My Husband and I were in an IVA from 2008 until a cert of due completion was issued September 2011. This was following an early completion , acceptance of a lump sum offer made by taking an increase on our mortgage.
The Due completion states that creditors accept a lump sum and 3 further payments in full and final settlement of the debtors arrangement.
Does this mean they cannot come back to us for more? We believe we may have had PPI on a couple of loans earlier than the IVA i.e 1999 and not part of it) and also on a Credit card that was part of the IVA
They cannot come back to you for more regular payments, but, following a recent court case, PPI is deemed to be an asset of the IVA and is due to be paid over to the former IP.
Now, some IP's will ignore PPI from pre-IVA loans (technically incorrectly), and some will ignore PPI from closed cases on economic grounds (cost more to dig out old files and contact old creditors than the PPI refund is worth) and at least one firm doesn't seem to bother with PPI at all!
Beware if you use a claims company -- they will want their fee whether you get to keep the refund or not -- and some IPs will not reimburse that fee from the refund, leaving you with a brand new debt !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
