There was no choice but to claim PPI with GT otherwise we were told closure would be delayed I guess they are saying it was an asset. Is this incorrect Melanie?
I was interested to hear elsewhere that Stepchange are taking a laissez faire attitude towards PPI and leaving it entirely to the debtor whether they wish to claim or not --- are Stepchange under reacting, or is everyone else over reacting ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
One wonders what their paymasters - the creditors - actually make of this, or indeed their regulators who make it very clear what an IP's duties are and what they are required to do.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
On what grounds are GT saying that you have to pursue the claim?
1 Was it an asset which was originally included in the IVA?
2 Do you believe that the policy(ies) was/were mis-sold to you
GT did not need to call variation meetings to reclaim VAT. The VAT issue was not case related, but IP and firm related - and so far as I am aware all their claims have been submitted to HMRC.
Hi Mel when you say was it an asset which was originally included do you mean that it needs to be detailed as a specific item e.g. savings, insurance money, equity in property etc as opposed to the generic "unrealised asset" catch all which could cover any form of financial gain..
It can be either nickjohn - in reality most PPI mis-selling claims will be caught under a general rather than a specific clause - although I must admit I have now changed my IVA proposals to specify PPI.
So if there are no specifics relating to either what happens then? if your proposal doesn't state any unrealised assets just after acquired assets? and no mention of PPI
So whats the difference between "unrealised assets" and "after acquired assets".
If the insurance money paid to a third party is classed as an asset then shouldn't I have been declaring it in my tax return, even though I did not know it existed as an asset nor did it have any monetary value at the time.....
When I parted with the money it was on the basis I would never see it again unless I claimed on the policy so I did not see it as an asset, nor was it any form of asset as it was not a savings plan of any kind. The fact that it has now been repaid must surely mean it is a windfall.
Definition of windfall: A sudden, unexpected piece of good fortune or personal gain.
Definition of asset: Real or Personal Property, whether tangible or intangible, that has financial value and can be used for the payment of its owner's debts.
Could it also not be taken that a PPI reclaim (not including the interest) is just a cash refund and if that is so then do we have to declare all cash refunds to our IP, e.g. say I have a £600 piece of electrical equipment, from before my IVA started, and it is faulty so I return it and get a full cash refund, as it is over £500 then should this be declared.
Last edited by nickjohn on Mon Apr 15, 2013 2:11 pm, edited 1 time in total.
Unrealised assets = assets which were know at the time of the IVA proposals and are yet to be realised
After-acquired assets = assets which were not envisaged at the time of the IVA proposals, but have become assets subsequently
You will need to pay tax on the interest element of any claim nickjohn. And in principle your argument about the refund on the electrical item os correct - although in reality I am sure no IP would become aware of such a receipt or claim it for the estate.
so if your proposal only mentions after acquired assets where do people go from there?
I have been told by gt that any PPi is actually a pre existing asset so which is it after acquired or unrealised ? i certainly did not know about the PPI aspect until it was claimed by gt's appointed company
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by 4kidsnocash
so if your proposal only mentions after acquired assets where do people go from there?
I have been told by gt that any PPi is actually a pre existing asset so which is it after acquired or unrealised ? i certainly did not know about the PPI aspect until it was claimed by gt's appointed company
Another point of discussion would be why is it an asset for some, those who feel they were miss sold, and not an asset for those who took the insurance out willingly...
Surely an asset is an asset and should be handled the same for all concerned.....
As far as I am concerned they can have the money -- my plan was not to claim it anyway and forget the whole sorry affair post IVA. I just wish it wouldn't interfere with the running of the IVA (to be fair, it hasn't for me ... yet. I hope it's all done and dusted come the end!).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Maybe, just perhaps with the MOJ looking into this there may well be some very clear guidence born on what can and can't be done, then everyone is treated the same, as it would appear it is subjective. My MP was very interested in all of this, so who knows.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
That i have to agree on 4kidsnocash and it the likes of yourself and others who are caught up in, me, hopefully this week i will be free of everything associated with PPI, VAT, IVA etc.
The sooner there are finite guidelines the better and at least everyone will know where they stand, what will be happening and not kept in the dark or have delayed CC because of this and that.
Good luck with your IVA though, time will fly by.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
The point about whether PPI is an asset has long been explained on the forum in a number of posts, however just to clarify:-
1 A PPI mis-selling claim is an asset which existed at the time the IVA was accepted.
2 Not all PPI mis-selling claim assets are included in IVA proposals, but even if not defined they may be included under "all-asset" provisions. This is crucial to determining whether an IP is entitled to the money, or whether it remains with the debtor.
3 A claim should not be made unless the original borrower believes that they were sold the PPI inappropriately, under duress or as an express term of obtaining the loan.
