firms which are unfortunate, but sadly part of human nature at the end of the day.
