Iva finished April 2014. No certificate issued. They extended the iva because claims for ppi were still ongoing. The iva company advised that HSBC were holding back some of the ppi resulting in me not getting my certificate. Poi has been paid to the iva company after my original completion date. 1) when can I expect my creshow satisfied. 2) am I entitled to any of the refunded ppi . As the clause that entitles the iva company upto 50 percent of windfall or assert should therefore entitle me to the other 50 percent less charges ?
Hi Jackie.c It sounds to me like your IVA has not yet completed because the Supervisor was sorting out the PPI. You may be entitled to 50% of the PPI if that's what was stated in your Arrangement. I suggest you speak to your Supervisor firm again and ask them to clarify the position for you in writing so you know exactly where you stand. Once the IVA has been completed they should send you your completion certificate.They should also send it to The Insolvency Services and your Credit File should then be adjusted accordingly but you may want to contact Experian etc to ensure the records have been unpdated.
Jackie the PPI does not fall under the windfall clause but assets, and most companies are taking this as it all has to be paid to the IVA, some are allowing the 8% interest to be kept (after any charges etc) and some are allowing the first £500 it depends which company you are with.
Last edited by Pandy on Fri Mar 20, 2015 4:43 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
As said above, different firms treat PPI differently, according to any side agreements they might have made. However, the base line is that it is an asset and all payable into the IVA. Any retention is at the discretion of the IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Jackie - just an afterthought but some IP firms are taking an assigment of the PPI from the debtor. This might be worth considering/discussing with your Supervisor as it should then allow your IVA to be completed so you can move on without waiting for the PPI position to be resolved.
