Please advise regarding a PPI refund

[Mary.73]

I was thinking of claiming PPI refunds from my other creditors under my IVA. If my IVA is completely finished, will I receive the PPI refunds straight to me?

[Foggy]

Any PPI refund, from whichever creditor, is a potential asset if it was available (not claimed, but available) during the life of your IVA.

It will, in the end, fall to the wording in your proposal and to the decision of your IP, but, be prepared to pay over any refunds.

[Chezza100]

Hi Mary73

I also claimed PPI back from HSBC who refused to pay out in September last year.

I got a phone call yesterday and they have now decided to payout on the condition they can take their share of the refund before my other creditors.

Its worth fighting, don't give up.

[Mary.73]

My point is HSBC is not one of my creditors under IVA. My loan with them had been fully paid way before I entered IVA.

[Mary.73]

To FOGGY: so you mean to say that even my IVA is done & dusted, and I start my PPI claim, I still need to contact my IVA IP? What's the purpose of ending the IVA?

[Chezza100]

Misunderstood then but its still worth fighting.

Some people have been able to keep some of the PPI so you may be lucky

[Foggy]

Mary. Chezza is correct in that you might be able to keep it -- depending upon the wording of your proposal and how your IP is minded.

The potential to reclaim the PPI existed during your IVA and is therefore subject to the terms of your IVA.

The purpose of ending the IVA is to be debt free --- which you will be. Any windfall, inheritance, refunds etc which originate AFTER closure are entirely yours. That is "originate" .... not "claimed for".

The PPI you are considering claiming existed DURING your IVA, not after it.

The fact that HSBC were not a creditor is irrelevant. Compare the situation to if you come into money through, say, a lottery win during your IVA. The lottery itself has no connection whatsoever with yout IVA, yet you still have to pay the money to your IP!