IVA proposal

[deeps227]

could anyone explain what is ment by the following statement in my proposal... All my assets at the date of these proposal are being excluded from the proposal with the exception of any interest in my residentail property? how does the affect a PPI claim as an asset

[Niobe]

Hi deeps,

No idea on that. You've obviously got the equity release clause but I can't help you with the exclusion of assets.

Hopefully one of the more knowledgeable posters or one of the experts will be along later with some help.

[deeps227]

Thanks niobe
maybe some one can help me with this. i recieved a PPI claim for just over £10,000 on a credit card. I have recieved a letter stating that because they didnt say how much interest was included and they dont understand there calculations ive been told that theres nothing they can do so as they didnt state how much statory interest was paid i dont get a penny. Dispite in the credit card company stating in the letter .. claims refund(inclusive of interest) and compound interest.
i have studied my chairmans reporti can find nothing about assets ( apart from the prperty in year 4) the only thing i can see is windfall in excess of £500 part. where do i stand regarding PPI

[lem]

You will need to let your IP know as this money will have to be submitted to your IP into the IVA pot

[Foggy]

I am not so sure, Lem. I would welcome an experts comment on the opening post first.

[deeps227]

Hi Foggy
It has been submitted to them and they have it

[deeps227]

Maybe lady from payplan can shine some light on it!

[Foggy]

Hopefully Melanie or Michael can give us their thoughts

[MelanieGiles]

That clause would probably mean that your PPI claim would be exempt from your IVA, but you should take proper legal advice or consult your own IP to be sure.

[deeps227]

Hi Mel
Thank you for your advise. i am looking at legal advice and asking my IP to fully explain even though i have tried and tried to get them to explain