my wife has just received a cheque for over £4,000 for a successful PPI claim. We have finished paying our IVA and are waiting for the completition certificate. I have gone through all our documents from day 1 over 6 years ago and can not find any reference or legal document whereby Grant Thornton are entitled to take money from us between the finishing of the IVA and waiting for the completition certicate.We have taken advice from a no win no fee solicitor and he has said we would have a solid case in a court of law. what are others thoughts about this as the way I can see it Grant Thornton can deliberately delay completing the IVA in the hope their clients receive a windfall.
This is a grey area and does require someone to take it to court. However, as things stand the PPI is an asset of the IVA and is payable over to your IP. This will be the case until such time as the completion certificate is issued.
There is an arguement that the PPI can be claimed by the IP AFTER that certificate has been issued and opinion is divided!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
What a can of worms that would open if you won your case! Fingers crossed eh!! Good luck! If you win I feel that the claims will be pouring through the banks letter boxes!!!
It is not a windfall... I bet your solicitor won't take the case 'no win, no fee' if your IP presses for this asset to be paid across to be distributed to your creditors! Your IVA isn't complete until the CC is issued and then only conditionally on you not having any assets that could/should have been paid during the IVA term, a PPI claim falls into this category. While I don't wish for you to be deprived of the PPI money, the realist in me knows it could be a fleeting moment of joy ripped apart by your IP telling you to part with this money to bolster the dividend to your creditors.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
I understand what is being said but my assets (ie. house which i own,etc) did not form any part of my IVA.
I have searched through my contract and terms and conditions there is nothing which states my IVA is not completed until I receive my completition certificate but it does state my IVA is complete when I pay my final payment which I did in June
It is a grey area, although it is a windfall the question is do you legally have to pay it into the IVA ? It will depend on your IPs interpretation of your IVA agreement.
There is also a moral question here. Did you pay 100% of the debt plus fees? Is the PPI from one of your creditors? If your creditor has wiped away some of the debt that your owed, then surely you would not expect to keep the money paid out. Obviously the last sentence is subject to the answers to the first two questions. It would be interesting to have this issue challenged in court, that way a difinitive ruling could become the law in such circumstances as this is such a grey area as others have said.
the monies paid out are not from a creditor and was PPI and setting up fee for a loan in the early 1980's. the majority of our debts were sold to Max Recovery but none of these debts are involved in PPI claims which is something I find strange
Kaykay- do u think the banks cared or worried about moral issues when they fixed the interest rates etc etc!!!!! I'm sure they get tax relief on the debts!! Whilst I'm nt condoning debt I find it amazing as to why the creditors are put on a pedestal!! Ppi and bank charges are the methods used to fleece us all and no feeling sorry for the many thousands they led up the garden path eh!!!!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Muggins
Kaykay- do u think the banks cared or worried about moral issues when they fixed the interest rates etc etc!!!!! I'm sure they get tax relief on the debts!! Whilst I'm nt condoning debt I find it amazing as to why the creditors are put on a pedestal!! Ppi and bank charges are the methods used to fleece us all and no feeling sorry for the many thousands they led up the garden path eh!!!!
I am not putting creditors of a pedestol, but a lot of us were well prepared and happy to accept those interest rates when we were jetting off on that holiday, or opening the door to the new car on the drive. I am also sure that each and everyone of us had every intention of paying every penny back, I know I did. I am also aware that some people got into debt just by trying to live without the luxuries listed above. I live by a set of morals and standards that I set for myself and do not judge others by theirs. It's just that I personally will not claim PPI from creditors from whom I have debt written off. My comments were not meant to offend in any way, shape or form, I was merely expressing one opinion.
Totally agree Kaykay. I take full responsibility for taking out too many loans etc because I wanted everything immediately rather than saving up for it.
There are many debtors who are claiming thousands back on ppi and late payment charges on this forum alone and hav ended up paying 100p back! Had they known about this prior to the IVA then they may have avoided entering into such a limiting debt management plan! I do not feel sorry for creditors as I feel there is a lot going on behind the scenes which we are nt aware of and again being mislead in many ways! Debt management is now a huge profit making industry and I worry vulnerable people are not always being treated in a fair way! If yr in an IVA it doesn't matter how much u pay back as long as you stick to the plan and complete nobody thinks anymore highly of you!
Muggins - I appreciate where you are coming from, however I would have felt better to repay 100%. Up to the individual how they feel really.
I still stick by kaykay's post. If your creditor has written off a great deal of the debt should we really expect to then receive a refund on PPI and to keep it? I think not.
If the creditor fraudulently took money off of you then should they not be made to not only pay back all the monies but compensate you also for committing such a crime! At the end of the day they have committed fraud! We as debtors could also be accused of fraud in that we borrowed money and could not pay it all back! I feel that being in an IVA with all the restrictions, bad credit files, insolvency register to name a few certainly is a punishment to say the least! I agree to each and everyone to their own so if somebody feels they should have the monies that was fraudulently taken off of them then so be it! I don't think that they should be told its morally wrong as that is another's opinion only and not necessarily right!
I disagree Muggins - when we took out the loans we had every intention of paying them back. Circumstances dictated otherwise but we did not commit fraud.
I don't consider it a punishment - it's a way to get my finances back on track and it's certainly helped me to budget better.
