Hello my friends on this wonderful forum.
My IVA completed May 2010 after a hectic variation that no equity was to be released from my property, due to the property slum and also my equity was so reduced due to house prices sliding.
Freeman Jones were fab and my completion certificate was issued July 2010 and life has continued ticking along. I am scared to take credit however have got a credit card which I look at and an overdraft that I also look at too.
I am now looking at PPI claiming and am seeing various different opinions and understandings of firstly is this possible and if successful does the asset or windfall be returned to Creditor or the debtor can keep.
Having checked the wording of my completion statement it goes like this
1. The main effect of completion is that you are now released from all of the unsecured debts that were subject of the arrangement.
2.I would remind creditors the the dividend paid to them is full and final settlement of the debts due to them and they are therefore reminded that they have no right to pursue payment of any withstanding balances from the client.
3.Accordingly I would also request creditors to ensure that the relevant CRA's are notified that their debts have been settled.
So can i keep any refund from PPI ????
What do you think be kind to me i have been away along time xx
New attitudes to PPI are now present - some see it as a asset prior to the IVA - therefore you may find that the money is retained by the ex creditor or sent to you old IVA comapny. Personally i would let "sleeping dogs lie"
When EIF contacted me post completion of iva I told them that I had completed but they said there was ppi on at least one account! I contacted my former ip who said that if the company were to refund the ppi then they had no claim on it and it would be mine! The bank would have the right to set off though so I didn't see any point in going through a claim to be told that they were keeping it anyway!!!
It depends on the wording of your IVA proposals, JoJo. If they included all of your assets, the technically the PPI refund should be paid to your former IP and they should then distribute it to the creditors who were bound by the IVA - however they may decide that the sums involved are too small for them to be bothered.
The only way you can check this out would be to have a chat with the IP who acted for you, and seek their advice.
Thank you the most wonderful Melaine Giles. I am going to see what happens just out of curiosity.
I have missed the forum and often think of friends along the way who are hopefully now debt free and getting on with life xx
Don't be a stranger then, and do let us know how you get on. I also run a Claims Management Company as well as my insolvency business, so if you need any help with that as well, do post on the forum.
Melanie the times you sent reassurance and I was able to sleep soundly !
My IVA was the best choice I have ever made and it enable me to live and I still do credit free even though I have had good few offers for overdraft and credit cards !!
