I am sure your IP would rather get on with his normal workload and whatever fee he earns may not even cover the time spent on the case. I am glad to see he is taking legal advice and let me know the outcome as it could still be settled in your favour.
Good luck mushy pea - hope this works out for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I work for a legal firm and we believe depending on the terms written with in your IVA would depend if off set could be applied or not. We are currently processing identification of PPI`s in closed IVA`s in an effort to achieve a legal precident.
All views expressed are my own personal views. Without prejudice
Jamie, that's interesting. So what you're saying is that at this point in time there is no legal precedent for IP's to do this at the moment? If so, my best option if there is no resolution is to challenge this legally
Michael, I'm sorry if I sound a bit cynical but my IP wasn't interested in the money until they were told by Lloyds how much it was. Thanks for your help and advice
I do not agree that this was an asset present at the time of the IVA. Yes, the potential, might have been there but not the asset. It is not tangible until the claim has been made and accepted.
Worryingly the same could be applied to inheritances ... if my father dies after the IVA is formally completed and leaves me his house, using the currently applied logic, that asset was present during the IVA (the house exists) and is open to capture !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy I don't think this applies to anything other than PPI refunds, as the PPI was a thing in action at the time the IVA was open.
However, in my opinion that 'action' can't apply to something that did not exist at the time the IVA was open as PPI refunds for mis-selling was not an issue in 2008-9. Certainly no one mentioned it to me.
I don't understand how a thing in action can exist now if it didn't exist at the time....it's a little bit surreal!
Also, if Lloyds TSB (one of my ex creditors) are happy that the IVA is closed then I can't see how my IP has an issue with it.
From what I understand it depends on whether your IVA was based on 2004 or 2007 guidelines. I would not recommend taking on a legal case unless it was on a no win no fee bases. Costs can get very high. We just billed a creditor for a very large sum who was disputing a PPI claim and did not accept our removal of statuary limitations. The claim went all the way back to the early 90`s.
All views expressed are my own personal views. Without prejudice
I have no clue whether it was based on 2004 or 2007 guidelines.
I'm going to try the previous suggestion of trying to settle this amicably with my former IP, and if not I will have to undertake any legal challenge myself. I'm fully prepared to do so as it seems no-one is really clear on what the situation is. In any case, I'll keep everyone informed if there are any further developments!
Hi Mushy pea, (I have taken legal advice on this only yesterday) I must say I would be astonished if this were to happen, it just doesn't stand the test of logical reasoning. The PPI reclaim relates to an insurance policy which was sold in a way that was proven to be illegal this is quite distinct from a debt balance which has built up. Bear in mind that generally speaking these premiums added to the principal sum of the loan therefore they artificially compounded the interest, and, if you follow this to its logical conclusion any dividend was understated. For instance, if your debt was £1000 and £500 of it was the result of mis sold PPI and interest then the "actual" debt is essentially only £500. If you agreed a dividend with creditors of say 25p, that would equate to 50% dividend and not 25% dividend, you could therefoere argue that all creditors with accounts included in IVA's have been over paid. By returning your premiums (interest is as a result of the court ruling)yu are being returned to the state you would be if the PPI had never been sold, so in effect your IVA final dividend was actually more beneficial to the creditors on the basis that their figures were inflated. Bear in mind also that these PPI offers are generally made as goodwill gestures without admission of liability, you can either choose to accept them or not in the same way that if you won the lottery after your IVA completed it is up to you whether to collect the money or tear up the ticket, either way that money is yours to keep. These claims can not be construed as assets as they would not have bee realisable at any point. I am no lawyer but as I say I did spend an hour discussing this with my solicitor and the position on this is pretty clear. What would be the point of an IVA if the debt is not written off at the end of the term at which point any liability falls away. It sounds to me like your IP (or perhaps his firm) may think they have spotted a hitherto un thought of revenue stream, i fear they will be disappointed.
IVA finished June 2011
"If you listen to people who tell you what's impossible, they're usually the ones who failed" Paul Stanley
Hi Firefox, thanks for your reply. I totally agree with what you have said. I wrote to my IP yesterday along the lines of the points you have made. even one of the more junior members of staff who I have been speaking to said that he thinks it's unfair. It was the partner of the IP firm that has decided this course of action though. I have complained about the bad advice I was given back in November. As I said in my original post, I was advised by a senior member of staff at my IP's that they were not interested and the money was ours to keep. he even recommended a solicitor that specialised in insolvency law in case Lloyds tried to keep the money to offset what was still 'outstanding' after the full & final IVA.
In any case, Lloyds consulted their solicitor and were told that legally the IVA was concluded and the money should come to us. I believe like you that it is compensation for fraudulent mis selling, and not a refund of payments we made.
We worked extremely hard to make the IVA a success, going through a relationship breakdown, months of working for nothing, and selling our house (even though we may have been able to keep it), our creditors got a very good deal when they could have got nothing. I will let you know how this goes but I am fully prepared to take it all the way now as I'm afraid I also think that my IP is motivated by money and this is why they have decided on this course of action....we shall see!!
Hi MP, That's precisely the point, there is "nothing outstanding" after the IVA, that is the whole point of an IVA in the first place, once it is competed all balances and liabilities are zero you simply can not offset against a debt that no longer exists......
IVA finished June 2011
"If you listen to people who tell you what's impossible, they're usually the ones who failed" Paul Stanley
Hi - I have same dispute with Natwest whom I owe 20k still - I have struggled for years to pay and the loan caused me to sell my business at a loss leaving an unpaid dti loan - bank have taken money from everywhere possible but the insurers! - Is the ppi claimback simple with dti loans as I believe I have been missold the premiums
