Hi, I am in an IVA and I allowed the IP to check and see what PPI may have been miss -sold to me. Cutting a long story short, it transpires that on my joint account we have been paying PPI on the overdraft for 17yrs. It seems the IP is due to get approx. £22k for this. Is my wife entitled to her share of this as she is not part of the IVA and the Bank are pursuing her directly for the outstanding overdraft amount????
Can you ask that they use your wife's portion of it as a f&F?
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The more I think about this and the more annoyed I get, I would welcome any comments on the following scenario I am about to hit my IP with.
Key points at hand are that all payments made for this PPI are from joint account dating back 17yrs. Both the IP and Barclays have erred in pursuing this without my wife's consent. We could have this stopped on these grounds and instruct Barclays to cancel the cheque until requisite authorisation is received or my IP can ensure that 50% is released to her. Further to this when I say 50% I expect her share to be based upon the gross amount not after the agents fees given she did not authorise them to do this and as such the fees can be deducted from my share.
Did they deduct the outstanding overdraft amount from the ppi that was paid?
There have been cases of PPI companies not seeking full consent but you need to be absolutely sure of all the facts before you go back to the IP.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Well after speaking to Barclays things have become much less clear. PPI policy only covered myself and regardless of who paid the premiums that's where they have to pay it. When asked "then why are they chasing my wife directly for this" he said they shouldn't be!!. Waste of time, Think I will just invoice IP for the full 50% on behalf of my wife and see what the fall out is.
I know this is slightly ironic but any advice would be helpful again. I have been self employed for the last 13yrs working for IP's in in the main to recover debts from those responsible for causing bankruptcy on a CFA i.e. major companies who just decided not to pay. Spent the last three yrs on a major case but legal issues causing delay in payment brought about my IVA. Without complicating things to much jist of it is that I have had no income for 4 months because of issues with client IP and the IVA IP. House, vehicle all bills mounting and IVA not being serviced.
The only income attributed to me is this £22k forgetting the joint account issue, surely it cant be right that this money can be kept and not even be seen as a contribution to the IVA??
All I can suggest is call in a debt collection company against the IP that you owes you the money.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Bit of an update in case anyone else is having similar problems with the IP trying to avoid paying out to partners. Like I have said I have worked in the Insolvency Business for the last 15yrs so I thought Id check the technical manual issued by the Insolvency Service for IP's in regard to the Insolvency Act as it has always come up trumps in the past. And this is what I found. The bit that made me happy is this
"31.9A.20 Payments made jointly towards PPI policy held in one parties name
Where a PPI policy covers a joint loan but is only in the name of one party, it is possible that any compensation following a complaint will be divided between both parties. Where the PPI insurance premium is added to the loan taken out, which is a joint loan, both parties will be liable for the repayments on the total loan, regardless of who is named on the policy. The issue of who is named on the policy would only be relevant if a claim is made under the policy. Only the person named on the policy would be able to make a claim. However redress comprising of a refund of the premium plus interest following a complaint that the policy was mis-sold would be split between the two parties who were liable to pay it".
The full link is below as it tackles a lot of issues regarding PPI.
