when i entered my IVA in mid 2009 I was advised not to continue with a claim against A+L for mis-selling my PPI which was possibly the cause of me entering the IVA 8 months later, I got an extension on my mortgage to pay off a loan and then get a car but when i got a quote for paying off the loan it was higher than i expected down to the fact that the PPI was included, I carried on paying the loan but when the banks collapsed my overtime was cut dramatically and caused me to use all the savings and then entered the IVA with a heavy heart
My question is was it right for me to not pursue the PPI and could i still persue and use the fact that i am in an IVA as a result of the ppi help ?
Hi D70
I will give my own opinion where I got fund from PPI before my IVA. You have paid something towards it and you getting back with 8% interest over a period of time.
You have lots of information and how to claim it back without spending any money.
Now you are in IVA and I think you can still claim for it. Always is the best Guru is IP good luck
I believe you can claim it back, but you will not benefit cause it will only end up having to be distributed back to all your creditors as a windfall bonus.
Hence unless you're paying back the full 100% plus fees and possibly statutory interest on the IVA it will not be worth the hassle claiming it.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I agree with the above, you are unlikely to gain anything from the claim.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you are already paying a high dividend and have a large claim, it may be worth doing as it could well mean you repay 100p/£ in a shorter timeframe and finish early! x
There is no reason why you should not pursue a PPI claim if you feel you were missold a policy. However, if you win the case and receive compensation while you are in an IVA, this will have to be paid into your IVA. As such, in this sence you will not benefit. However, as these claims often take a long time to get resolved, if your IVA is already finished and then you receive a payout it would be yours to keep. As such it might be worth delaying your claim until nearer the end of your IVA.
I thought yu had to notify your IP of windfalls and any expected/potential windfalls? And making a claim at any stage in the iva would constitute the latter. So surely the iva wouldn't complete until the claim was finalised?
I was under that impression as well - if the windfall was due whilst the IVA was still running then it should be paid across?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
thanks for your advise - have had contact from a claims advisor and will explain to her
she will obviously want to persue the claim but my question will be not how much i get out of it but will the total help in paying off quicker or just take a lump out of the iva and still leave me with the same amount to pay per month
If your claim is agreed whilst the IVA is still live then you will have to pay across all of it to your company. If this means that you can repay 100p in the pound plus fees then brilliant.
Otherwise you will pay this across and then continue paying until you reach the end of the IVA, or you manage to pay your debts off in full.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
