Hi, I completed my IVA with Freeman Joness in 2012.
I have just checked my paperwork and I was charged PPI on top of my monthly contributions. Is this normal practice? I have spoken to the moneyadviceservice and they say they have not heard of this before. Can I claim this money back? Surely the money I was paying for PPI would have been better off going to my creditors.
Many thanks
FJ tend to pick up and respond to comments on the board so you may get a response.
As IP's regard all PPI as an asset to be realised I would query why it was there especially if 1) you did not know it was and 2) you have no backup paperwork identifying how you could claim.
I have a feeling though that this was to insure them should the IVA not succeed - I could be wrong though.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
We had insurance for our iva payments with Cleardebt. Perhaps in 5/6 years time I'll have a letter from DRSP about it although as I have signed the DoA, not much point!
Seriously though, Creditors must be ok with it as it was clearly stated at the start. Would you pass it to creditors then if you claimed it back? If creditors wanted it, they wouldn't have agreed to it surely?
Some IPs take out insurance to protect the IVA payments, this should be detailed in your paperwork and would have come out of your normal payments by agreement with the creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We were with FJ and they took out insurance to cover the payments but we were never informed of this only noticed when we received the official paperwork after IVA been agreed. But must admit did think at the time at least the iva won't fail if anything happens
Surely like PPI there would be health questions etc., as Andy says maybe in the next round of claims as that money could've technically gone to creditors.
Hopefully FJ will comment.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
We offered this cover to clients as an optional policy that would protect payments to the IVA in the event of being unable to work because of accident, illness or redundancy, subject to certain qualifying criteria if they chose to take it. As it was optional we would have discussed it with you before cover was put in place but if you would like some further information about that, we would be happy to look into it for you. Please email contactus@freemanjones.com with your reference number, or preferred contact details, so we can get in touch.
We look forward to hearing from you soon.
Steven Hewitt - a member of the team at Freeman Jones
