hi i finished my iva in feb and received certificate and now received ppi payment from one of the companies who where in the iva what should i do now as the laws are change in all the time with ivas do i just keep my mouth shut and carry because the company who have paid me out sent me a letter recently stating on the account is zero balance so its been written off. but they still decided to pay me out on it but will they inform my former iva company i doubt they have the time to do this know.but if they did what happens then as my iva was taken out in 2006 and finished this year it was extended for 12 months as i agreed to pay a extra 3400 for equity with my house. but shorly they can not re- open my case can they ? i know there is something in my iva about windfall but shorley that only counts whilst still being in a iva but now i am not. the only thing is that i owed family money and money is nearly all gone anyway. but for instance they did come chase in me for this money and i didnt have it what can they do ? or am i in my rights the money belongs to me. p.s sorry about all the spelling and that.
hi andy of cause i want to retain the money but what are the laws can they come asking for me it back or am i clear of the iva all together now i know that ivas are allways change in but what would you do. ??
It is a very grey and, so far, untested area. Some IP's have gone back to claim PPI refunds post completion, many simply do not bother, having relinquished responsibility. Creditors, in due course, may take a different view and it will be the IP's neck they will go for!
Personally I believe that, if the debt has been written off, that should be the end of the matter from all sides. In my case, I will have "saved" tens of thousands in interest, plus over half the original debt -- they could keep the PPI had my IP not already claimed it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I did not have PPI at all, I know that for certain. I am in complete agreement with Foggy. The creditors have written off a considerable amount in my case, and if I did have PPI I would just now let it go.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Your IP does not need to re-open your case to deal with PPI reclaims which were rightly assets included in the IVA, and therefore payable to the IVA creditors. There is a trust which continues indefinitely to capture things like this - so if the PPI monies were an asset included in your IVA, you have a duty to declare this to your former IP.
i ant gonna clear it to them it maybe if these banks didnt con you in the first place maybe you would not of have to enter a iva in the first place so how can you still be bound to the terms when the debt has been written off and received certificate thats what makes me laugh so everytime you receive a windfall or asset you have to inform your ip i dont think so wouldnt be no point in entering a iva,
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Kevin.80
i ant gonna clear it to them it maybe if these banks didnt con you in the first place maybe you would not of have to enter a iva in the first place so how can you still be bound to the terms when the debt has been written off and received certificate thats what makes me laugh so everytime you receive a windfall or asset you have to inform your ip i dont think so wouldnt be no point in entering a iva,
But any new windfall after you get the completion certificate you don't have to inform the IP.
The only reason that you have to inform with PPI is that the windfall was due, though not claimed for, whilst the IVA was in affect.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
well the problem is thats the iva company fault and bank , the loan which i had which was involved in the iva they still decider to pay me the money so why didnt they force me to do whilst still being in the iva thats all i can say. they dont really have a leg to stand on in my eyes how can they force me to pay this money to them they will properley never find out about it anyway and plus i will just fight it out in court as they can not fail me or anything its there fault and if they didnt scam me in the first place things could of been so much different.
I completed my IVA in April and last week received a cheque for PPI refund.
I was not expecting it, I thought all had been paid into my IVA as I started the claims process in May 2012.
So I called my IP and after leaving it with him a few days he has just advised to me now that its my choice whether to pay this into the pot, they cannot legally pursue it.
I am very shocked and in a real moral dilemma now as to what to do for the best.
My advice is to ask the question of your IP as like me you might be surprised.
