www.iva.co.uk

Hi, i am in a IVA and have just recieved news i am entitled to a refund is this classed as a windfall ? i dont believe it is as a winfall is money which unexpecally comes to you and is not your own.

The money i paid into the ppi was my own money,and would have been in my own bank account which would have resulted in me not having to take loans out in the first place which has resulted in me joining a IVA.

I would also like to know colud i wait till my IVA is finished and then reclaim the PPI refund.

Many Thanks John

John.c - welcome to the forum - any PPI claims whilst in an IVA will usually be paid into the IVA.
The company may offset the claim against any outstanding debt - or they may Bypass you and send it direct to your IVA company. Either way it would be unlikely that you would keep any off it.

whether you claim afterwards is up to you

Unfortunately John any reclaimed PPI would be classed as a windfall and if the value was above £500 would all need to handed over into your IVA. Also, you would probably find that if the PPI reclaim was on one of your creditors who is in your IVA then they wouldn't pay out to you anyway, instead they would apply the refund straight to your account.

As for waiting until your IVA is over, I am not sure if there would be a time limit to claiming.

I personally think that if you are in an IVA you are lucky to be able to have your debt cleared at what could be substantially less than you owed at the beginning, it seems a bit cheeky to then want to reclaim PPI for yourself, but everyone feels differently about this

Hi

You can get the PPI when you complete the IVA I was told that by my IVA compnay If you get the money now it just goes towards paying off your debt Whether the amount you got brings your overall IVA total down I dunno If for example yuo got £10 000 PPI and your IVA was £30 000 then as far as I know it reduces by your £10 000 PPI claim
You have 6 years to clain your PPI so maybe you can wait and look forward to a payout
I thought all banks were contacting everybody with a loan to tell them directly I have had nothing
I was also told by the PPI firm I spoke with to let them know when my IVA finishes so I will send them an email now and see what they say as mine completes in the new year

The choice is yours as to whether or not you wait to claim the PPI.

Personally I think it is a bit greedy when your creditors have agreed to suspend all interest and charges on the account and write off a proportion of the debt at the end.

A barrister friend of mine was looking into the forum recently (he is one of the country's leading IVA specialist lawyers) and he mentioned to me that his thought is that if the PPI reclaim relates to a pre-IVA debt, then this is an asset which is caught by the IVA in any case - regardless of any windfall clauses, but of course affected by any right of set-off which can be applied by the creditor. So if this is indeed the case, then in the interests in the body of creditors all PPI claims should be being pursued and repaid for the benefit of all creditors.

Why dont IVA companies just reclaim what PPI they can to reduce the debt?

Paul

Good evening all, exscuse my ignorance but could somebody let me know what ppi is.

Many Thanks David.

payment protection insurance

That is a very interesting thought Paul - and I think that some companies are actually insisting that their clients make the claims.

I had a call in the week about this, the moment i mentioned im in an IVA and tbh i wasn't interested in claiming anything back as i thought my creditors would suffer enough at the end of the term, the person from the ppi claim back company just went silent its as if they haven't got a script for it?!

I had another call from Barclays in the week saying if i claimed they would repay my PPI, no hassles i just turned round and told them again im in an IVA and the money should be used to ethier reduce my debt to barclays or spread throughout my creditors, again silence at the end of the phone, i did tell them its my IP's decision as im staying out of it.

No. they obviously don't know how to deal with this!!! I'm sure someone will upgrade the script now that so many of us are in an IVA!

I wish my company would help me reclaim PPI! I keep meaning to do it myself but I always seem to be too busy or too lazy. :/

Never taken it out thankfully!

Happy birthday by the way BOL - hope you are having a good day!!

I'm still in bed! But going to see family and the the cinema later and Mr BoL is cooking so it will be a fab day!