I had an iva in 2005, completed in 2010, had completion certificate and letter from ip stating that they have completed their duties and no longer hold authority to act on my behalf. So how can Barclays Bank send cheques directly to the ip when I supplied them this information, I reckon it is illegal as they are funds due to me. Most of the ppi claims refund was for ppi dating back to way before my I a proceedings, so, if claims had of been allowed prior to me even considering an ova I may not of even entered into it. My iva terms were from 2004 by the way not the 2007 terms and another question is, if it is all now based on probable asset, contingent asset and/or unrealised asset where does that leave me when my private pension matures? Am i then going to have to give my ip money? As this too could be construed as probable or unrealised? I am seeking legal advice as this seems madness.
Hi Michelle. Any PPI, as an asset that existed during, or prior to the IVA, is payable into the IVA. The IP deals with this, post completion, under the terms of the continuing trust created by the IVA (known as a Gallagher Trust, after the Court proceedings which deemed it existed).
As regards to your pension -- your ability to draw down the pension arises AFTER the completion of the IVA and therefore the asset did not exist as a realisable asset during or prior to the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The question that then bubbles into my head, most private and state pensions can be deferred! Can an IP make you draw it down, can't say I've seen it yet
But with the new rules and access to whole of the pot(even a modest pot 100k+)just a matter of time perhaps?
not wanting to muddy the waters more but if Michelle received her CC in 2010 wasn't that before the PPI fiasco started so PPI couldn't have been known about then and people who completed then are now going on to claim ppi and not having to pay it in.
If life is what you make it, I must have been in a strange mood when I made mine
Questionable PJ -- and I know what some IP's would say ..... even it is wasn't known about it was still a potential asset that existed during the life of the IVA.
In many cases I would guess that the IP wouldn't want to trawl through old archives to re-open the matter as the 15% on average sized refunds, at this stage, wouldn't cover the costs involved.
But, I bet there are some !!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
