Maria said she made some PPi claims and gave the money to her IVA company as it was a windfall. She said they have since told her that they have to return it to her but she will not receive it until March 2014. She wants to know why this is. She also wants to know if this money could be used to clear her debt but has been told it will double the amount she owes paying it off.
This sounds very fishy to me - who is the IVA company dealing with this matter for you.
More information is needed regarding your IVA and the amount of the PPI mis-selling monies you sent to them and why they cannot repay until March 2014
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Hi Welshwiz. Had you completed your IVA? I have had the opposite experience. IVA completed and closure certificate received. Whilst in the IVA agreed for the IP to investigate any mis-selling of PPI but on £20 reclaimed. Have recently had an offer for £4.5k for mis-selling of PPI but have been told it will go to the IP. IP has confirmed that IVA will be reopened. There doesn't seem to be much consistency in practice unfortunately but I'm pleased to hear that you were able to retain your PPI money.
Hi Sandra -- the IVA will not be re-opened, as such. The IP will administer the PPI refund under the continuing trust he / she enjoys in law. This is merely administrative and will not, as I say, re-open the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy it is reassuring to know that the IVA isn't re-opened as such (although legally this is really confusing). I do find the varying practices of IPs in relation to PPI quite frustrating! Even more frustrating that the company concerned deducted £650 from my IVA contributions to pay their sister company to investigate PPI - they obviously didn't do a very good job!! Anyway I guess as it is money I never had I shouldn't be too disappointed!
No only been in iva for 18months but ppi was paid initially to IP but then they returned it because the creditor it came from was not included in iva, as my previous post on other subject I would have paid it in anyway only need emergency house repair which took up all 5K but I could have had it back without the emergency
