hi I completed my iva in 2004 and have since had some success with ppi refunds with no problems. M&S Finance initially refused refund but when I asked them for their underwriter details as advised by Financial Ombudsman they said they will make an offer on receipt of the original proposals and modifications. In 2004 all I received was a bill from the IP and accountant and did not get a copy of t&cs.(and I keep everything) IP has now forwarded on to me the copy of proposal but is having a problem finding modifications in archives. M&S insist they need the mods but do they have the right after 10 years to demand this as they must have had a copy themselves originally? I was sold IVA on basis that "Completion Certificate" meant exactly that and the ppi mis-selling was not known at that time by IP, me, accountants.I have given IP another month to get the mods, I originally asked for them in May.
I do not know the legal basis for this however I agree with you . 10 years on you would think that you would be free from having to wrangle with your IP over PPI claims !
Further to my post September 2014 re request by M&S for copy of proposal with modifications, I have finally received these and sent all the paperwork on to M&S. I have today had a letter from them agreeing to pay £2500 but not to me, to the IP, as they say this is in line with the t&cs of the IVA which allows the Practitioner to retain assets after the arrangement has completed.(Bearing in mind this iva was completed in July 2004!). My worry is that if I go to the Ombudsman how likely is it that they will agree with M&S and possibly demand repayment of some other PPI monies I have successfully claimed in last few years before all these questionmarks over who these refunds should be paid to. Also, should the IP receive all the refund,i.e. the refunded premiums AND the 8% interest and the compensation interest. These latter refunds amount to £800.00 which obviously which would have not existed in 2004.Any advice or comments would be gratefully received.
Also, could I just add that when I phoned my IP about 3 years ago when I received a PPI refund from a different bank they told me I could keep it, the following year I received a letter asking for that money upon which I telephoned them and told them what had occurred the previous year which they accepted.
I have spoken to the IP this year obviously about the copy of my proposal and they did tell me they have been successful in retaining some customers PPI refunds when these were substantial amounts and therefore I presume worth their while to re-open the case whilst taking a hefty fee for themselves!
There is the facility for PPI to be dealt with by the trust that was created by the IVA. So it is possible that the FO will find in favour of the IP retaining the monies. There is no legal precedent as yet for the retention of the interest element, although some IP's are handing it over, those that keep it have to account to HMRC as this element is taxable.
The claims company will get their fee in any event, the IP is only entitle to a percentage ( typically 15%) of the net proceed which hit the IVA pot.
Considering that they have to re-contact all of the creditors, divide the repayment pro-rata and account for all of this in detail, it might not be worth them dealing with this at this stage, so they MIGHT send it back to you as the more economical option.
Fingers crossed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for your reply Foggy, I have spoken to M&S and the clause in question is Part five, Arrangement Assets para:28(1)After acquired assets."Supervisor may claim as an asset of the arrangement any property acquired between the start date and finish date of the VA which would have been capable of being an asset of the arrangement if belonged to or was vested in the debtor at the commencement date". Also, I have just come off the phone to the IP and he thinks they will probably take the money and redistribute to Creditors ( £2500), 15% only £375, at their rates that 15% wont go very far. I will leave it with them , dont want to stir anything up as have been successful with other claims, and been told previously by IP that I could keep the cash.
