I settled my IVA early in 2012 and have received my letter of closure.But Grant Thornton are doing PPI claims through a company and keeping the couple of successful claims to distribute to the creditors on my settled IVA.Is this legal?They are getting money back from companies that missold me PPI only to give the same money back to these very companies that did the misspelling.I feel very strongly about this and feel as though they are taking the mickey.This is money I was payingwhen I shouldn't have been and wouldn't have had as much debt.
Hi Derek. Whatever our feelings about repatriating monies to the creditors who fraudulently obtained it in the first place what GT are doing is within the terms of the iVA.
PPI is regarded as an asset of the IVA estate, as the refund existed during the life of the IVA and will be dealt with under the continuing trust created by the arrangement.
Some IP's, at least at the moment, aren't taking this course of action as the economics don't always make financial sense. However GT is one firm that takes a creditor led stance on this issue.
To be fair those that sold the PPI in the first place will only get a pro-rata share and the other creditors will also get some, effectively allowing more of your debt to them to be repaid.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
