Hi Neil and welcome...having finished an IVA in March this year myself I have recently signed up to challenging a PPI claim....on a secured loan before the IVa was in place......the only reason I have decided to do it now was that I was able to pay back 100% of what I owed.
I understand that if you make a claim for PPI after an IVA if you have not paid 100% back your creditors may still be entitled for a refund as you will be asked if you have ever been bankrupt or had an IVA - you need to be honest on this !
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There is a solution for everyone .... Just need to stay positive !
No worries Neil ..... just be prepared for your creditors to say it is still classed as a windfall and try and claim it ! You may be lucky but you do need to be prepared not see anything of the money received !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
oops sorry Neil...got it wrong - it appears that you may be ok to claim what is owed.
Mel - why then on the applications are they asking if you have ever been in an IVA or been bankrupt if creditors no longer have a hold on you after it has finished ?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi
As each IVA is individual I would see what your IVA Company tells you
I was told that I could try for PPI a couple of years ago But they told me to hang on until the IVA finished as I would have to pay them So they were very helpful Some say its not right to do so I was quitel clearly mis sold mine and would have been able to perhaps pay my loans back if the bank had been straight with me so I have no qualms about trying for my PPI when I am finished if its possible maybe I will be too late not bothered euther way now just want my IVA done and dusted
If the IVA has finished then you can try and claim it back if you want to.
Personally speaking I wouldn't do it. Your creditors have been good enough to write off your debt and freeze interest and charges for the whole of the IVA.
I wouldn't bother to claim.
Sharing from experiences of dealing with debt
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Unless I paid £100p/£, I wouldn't go there. It seems a bit greedy given the creditors have thrown me a lifeline at their own expense and the expense of other customers.
Broke of London wrote:
Unless I paid £100p/£, I wouldn't go there. It seems a bit greedy given the creditors have thrown me a lifeline at their own expense and the expense of other customers.
You don't know the situation. This may have been from a secured loan that had nothing to do with the IVA.
I took out a secured loan a few years back because I was desperate and never realised until I'd found a way of paying it back less than a year later that the PPI was an upfront fee of 5K!
Broke of London wrote:
Unless I paid £100p/£, I wouldn't go there. It seems a bit greedy given the creditors have thrown me a lifeline at their own expense and the expense of other customers.
You don't know the situation. This may have been from a secured loan that had nothing to do with the IVA.
I took out a secured loan a few years back because I was desperate and never realised until I'd found a way of paying it back less than a year later that the PPI was an upfront fee of 5K!
Leese, I think each case is very individual, and I don't feel that BOL was critisising anyone, just giving her own opinion, which I happen to agree with. You are right we don't know the situation, which is why no-one is here to judge anyone on this forum, we all need to do what we feel is right for us.
If money had been written off any loan, I'd leave the PPI in the system. It isn't banks who lose out at the end of the day but their customers who pay higher interest rates to recover the losses made on people like us.
