my iva was fully and finally completed july 2004. in december 2012 my ppi claim from halifax bank resulted in refund 7k which was sent to my original insolvency practitioner. I spoke to them & they (& Halifax) agreed the funds were due to me as the iva had been completed years before and there was no legal requirement for the practitioner to keep/distribute the funds. Today I have received a letter from the practitioner stating that they have received guidance this year issued by R3 (?) & legal advice to the effect that these funds should be repaid to them for distribution to the original creditors from 2004. I phoned them and explained that they advised me in december 2012 that they had no claim to the refund. they are going to get back to me. can you advise me please,I do not have the 7k now as my husband was out of work this year for 5 months and we needed the money.I thought the nightmare was over.
Not sure on any of this myself to be honest but if IVA completed in 2004 it would seem that 8 years on seems a bit harsh to pay to your creditors although that is just my opinion.
Will bump this up for others to comment.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
This is what bothers me. I was "sold" on the idea of an IVA to the fact that once paid off, your obligations would be over and you can rebuild your life. It seems it just hangs over you as long as the IVA company think they can drag some money out.
Tell them to go away been able to reopen cases 8 years for something they had agreed too is a whole can of worms that shouldnt ever be opened makes any legal agreement void if allowed.
Time to end of IVA 0 days
Time to end of GT dealing with it...CC recieved after a battle royal !!
I am confused. Marge is having to hand across money that she recieved 8 years after completion of an IVA. Does this mean that one is never really free of the dreaded windfall clause or are these special circumstances that only relate to PPI claims? Fletch
From the sound of it the original poster has received the funds and has used them. If they had been told that the IP has no interest in the funds in Dec 2012 and have this in an email or writing then I think it is unfair for the IP to now ask for it
the ip was albert goodman of taunton. halifax sent them the cheques last december but after I phoned both halifax and albert goodman the ip sent the cheques back to halifax who re-issued them to me after both agreeing that there was no obligation to enable the ip to keep the funds. I didnt have any of this in writing only by telephone but have not heard any more since the letter a few weeks ago. Even if the ip re-opened the case i feel that much of the funds would be eaten up with charges, cost us over 5k for the original iva. thanks for replies, this forum is very useful:)
I think in your case, marge, possession is 9/10ths of the law - and if you have had the money and spent it, on the original advice of your IP, then they will struggle to launch a case against you.
Was it Laurence Russell of that firm who originally acted for you?
yes, laurence Russell. thank you for your response, still not heard any more so hope thats the end of it. though does put me off applying for any further refunds. I had a loan with m&s who refused to refund citing my iva as a reason not to pay back the ppi, though they didnt offer to pay in for the benefit of the arrangement, funnily enough! do feel that some of these lenders treat us as criminals when they mis-sold in the first place!I went to the ombudsman on that one and they said I might be able to chase the underwriter for m&s loan. I asked m&s for this but not had a reply to date. Might chase them again
The fact that you had an IVA does not affect whether a creditor should compensate you for mis-selling an unwanted product, so don't get fobbed off by that nonsense. If you don't have the appetite to do this yourself, appoint a good claims management company who can fight this for you and will operate on a no win-no fee basis.
