Good morning. My wife and I completed our joint IVA in February this year after paying in for 5 and a half years (no breaks). However, our practitioner did not issue a completion certificate due to the change in law on PPI claims. Basically they wanted to see if we were eligible for a claim before closing our IVA. This has now dragged on to December and we have finally been notified by the company nominated by our practitioner that my wife will receive a refund. My question is whether I should have to pay this award into our IVA. The PPI premiums my wife paid were before the IVA started, our IVA has completed term wise anyway and we met our commitments. Surely any bonus/award/additional income received after our final payment is 100% hers? The award ncludes the premiums, a compensation payment and interest for the period inbetween. Grateful for any help as our practitioner isn't explaining why she has to pay up and is just demending the full sum (bar £500 which she is allowing my wife to keep as a goodwill gesture!). Many thanks
Hi and welcome to the forum. I believe it's considered an asset and to that effect unless 100% of all monies owed was received in the IVA it will go to creditors. Lots of posts about PPI at the moment on the forum.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I'm afraid this will have to paid across to your IVA. If it means that you pay your debts 100p in the pound plus fees then well done. If there is anything left over then it is hers.
If the claim is deemed to be an asset of the arrangement, or ought to have been were it to have been properly declared at the outset of the IVA, then I think you will have to pay the money over. Which firm are you with?
We are with Cleardebt but started with Synergi. The PPI claim is on a loan that was included in the IVA but we finished paying in as per the agreement in Feb 12. If the law hadn't changed, the PPI claim woyldnt have come into it and we would have been given a completion certificate, but because it did change, our IP contacted us to say Cleardebt had issued instructions that IPs had to investigate if PPI claims were there or not. My point is that this is an income that was received after the term of our IVA so should not be included. Surely they would not have a claim on any other award I receive after the term of my IVA has finished? Or until I receive a certificate, does it mean they can claim on any money i receive until they issue it? If I receive any other award that has nothing to with loans or PPI or anything they might ask for a portion of it! I have effectively been in an IVA now since Sep 2005 (started payments to IP then although wasn't made official till Apr 2006, extended due to lower wage in Dec 2010, with final payment Feb 2012). Having gone through all the hardships it seems like a kick in the teeth that we still appear on the register and despite meeting all our payments, our IP still wants more.
Im afraid until you have your completion certificate, any assets or windfalls are still subject to IVA criteria and as such, in plain terms, your IP want it>
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
I too am with Cleardebt, and my IVA is completed, but still awaiting CC, pending the outcome of PPI claims.
I have asked for, and received, a letter from Cleardebt stating that if I receive any windfall / inheritance etc, this will be excluded from the IVA as I have completed my obligations.
therefore, I think the Artists' comments are not completely correct regarding future windfalls.
However, PPI is deemed an asset,(that presumably was in existance at the start of your IVA, although you may not have been aware of it) not a windfall and as Melanie has pointed out, IF this asset is covered by your IVA proposal, then it will be an asset of the arrangement, and will need to be paid into it.
Technically, per the terms of most proposals TheArtist is correct. Assets of the IVA will always be due to the IVA, even if realised later, and windfalls, under the terms of the original agreement are captured if gained prior to the issue of the Certificate, their treatment being at the discretion of the IP.
However, many IP's ( though not all) are sensibly taking the view that, as you have completed your obligations they can exercise their discretion and allow the windfall to be retained. Some have sought formal variations to this effect.
But, while it is left to the IP's discretion, it can always be pulled in for the benefit of 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
I don't think that an IP trying to claim a windfall after their client had fully complied with all of the payments and co-operation needed to the IP would have a leg to stand on in the event their decision was challenged at Court.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by dawnyosf
I too am with Cleardebt, and my IVA is completed, but still awaiting CC, pending the outcome of PPI claims.
I have asked for, and received, a letter from Cleardebt stating that if I receive any windfall / inheritance etc, this will be excluded from the IVA as I have completed my obligations.
therefore, I think the Artists' comments are not completely correct regarding future windfalls.
However, PPI is deemed an asset,(that presumably was in existance at the start of your IVA, although you may not have been aware of it) not a windfall and as Melanie has pointed out, IF this asset is covered by your IVA proposal, then it will be an asset of the arrangement, and will need to be paid into it.
I'm sorry dawnyosf, I dont actually think I am incorrect. I think an expert needs to confirm this.
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
I don't think that an IP trying to claim a windfall after their client had fully complied with all of the payments and co-operation needed to the IP would have a leg to stand on in the event their decision was challenged at Court.
Possibly, Mel, but, as yet, it has not been tested.
Many rely on the "letter of the law", however, the Courts also consider (as does the wise IP) the "spirit of the law".
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Having interrogated this and other IVA sites I personally maintain that, in terms of technical procedure within an IVA, any funds, whether assets (eg PPI), inheritances and/or windfalls of any nature should be paid across to your IP prior to the official closure of an IVA. However, I am also aware that there are certain discretionary powers to relax such, depending on which IP is engaged.
Cleardebt clearly adopts this procedure, whether with or without creditors, consent. Others, and I know through experience, do not.
There are points on this post made by all that are as inconsistant or as consistant about IVA protocol.
One thing though, that is prevalent, is the confusion, anger and dissatisfaction caused by the failure to provide Completion Certificates in a reasonable time.
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
