Hi recently had full and final settlement accepted on iva and have now received our certificate of completion and all is finalised. Does this mean that if we did pay any ppi
which I cannot remember in all honesty that we can try to do a ppi claim and if we do have anything. To come back we are okay to. Claim this and also would it all be ours to keep?
Hi softie. Currently, due to the relative "newness" of PPI in IVA's different IP's seem to be taking different views. Some creditors will only pay to the IP in any event if they realise you have been in an IVA.
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My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It's exactly as foggie says and I've read varying replies from different ip's that use the forum. I think I'm correct in saying there are most definitely some different legal viewpoints circulating but as this is very much a new area ie only having surfaced within perhaps the last 12 months or so it hasn't been tested legally as yet
I think also, it also varies from credit organisation as to how they deal with it
Last payment made April 2012
Certificate received 1st Nov 2012
I have got two ongoing PPI claims going on at the moment, santander and MBNA
At the time of sending them i never thought that my IVA would affect them, but i was wrong.
Santander made me a offer but it has now been put on hold, they asked for my certificate of completion to be faxed through then they would sort it out but after phoning them they said all claims like mine have been put on hold. MBNA told me the same think that the claim was on hold.
I'm wondering now if something is going on as nobody has taken any cases like this to court to get there money and somebody might be doing this for the first time so there awaiting the outcome. This is only my thought though and most likely i will be wrong but something does need sorting out legally for cases like mine and many other people.
The correct answer, from leading Counsel I have engaged to advise me, is that if the PPI claim was deemed to be an asset at the time your IVA commenced, then it is rightly due to the creditors who were included in the IVA. You may need to check the correct status of such receipt with the IP who previously acted for you, and if they decide that they do not want to reopen your case on grounds of commercial reason, you will be free to retain the money.
Re-opening IVAs once they are closed is largely not cost-effective for IPs to do, unless the amount due is substantial and they can agree a fee for doing the work involved with all of the former creditors.
Thanks Melanie - that explains the position clearly and at last I understand it ! Good luck those that are going through the closure process where this is holding things up - hopefully not too long to wait until the certificate arrives.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I also completed my IVA over a year ago. On a personal level I strongly feel it would be wrong to claim PPI as I have had a substantial amount of debt written off by the creditors from whom I would be claiming PPI. This I feel is morally wrong of me to do so. However, as I said this is my own pesonal feelings. I suppose if you had paid back the 100% of the debt plus fees and possibly statutory interest then that would be a different story.
Last edited by KAYKAY on Mon Sep 10, 2012 6:18 am, edited 1 time in total.
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Re-opening IVAs once they are closed is largely not cost-effective for IPs to do, unless the amount due is substantial and they can agree a fee for doing the work involved with all of the former creditors.
I feel like Kaykay here and find it quite distasteful that people who have concluded an IVA and have had a fair amount of debt written off, then want to try to reclaim money from these same creditors that have written off their debt. While we can all harp on about how excessive charges and PPI added to the debt in the first place doesn't make this right at all. It's different if you have managed to pay off your debts in full but personally I would just be grateful to have completed the IVA and would just want to put the whole sorry saga behind me and get on with a fresh start
Melanie Giles Reply :- The correct answer, from leading Counsel I have engaged to advise me, is that if the PPI claim was deemed to be an asset at the time your IVA commenced, then it is rightly due to the creditors who were included in the IVA. You may need to check the correct status of such receipt with the IP who previously acted for you, and if they decide that they do not want to reopen your case on grounds of commercial reason, you will be free to retain the money.
Re-opening IVAs once they are closed is largely not cost-effective for IPs to do, unless the amount due is substantial and they can agree a fee for doing the work involved with all of the former creditors.
Hi Melanie, thank you for your reply above. My case was with your company and the PPI was not an asset when the IVA commenced. To be honest I am unsure as to if there is any to be claimed but was going to look into it and then I could use the money to repay the thrid party who helped with my full and final settlement but I fully understand if it should be paid into the IVA. I have now received my completion statement which is amazing and IO am so grateful to yuo and your staff for all your help and how quickly everything is processed.
