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stirling

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Post by stirling » Fri Nov 13, 2015 12:35 pm
I've just received a small check back through this compensation scheme and banked it today. It was not PPI, but some form of insurance that wasn't needed. However prior to binning the letter that came with it I re-read ALL of it even turning the page. This was when I read that if you had been in an IVA after 2005 you should forward the check to your IVA administer. Surely this can't be right? The check was for under £250 and I received my completion cert over two years ago. Have I done wrong in banking it.
 
 

lifenoteasy

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Post by lifenoteasy » Fri Nov 13, 2015 12:43 pm
For such a small amount I wouldn't worry about it.

Others may disagree.
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.
 
 

Michael Peoples

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Post by Michael Peoples » Fri Nov 13, 2015 12:52 pm
It may well be an asset of the IVA but that in itself is still up in the air. However given the amount it would not be cost effective for the IP to process it anyway so while you probably should have advised the IP they may well have told you to keep it.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

stirling

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Post by stirling » Fri Nov 13, 2015 12:53 pm
I didn't even think about it since it was under the £500 threshold.
 
 

Michael Peoples

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Post by Michael Peoples » Fri Nov 13, 2015 12:56 pm
The £500 applies to windfalls and not assets which we believe PPI reclaims to be. However your own firm may treat PPI as a windfall in which case you would have kept it even if the IVA was still in place. It probably is not even worth worrying about but a no names call to your former IP may be worth doing.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

stirling

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Post by stirling » Fri Nov 13, 2015 1:05 pm
Thanks Michael. I was actually with CCCS now Stepchange and they stated and I still have it in writing, that any PPI claims I wished to pursue of my own volition any settlement under £500 could be kept by myself. I have always been of the opinion that I wanted nothing to do with PPI then or now and was just happy to get through my IVA and get my CC. This company approached me with the claim form and told me I was due redress which I claimed for. It was quite simple. One vote and one claim form all done.
 
 

Michael Peoples

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Post by Michael Peoples » Fri Nov 13, 2015 1:16 pm
Nice Christmas bonus and enjoy it.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

longslog101

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Post by longslog101 » Sat Nov 14, 2015 8:27 am
Stirling,

I think from what they have said you're fine don't worry about it.

On a side not Its interesting that step-change (sponsored by banks) are treating the PPI in the same way as a windfall is treated, more confusion over the PPI settlement post completion argument, is it an asset or a windfall..... Lol
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register

IVA ended August 2015. Would recommend McCambridge Duffy
 
 

lifenoteasy

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Post by lifenoteasy » Sat Nov 14, 2015 8:34 am
I think that Stepchange are being clever and keeping the costs down by dealing with it in a different way.

If you look at the dependency generally by IVA companies on this income (plus some of them actually created some claims management companies) its been too expensive for them to give up now.

Cash flow for IVA companies does not actually mean they are cash rich or have that many assets themselves.
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.
 
 

MikeyM

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Post by MikeyM » Sun Nov 15, 2015 11:02 am
I received £229 and I have to pay it into the IVA, which I have done.
 
 

lifenoteasy

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Post by lifenoteasy » Sun Nov 15, 2015 11:20 am
Different companies have different requirements - no consistency between them.
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.
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