Some people have reclaimed PPI post IVA but others find problems. The PPI claim would have been an asset of the IVA and your former IP could still claim the money and distribute it. You would need to speak to your own IP.
If that is the case then the same you be said if you inherit post IVA on the basis that your name is on it lets say for a fixed sum £
So I was wondering in my other post about this subject and how binding a CC is in the sense that if a calim is made it's retrospective a legal agreement and therefore illegal in its self. I thought it should have returned to court to have it overturned. Or is it the six years thing that I keep thinking about being the definitive no point of return from a creditors point of view, hence the whole dropy off thing from the credit file, or have I just made this up in my head?
Must admit, I have been approached by my IVA company Kingsgate to do PPI via their sister company 'Claim Angels'.
I did ask Claim Angels if I could wait until my IVA was finished, but they did say that some of your former creditors may get funny about it, as it wasn't done whilst you were in an IVA.
Much as I didn't like to hear it, they were correct.
If you inherit post IVA the IVA has no claim on the funds. However, the right to claim PPI existed at the time of the IVA and so is and was an asset of that IVA. The fact that the IVA has completed does not sever the Trust so the IP could collect and distribute any assets that should have been in the IVA.
There are problems and the procedure would be expensive. There is also the issue of how the IP would be paid but in my opinion the PPI reclaims are still the asset of the IVA although in reality it may not work like this. I am sure different IP firms take different approaches.
Michael, re PPI claims, I think that is a really open, honest and useful response and for what it's worth I think your reading of the situation is spot on. The problem as you've mentioned is that different IPs are taking conflicting views on this topic. Where does that leave the customer ? Who do they believe ? Who is going to adjudicate on this as some customers will be advantaged and others disadvantaged by the rulings they're getting ? At the moment , it's pot luck on who your IP is. That cannot be right, can it ? What redress is there for customers in an IVA ?
I agree Tiger that there is inconsistency but we can only operate on whatever advice we are given. The customer can always seek their own advice if they feel we are wrong but we are only trying to do what we are obligated to and not trying to squeeze our clients.
To be fair we do not want to receive letters after an IVA has been successfully closed down asking for our permission to pay out PPI. However, when we do receive such letters we have to act and cover ourself when we do.
Michael, I'm sure everyone is trying to do the right thing, it's the differing professional views on what is the right thing that seems to be creating the confusion.It's a shame the profession cannot come up with an agreed position which can then be applied uniformly and give certainty to the customers.
It's not just this profession Tiger Tiger. You seem to be very negative towards IP's on the forum recently.
No amount of guidelines would ever cover all scenarios. All we can hope for is the new protocol IVA's set things out clearer and by posting on this forum we can give some posters the confidence to pursue answers from their IP's.
Kazzafunk, Sam's original question was is he able to claim back PPI now that his IVA has finished. There will be many other people in the same boat, asking the same question but not posting on the site. If the answer on a major , ongoing issue like this is that it depends on who your IP is, I think that is a cause for customer complaint. It means there are going to be different outcomes for different customers and that seems unfair. I don't think I'm being unduly negative. A forum like this is , by it's nature , going to attract questioning of the profession and particularly when a one-off major issue like PPI claims may have significant financial knock-on effects for individuals - including delayed completion certificates. You say that the purpose of the forum is to give people the confidence to get answers from their IPs. I would tend to say that , where relevant, it's to give them the confidence ( and information ) to question their IPs. I don't doubt that I may be wrong , but I'm not convinced that you're right either.
Tiger.
Hopefully there will be some clarity to the issue but as far as I am aware there is also disparity between various official receiver's offices over the same issue. We have taken legal advice as no doubt have the other firms but that may conflict which would cause the problems you mention.
It does seem unfair that some clients are getting money and others are not but it is the same problem for bankrupts. Does anyone know if discharged bankrupts are being paid PPI?
Michael - according the the other forum - the PPI belong to the OR as a asset - therfore it would be up the the OR to claim
Even if the bankrupt is discharged - they are no longer able to claim as the asset is not returned to the individual - it still remains the property of the OR
Michael, that is the kind of information which, if I was in Sam's shoes, I would find really useful. It lays bare the problem and informs me on how and when I might go about getting a result. Not remotely negative.
