I received my completion certificate [:D] back in Feb, but a particular debtor still haven't closed my accouts, I have chased them and they said they have sent the forms to the write-off dept and the account will be closed within 3wks.
Think is, I have had a nice surprise to find that I have a PPI with them & they are going to pay [:D]
But, the letter says it will be paid into my bank I have an account with them or by chq.
Where do I stand, is my completion cert binding so they can't take any if my account is still open ?[}:)]
The simple answer is for some unknown reason this is a huge grey area and not one person can give you a certain answer.
I know this as I'm in a similar position, the only difference with me is the claim I'm about to receive in one shape or another isn't with one of the creditors that was in my now completed IVA, it's actually through my mortgage on my home that was in it(don't owe and never have owed money on this mortgage).
My situation is as follows I have the option of taking a lump sum in cash but I could also pay a lump off my mortgage and this is where I basically have them by the proverbial.
Now we want the lump sum, however after ringing the company I had the IVA with they've come back to me and said they may be able to stake a claim for it if I take it as a cash sum.
All this even though everyone of my accounts that were in the IVA show on my credit file as being defaulted, satisfied and all are showing as having zero balance outstanding.
I have had to send my completion cert to the company paying me out, and they will be contacting the firm I had my IVA with, however they will find out that because I have the choice of either or. If the IVA company want the money they will be informed that I am taking off my secured loan and there will be no money for them to try to get hold of, best case scenario they know they can't get the money and let us have it as cash. Worst case an extra lump will come off our mortgage and make our outgoings less (already got a sizeable chunk coming off mortgage due to wrong interest being paid for nearly 7 years).
Because your PPI is with a creditor I personally think you may struggle to get your hands on the money. I hope you do as I have at least one case identical to yours, but with what I've found out through my situation I'm of the opinion of not making a claim on it as it'll be a lot of hassle for it to fall back into the IVA.
Thanks for the reply Becky.
But I thought once I had my certificate, I was clear from the IVA. Nothing in or with my certificate says I have to notify my IVA company with any future money windfalls.
As far as I'm aware, I paid a fair bit into my IVA normally & all the creditors accepted my full & final offer of a settlement figure.
Hi Eric. Yes, you are free to keep any future windfall after issue of your certificate. However, current thinking is that PPI refunds are an asset which existed prior to or during your IVA and, as such belongs to the creditors.
Personally I feel that a full and final should be just that -- however, this has yet to be tested.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy's right and I 100% agree with his thinking on the situation. Like I say Eric keep us posted as to whether you're successful, I'm totally put off bothering making any claims at the minute for loans that were part of my IVA.
I'll let you know the outcome of mine, like I've said above I can't possibly see how they'll get hold of it, but what they do could depend on where the money goes (to us or off the mortgage).
I have the letter from them saying my PPI is approved, I just have to sign & return...
Also, they said that my accounts with them will take 3wks max to close, so I may sit on the PPI for 3wks before sending & hope they send a chq !
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Hi Eric. Yes, you are free to keep any future windfall after issue of your certificate. However, current thinking is that PPI refunds are an asset which existed prior to or during your IVA and, as such belongs to the creditors.
Personally I feel that a full and final should be just that -- however, this has yet to be tested.
The issue of an IVA Completion Certificate does not mean you are entitled to keep a PPI refund.
The proceeds could be "An Asset held in trust for the benefit of Creditors".
You should consult:
A) Your IVA Proposal
B) Modifications
C) Chairman's Report
David Woodward
Tyler Morgan Claims Ltd
9 Pike Hills Mount
Copmanthorpe
York
YO23 3UU
