Payday Loan claim pending

[Chantal.01]

Hi, I recently had my creditors accept that my IVA is completed based on the funds already paid in as I cannot afford the monthly payments no more. I received some payday loan claims which went in to the IVA, however I have one still pending. Does this need need to be paid in to the IVA as well, or not now it's confirmed as completed? It's on my record as pending at the moment so will the lender pick up on this and decide to pay the compensation to the IVA practioner still?

[Lisa Thomas]

It depends on the wording of the terms and conditions with your completion - I would suspect it will need to be paid to your IVA Supervisor.

[Foggy]

As the subject of this claim existed during the IVA, like PPI, I imagine it would still be payable into the IVA, even after completion.

As Lisa says, much would depend upon the wording of the completion offer and acceptance, when this was done.

[Chantal.01]

Hi, this is what it says.

The trusts referred to in Paragraph 15 of the Standard Conditions will end when the arrangement ends (whether the
IVA completes or is terminated), except that any assets or property in the Supervisor’s possession at that time will be
dealt with in line with the terms of the arrangement.
This change means that when your IVA closes and Freeman Jones issue you
with your Certificate of Completion or Certificate of Termination, then we will no
longer have any interest in your assets. This means that if you receive a windfall
– such as a PPI refund – after your IVA is finished, we have no rights to it and it
is yours to keep. Currently the terms of your IVA mean that we could claim these
assets even after your IVA is finished.

[Foggy]

It would seem that the refund will actually be yours to keep from that wording.

[Chantal.01]

Hi Foggy, great. Thanks for confirming. I guess it is ultimately down to them at the end of the day.

Kind regards Chantal