I completed my IVA three years ago. I recently wrote to HFC Bank to claim back the PPI for various reasons. They have replied saying they will give me a £2.5k full refund of the PPI but it will be send to IVA Practitioner.
They are probably correct - however they should have reduced their claim within your original IVA at the time you entered it. Since their debt would have been less.
Check with your IP.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
The refund of the insurance policy is something which should be shared with all creditors as a windfall, but as your IVA has now completed the money is yours to keep.
Last edited by MelanieGiles on Mon Oct 06, 2008 12:44 pm, edited 1 time in total.
Thanks
Does this mean any windfall I have from now on must be reported to IVA practioner?
I am very confused about this as advice from others is that as the creditors accepted a full and final settlement, any windfall following the completion is due to me?
Or is this incorrect and any windfall related to the debt will be split amongst creditors?
I'm so confused?
As far as I'm aware the reason that the PPI refund would be paid into your IVA is because it is money that was due to you before you completed your IVA.
If you were to receive an inheritance or lottery win now, the money would be yours.
I'm sorry - I have confused this issue as I did not spot that your IVA has actually been concluded. My mistake and I have amended my earlier post. I think that the money belongs to you and not the former Supervisor.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I have spoken to my IP and they have told me as the IVA was completed 3 years ago my "account" has been closed. If they recieved a cheque they would not distribute money between creditors and believe the lender should send the refund direct to me.
I have spoken to the lender who is refunding the PPI and spoke to someone in complaints. They weren't aware the IVA were completed and has said they will issue a refunf to us directly.
Still uncertain if this is correct so will update once I have a heard anymore.
Thanks
There is no IVA any more - therefore the money belongs to RMWalton. There is no legal provision for an IVA to be reopened after it is closed. If the IP receives the money, it ought to be returned to the lender with instructions to make the cheque payable to their former customer.
Ooops I was wrong - as the IVA is complete the money belongs to the debtor. Ask the IP to return the cheque to HFC requesting them to refund you.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
