Now we have settled the IVA with a full and final, are we able to look at PPI refunds ?

[andrea1968]

Now we have settled the iva with a full and final are we able to look at ppi refunds. Or is that a bit too cheeky!!!

[Foggy]

Not only cheeky, but it has to be paid into the IVA, even after a full and final, as it is an asset which existed during the arrangement.

[Michael Peoples]

This does depnd on the terms and conditions of your IVA and it may be possible to reclaim the PPI post IVA. You could consider legal advice or reach a deal with your former IP as to an equitable split.

[kazzafunk]

Agree with Foggy's advice - I wouldn't!!!

Although if you did claim you may be entitled to the interest due on the sum paid. This depends on your IVA company however. Some pay it to the IVA'er some pay everything to the IVA pot.

Personally - I am sure I could claim one back but with an IVA accepted at 11p in the £ I wouldn't dream of it!!

[Adam Davies]

Hi

As Michael states it may be worth looking into this if you have your completion certificate and your name is off the insolvency register

Regards

[Foggy]

I would add to all of the above ---- if you employ a claims company to do this and the creditors either offset the refund ( keep it) or pay it to your IP directly ( as some do), YOU will have to pay the 30% or so commission for getting nothing in your pocket !

[andrea1968]

a few very different opinions there, will take the advice of the professionals on here, thank you.

[andrea1968]

payment protection insurance is as it states - insurance - not credit. If this was mis-sold why would we not be able to claim it back. Do the firms we deal with receive this money or a third party who pay commission to the credit companies for receiving new business from them. If, as I suspect, it is the latter then we are claiming from companies not even named on our iva's.

[thisusernameistaken]

Hang about, if the IVA is concluded with a full and final offer accepted by creditors, surely that's it, it's done and dusted?

What if you investigate PPI a year later? 2 years? Would you still be obliged to inform your former IP if any were found post-IVA 18 months down the line?

[Radish]

Im amazed the creditors accept a full and final and not stipulate terms with PPI. I would have thought they would have taken the F & F with conditions? if they dont its hard to say who is to blame if you keep it. Im glad the PPI helped me increase the dividend (to over 90%) - after all I got off lightly with no interest to pay - thats the way I look at it.

[Foggy]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by thisusernameistaken

Hang about, if the IVA is concluded with a full and final offer accepted by creditors, surely that's it, it's done and dusted?

What if you investigate PPI a year later? 2 years? Would you still be obliged to inform your former IP if any were found post-IVA 18 months down the line?

The way it is treated now is that the PPI refund existed as an asset during the life of the IVA and should be captured if claimed at any time in the future. It can still be dealt with after completion under the continuing trust that has been created in law by the arrangement itself ( the IVA).

Now ..... this has yet to be tested in a court of law and, I suspect, it could be found to be incorrect and ordered to be returned to us. I am of the opinion that there is sufficient doubt in the minds of IP's to cause them to get deeds of assignment and PPI specific agreements signed, which would stand on their own merits.

Further, years down the line, will the IP know? Maybe .... some creditors will pay them direct. Will it be economically viable ? Maybe not.

Personally I feel that if the PPI, isn't dealt with during the IVA then that should be that, as the IP had their chance and knew full well it had to be looked at ... but, that is not the case.

[thisusernameistaken]

I completely agree with your thoughts Foggy. An IVA captures all KNOWN debts and asks you to declare all KNOWN assets. I believe I don't have any PPI and I'm not going to pay to find out whilst in an IVA - as you point out, if there IS any as you found, I would end up paying the fees whilst losing all the money into the IVA. If my IP wishes to check then they are welcome to, they can have any money that's found and put it into the IVA.

Let's take it a step further... I find, a couple of years after my IVA completes, that a distant relative I knew nothing of left me an inheritance during the IVA period and it's taken the executor time to find me. Should I then go back and offer the money? I would have known nothing about it at the time.

The whole thing sounds very dubious; I've done my best to declare everything in terms of what I owe, what I own and what I earn. My view is that once the IVA has completed on terms both parties are happy with and agreed, that should be it.

If the IP wishes to investigate for assets I'm unaware of, I have no objection to them doing so within the period of the IVA. Once it's done, it's done and in my rear view mirror as far as I'm concerned.

I'm doing this to draw a line under everything and move on with my life having learned a valuable lesson and financial discipline.

[Michael Peoples]

The R3 standard terms and conditions which we use basically say that all assets are included unless specifically excluded. This is quite plain and we can reclaim PPI.

[andrea1968]

Thanks for all your comments, very interesting.I am not even sure if we actually had any ppi. If we did we never knowingly agreed to it. I have heard it was included in some contracts where the debtor was unaware of it.
I won't be looking at trying to claim any back. I was just questioning what happens once completion has taken place and what can be captured before and after the certificate is issued.

Fingers crossed we are done with it all.