Our mother passed away in 2003 whilst on an IVA from before 2000 start date. We notified the IP at the time and provided them with a copy of the death certificate so presume the IVA closed and all monies in the IVA to that point where shared out with creditors and subsequently closed on death.
We've recently submitted PPI checks through our bank to claim back mis-sold PPI on our accounts. At the same time we also submitted PPI checks on parents accounts. Both claims where UPHELD by the bank, however does this old IVA come into play at any point in respect of parents accounts pre 2000-2003. The bank are aware there was an IVA and check by law but as far as any records of the IVA contract from before 2000, nobody seems to have the IVA contract due to how far back it was including the IP when we've checked.
Question 1: Can anyone re-open the original IVA contract if it can't be found and i presume closed on death???
Question 2: Does anyone hold or keep records of IVA contract pre 2000???
Question 3: Can the bank claim any monies against their debt not payed without knowing the T&C'S of the IVA contract they agreed to from before 2000 and what happened to monies held in the IVA when it closed in 2003. I assume if the bank goes it alone and tries to readdress their debts its STATUED BARRED as is nearly 15yrs back???
A difficult one to come up with a definitive answer. 2003 PPI wasn't looked at as being mis-sold and wasn't looked at as a possible asset for those in an IVA I believe. I can't see how it can be an inclusion now. The IVA finished over 15 years ago and I doubt an IP would want to take the time to reopen the files and find all the creditors who could benefit for it now. If the bank tried to claim all the PPI to offset their debt then you could call their bluff and state the money is due to the IVA and not just them, this point is that you wouldn't get to see the money anyway as the Bank are going to get arsy over it. Personally I would just claim it and then sort out any flak that may arise, might just be worth it.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Have to say that I pretty much agree with Merlin's line of thought but add the caveat that an IVA doesn't conclude successfully on death, but merely ceases, leaving the debts not written off and these should be dealt with as part of the deceaseds estate. As Mwerlin also states, these would be statute barred by now, but will still be in existence, so an offset by the creditor might well be on the cards.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Can the bank claim it "alone" as any debts they chase are Statued barred after a 6yr period from what we're told. The bank letter merely states the figure owed on their original debt pre 2000 and payment will be made by cheque. There is a rider further down saying we should contact the banks debt recovery dept to discuss the unpaid debt which seems a little strange as they could just take the monies if they had rights to it...
Ah i didn't now contacting their recovery dept did that. I think we may need some legal advice before we submit any indemnity paperwork as its not that simple. I think the IVA went back through court in 2007 and possibly closed then some 4yrs after death but the courts are struggling finding any records to 2000. I presumed statued barred was specifically 6yrs. They've notified us in the letter now with the amounts dating back pre 2000 but they're going back 17-18yrs....i'd think finding the original IVA contract would be their only way forward.
