My IVA was completed in April 2015 and my completion certificate was signed on 22nd April 2015, in May I received a letter saying a PPI claim had been reviewed and I was now entitled to a payment but they sent this to Creditfix as their records showed that I was in an IVA - can Creditfix have this money if the IVA was finished?
Your PPI will have been counted as an asset in your IVA. Unless your IVA was completed 100p in the pound then anything else will be paid across to your IVA.
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Thanks for this reply - when the PPI was originally applied for Barclays refused the claim so there was no asset to apply to the account.
Does this also mean that any future windfalls can still be claimed by Creditfix even though in the eyes of the courts the matter is closed?
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.
This is with PPI -- when the original claim was made and refused by Barclays, it still existed as a potential asset, even though Barclays denied this at the time.
History has shown us that many of the banks, after fraudulently selling PPI in the first place then went on to fraudulently deny claims ( I think we are on the third round of claims after the Financial Ombudsman express his displeasure ) .
Anyway, currently, PPI (not windfalls -- different animal) is still an asset of the IVA estate (which survives the end of the IVA)and payable to former creditors.
That said, there is still the question, for your former IP to deal with, as to whether it makes economic sense to re-open the file. This will depend upon the amounts involved and the complexity of any retrieval system.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The way I look at it, Grimswold, in my case, Only a couple of creditors had taken PPI, but that was shared out between a dozen creditors, so the ones who most benefited weren't the ones who had taken it in the first place.
And, to be precise, in isn't the banks saying PPI is an asset, but the Insolvency Act.
I do think, though, that the Insolvency Service should have stepped in at the start of this PPI fiasco and laid down a precise set of instructions to be followed in every case. One of which, if it were up to me, would have been that those creditors refunding the PPI should be excluded from that portion of the repayment in the dividend.
Last edited by Foggy on Sun Aug 23, 2015 8:14 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The act says nothing about ppi - it only became an asset when someone started placing a value on it.
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.
Would be interesting to look at period 1995 to 2007, the link between credit reference agencies and the explosion of credit and how ppi came to being.
The credit crunch was more than the just the banks.
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.
These things are rarely mono causal and many things come into play at various stages, even things apparently unconnected. A sort of financial perfect storm.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just a quick update - I received a letter and cheque from Creditfix today saying that they were sending me the funds that had been received less £250 administration fee and the £800 fee to the PPI Claims company they had instructed!!!! and that this was because the IVA had been successfully completed and that neither the creditors nor the IP had any claims to the funds. Partial result as something is better than nothing but I am keeping the letter as evidence in case it is needed in the future.
Creditfix appear to be taking this line at the moment, which is great, but probably not correct (subject to the relative economics ). So, yes, I would agree that you should keep the evidence handy in case things change.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
