Hi thanks for reply would it not be the same for any ppi refunded to me if my Iva was terminated. I have termination letter and creditors have already been in touch with me but Iva are saying my refund must still be payed to them?
Personally speaking I don't think you need to - your IVA has been terminated so you shouldn't have anything to do with them as they ceased to act for you.
I really don't see what they can do to enforce this.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Ultimately what can they realistically do! The iva has failed, the only redress they could look to take if it was still active would be to issue a breach notice and then terminate. Well they haven't got that bullet to fire. If it's substantial enough use the rebate to settle some of your debts.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by stringyAcid
Ultimately what can they realistically do! The iva has failed, the only redress they could look to take if it was still active would be to issue a breach notice and then terminate. Well they haven't got that bullet to fire. If it's substantial enough use the rebate to settle some of your debts.
A lot here would depend upon the amounts involved and the ferocity of the IP. If he / she thought it was worth the time, expense and trouble they could try to sue for breach of contract. However for that to succeed they would have to convince a judge that PPI was sufficiently well identified in the arrangement as an asset and also demonstrate that the trust still exists. Personally I don't think the case would have legs.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree that a large figure could precipitate litigation in the case of ppi as the law is currently interpreted.
The op isn't receiving a ppi refund but a rebate on tax I think. I presume it will be considered in the same way.
Termination of the arrangement in my opinion is final all trusts should end that existed.
I totally get why as an ip you would want the trust to remain. You can imagine having a case that receives a windfall and the debtor breachs leading to termination.
Foggy do you know how many trusts could exist at any one time in the case of insolvency.
Just thinking of a contrived situation. What would happen if:
Debtor A has iva with company A.
Iva is terminated after 3 years.
Debtor A starts new iva with company B with same creditors.
Don't mean to pick your brains too much foggy. When you talk of breach of contract. When I put forward my arrangement at the beginning did I also sign a contract with the iva company as well.
Not sure on the trusts superceeding each other, but my guess would be that PPI relating to loans prior to the end of the first IVA would go to the first IVA. PPI relating to loans taken out after the end of the first IVA (if any) would be due to the second IVA.
Some companies, such as McCD, ensure that the trust is severed by failure or termination. To be honest, it is in their best interests too, to have a clean break.
No -- it isn't a tri-partite contract. The contract is between you and your creditors, but the supervisor is appointed, by both of you, to act as a statutory referee, if you like.
Last edited by Foggy on Sat May 14, 2016 5:09 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
When I did my IVA PPI was not an issue and I never signed anything although hubby has a caveat on his completion for PPI being paid back in (he never had any) but I do think that once the IVA has terminated the company should have nothing else to do with you again.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I know these thoughts are above my pay grade but I cant get my head round a contract being terminated and post termination being sued for breach of contract. How can I breach a contract that no longer exists. It's like getting sacked for not turning up for work for a job you left last year.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am also of the same mind. Personally I feel, regardless of a natural conclusion, or termination, the IVA should cease to have any effect after the termination / completion notice has been issued. Further, that, in these enlightened times, PPI should be addressed within the time scale of the IVA and, if the IP doesn't start early enough ... tough. However, PPI is a transitory beast and will not be a concern much longer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree - if a contract has terminated then I cannot see how a debtor continues to be bound by it unless the IVA estate trust has already registered some kind of interest in the asset that survives termination.
