I'm coming to the end of IVA, recently been told by IP to hold fire with remaining 2 PPI claims, 1 has been paid in to the IVA, but told to claim 2 remaining after receiving CC as it should come to me. Is this right?
The original debt hasn't been paid in full, only the part agreed in the IVA is almost complete/paid. There is a good 30k being written off at the end of the IVA.
I thought that all PPi's have to be paid in, even if it takes you over the initial agreed amount to pay for the iva term (I thought this is seen as an asset-the ppi claims). I'm a bit confused and concerned as don't want anything to hold up the cc, at the same time if the IP is correct, it would be great to have the ppi claims at the end of completing the iva. The 1 ppi that has gone through is counting towards f&f if it is accepted.
IPs are still treating PPI differently. In some cases it isn't economically sensible to pursue smaller claims, after claims companies have had their cut. Be guided by your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
But get the advice to hold fire from your IP in an email or letter so that it doesn't come back to bite you later.
Are you speaking direct to the actual IP or a case worker ?
I am speaking with the team (within FJ) that deals specifically with PPI's. They have told me that the rules have changed and to wait for CC. I'm not sure if it's a small claim PPi or not. The last 2 remaining PPi's are from the two mortgage accounts I had ( both of which I'd paid in to for 10 years). It's all really confusing, but will speak again with the IP to get further clarification and something in writing. Thanks for your help.
Yes, PPI is far from straightforward !! I believe there are some IP's who consider PPI on secured loans outside of the IVA to be also outside of the IVA.
It's not so much rules changing, but the interpretations of the situation change. Indeed some IP's follow one route initially, then change tack completely a few weeks later ! So, as Andy suggests, it is best to get anything important in writing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
This does sound surprising. Its the IP's job to maximise the returns surely? I know someone who got a PPI of £20.000. Would not believe they could advise someone to keep it if it was in that region. I would want the persons name if I was advised to do this.
I know I'm surprised too. I had signed the paperwork for ppi claims to be completed by the ip around 2 years ago, as I didn't want any hold ups at the end. I was called by the relevant dept at Fj and told I should end the 2 out of 3 claims and restart them following the cc. I've had the documentation from the ip to say these clims have been discontinued. It was them that contacted me about it. I hope this isn't going to cause any hold ups as the end is in sight with the f&f being prep'd by fj. I will definitely get this in writing after your comments....thank you.
Also, These 2 ppi claims are from a debt included in the iva. Both mortgage accounts were included as my marital home took a big slump in value , right at the start of the recession, it fell into negative equity right in the midst of a divorce. How will these ppis work if these accounts were in joint names ( mine and my ex husbands) I presume it will be a 50/50 split? Sorry for all the questions, it's really bothering me. I need the iva to end smoothly and soon. Thanks again.
Update: spoke with IP, they're sending written confirmation of the above (can claim PPis after CC) it is in the terms and conditions of my IVA. Thanks for your help as wouldn't have thought to gain this clarification otherwise
