Hi all, hope you are well. I haven't been on this website for a few months but I have a few questions and as is has always been a great place to find out information I thought I would give it a go. I am still struggling with depression and have now given up work completley, our IVA was completed early with a full and final settlement from my parents last August. Luckily they have said I can take some time off from paying them back and am starting a college course after Easter. I am hoping this will help and i will find a job that suits me better. I have also today sent off a completed DLA form for my son who was diagnosed with mild cerebral palsy last year. He is doing well and has had lots of physio on his legs and now wears splints on his legs but has made a lot of improvements. He is still behind at school and is getting lots of help. will have to wait and see if we get anything, at least I have tried. It would be good to be able to pay for some private swimming and extra physio for him and also get some help with extra shoes and money going to extra appointments. Will wait and see what happens.
Now my husband and I have started to think about PPI claims, we have had a few phone calls from companies and I know I had problems trying to get PPI taken off loans in the past after years of paying it and know I used to pay large amounts to it on my credit cards.
Firstly, are we allowed to put in claims on this after being in an IVA? Will the money go to the creditors if we win anything? We want to try and get the money to give to my parents as they paid off a large part of the debt.
Also, should we touch the companies that are offering to do this for us or avoid them. I am not sure I have the energy to do it all myself. Are there any recommended companies anyone has used?
Hi, nice to see you and glad things are going well.
As long as you have your completion certificate then you'll be fine to put in a claim and your creditors can't take it as far as I am aware.
I would try and do it yourself - you might find that you pay them a lot in fees.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Pop over to the MSE site, they have an area dedicated to reclaiming PPI, with template letters. It doesn't take a lot of energy these days, as many lenders aren't even contesting claims, and could save you up to a third of the repayment which would otherwise be lost in fees.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi, after speaking with GT who have managed our IVA for the last three years, we have been informed of a few things re PPI claims which might surprise you - they did us!
Even after an IVA has been completed and you're in receipt of your completion certificate, if you are reclaiming PPI payments from creditors who were in your IVA when you originally set it up, you'll have to pay back any monies.
The PPI is classed as an asest rather than a windfall.
The IVA company can ask you for PPI claim monies back whenever you claim it - for an indefinite period.
This we found out after a F and F deal was made and paid, as well as being in the final stages of completion, despite not yet having our completion certificate. Makes us wonder why we ever bothered making a F and F offer - feels like we'll never be free of the IVA if even when 'completed' they can still chase you for money as, qoute, "they have an obligation to get back as much money for the creditors" Why and how when they accepted the F and F?
cossack, depends on your IVA company. I was with Payplan, who advised me that I could legitimately claim PPI myself, with no recourse to either them or my old creditors.
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
i do not think this applies to all gt clients, they have confirmed to me in writing that they have no interest in any future ppi claims.
The devil is in the detail, the asset section of your propsal will dictate to whom any monies are due
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by cossack
PPI claims and completed IVA's
Hi, after speaking with GT who have managed our IVA for the last three years, we have been informed of a few things re PPI claims which might surprise you - they did us!
Even after an IVA has been completed and you're in receipt of your completion certificate, if you are reclaiming PPI payments from creditors who were in your IVA when you originally set it up, you'll have to pay back any monies.
The PPI is classed as an asest rather than a windfall.
The IVA company can ask you for PPI claim monies back whenever you claim it - for an indefinite period.
This we found out after a F and F deal was made and paid, as well as being in the final stages of completion, despite not yet having our completion certificate. Makes us wonder why we ever bothered making a F and F offer - feels like we'll never be free of the IVA if even when 'completed' they can still chase you for money as, qoute, "they have an obligation to get back as much money for the creditors" Why and how when they accepted the F and F?
A little more complicated than that and I won't bang on about the wrongs and right of PPI claims
loan companies and the like are only obliged to keep records for six years from the last payment you made, then they can dump your file. So in general terms (not all but for the sake of this post) past that point any claims company will lose interest in you
Where it gets messy is people near there five year term get hassled for PPI claims. Over 1000 claims per day are now referred to the FOS ie the bank says no and it can take and by their reckoning (FOS) about an 18 month wait to investigate your claim.
However I read with interest a few IVA companies trying to twist their clients arm into taking out secured loans to release equity lets hope it does not become this years horror story
My fear apart from the obvious, it’s a tarred loan ie sub prime!
There is no doubt about whether PPI reclaim monies are an asset which existed at the time of the IVA - even if you were not aware of your ability to claim. Whether the assets was - or should have been included - into the IVA is down to the actual wording of the IVA proposal and associated terms and conditions - and the legal interpretation of same. Where there may be an element of doubt, and a valid claim exists - there may be an element of negotiation between IP and client to deal with the issue of non-disclosure.
From looking at this post from Melanie does this mean that there will be something in the original IVA documents regarding if PPI has to be paid across once the IVA is completed and completion certificate ha been received? What if the PPI relates to loans that were not in the IVA (old loans)?
