I made a final payment in November 2012 that Creditfix did not process until my completion date of February 2013 and I received my completion certificate in June 2013. In Feb 2014 i was awarded PPI of £6000 and my bank being one of my creditors said it had to go to Creditfix. I wrote to CF saying if the IVA was legally binding then surely I was debt free and had no creditors for it to be paid to. I received a reply from Susan Wriglesworth saying that it would have to be paid to them and i asked for confirmation from her and from whoever she paid this money to and nothing has been forthcoming and I feel the money has just gone astray. I also read on the forum it should have been 50/50 divided but again that was never offered. Is there any further steps I can take to find out where my PPI has gone Thank You
Hi. First of all, PPI is an after acquired asset and should be paid into the IVA in total. The 50/50 split you are thinking of refers to overtime and work related bonus payments.
As to the legality, nothing regarding the treatment of PPI has yet been tested in the courts, however legal precedent has established that there is a "Continuing Trust" created by the arrangement, under which the IP can deal with the affairs of the IVA after due completion. So, yes, this is above board.
They are still obliged to account, to you, for all of the monies they distribute and, if no figures are forthcoming I would suggest a formal complaint is lodged.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
