im sure this question has been posted buy my lappy wont let me search so i apologise!
finished the long 6 yrs of iva at xmas , now considering whther its worth trying to claim ppi , im aware i cant be entiteled to anything once iva started but am i entitled to ppi from before iva ??? if i am can anyone advise me how to claim or best site to download letters as dont want to use a company.
also i dont have all account nos , i have the ones that were detailed in iva .
any advise would be gratefully recieved
thx sue
Not good news, I'm afraid. As things stand, any PPI that could have been reclaimed whilst you were in the IVA would still have to be paid to your creditors - even now and even after a completion certificate has been issued. But watch this space, things might change. Surprised your IVA firm wasn't all over this - which one was it ?
We all have differing opinions on this subject, but for me personally, as I too had a huge amount of debt written off, I wouldn't be claiming any PPI. I think that would be morally wrong (but like I said, it is just me and my opinion). My other worry, would be opening a whole new can of worms with my former creditors. Not something I would wish to do, as far as I am concerned, the whole sorry affair (my doing, no-one elses') is over.
KayKay, the moral imperative in an IVA is to return the maximum possible to creditors - you need to make the claim to do that. Some IVA companies are now obliging their clients to claim.
If your case has been closed, it is unlikely that your IP will go looking for potential PPI claims, but if the creditor agrees that you are due a refund they may well contact the IP who could be obliged to take the claim monies on behalf of your former creditors and distribute them accordingly.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by TigerTiger
Not good news, I'm afraid. As things stand, any PPI that could have been reclaimed whilst you were in the IVA would still have to be paid to your creditors - even now and even after a completion certificate has been issued. But watch this space, things might change. Surprised your IVA firm wasn't all over this - which one was it ?
If your IP did not advise you to make a claim during your IVA and has duly issued you a completion cert, then WHAT IS THE POINT ?????
The fact you are now in receipt of the cert should mean you are free from the debts en-listed in your IVA. Obviously this is not the case, If you receive monies post IVA this can deemed as an asset and claimed by your creditors ????
Where does it end ??
How long can any monies received be deemed as an asset of the IVA 5yrs,10yrs ?????
If the right to the asset existed at the time the IVA was taken out, then the trust the IVA may have established survives the IVA and the monies are deemed to be due to creditors. This is a legal opinion which has not yet been tested at Court so I understand.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
If the right to the asset existed at the time the IVA was taken out, then the trust the IVA may have established survives the IVA and the monies are deemed to be due to creditors. This is a legal opinion which has not yet been tested at Court so I understand.
Is there ever gonna be any clarification on it ??
Has any IP ever actually re-claimed so called asset's post IVA ??
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by TigerTiger
KayKay, the moral imperative in an IVA is to return the maximum possible to creditors - you need to make the claim to do that. Some IVA companies are now obliging their clients to claim.
Yes Tiger Tiger, I agree with your comment. What I was saying is, that if your IVA was completed and CC received, prior to the PPI issue arising, then it would be wrong to claim PPI from a company, who in fact have written off a huge chunk of your debt already, just to furnish your own pocket.
One of the risks with a post iva claim , moneyprobs, is that the creditor involved will simply send the refund direct to the IP for distribution. It doesn't need the IP to initiate the claim.
I wasn't suggesting that the IP would make the claim ( although in bankruptcy the OR can ) just that the proceeds of a customer's claim can end up with the IP even though they've had no involvement in requiring the claim to be made.
Molly16, as you have mentioned that it was ClearDebt that supervised your IVA, David Mond, CEO of ClearDebt, has asked me to post the following.
"The advice you have received from the forum is correct. If an asset or a contingent asset existed at any point from the outset of your IVA until the point of completion, then this would have to be included within the IVA and as such should, once it has been received, be paid for the benefit of your creditors regardless of when it is ultimately realised. Even if you have received your completion or termination documents and the IVA has concluded, then because of the principles of Trust law the asset belongs to the IVA creditors and still survives and as such, the funds would need to be paid directly to your former Supervisor.
A large proportion of creditors are currently paying compensation cheques directly to the Supervisor/former Supervisor but in any case, if the compensation was paid to you following the completion of your IVA, your Supervisor would still have a claim against these funds and if he or she were to find out then you could be liable to further action and potentially disastrous consequences.
Supervisors are able to pay reasonable costs in establishing and realising assets (costs of realisation) and a number of IPs are allowing from completed cases to keep a percentage of the claim as a gesture of goodwill in helping to increase the return to creditors. My suggestion is that if you feel you have potential PPI claims, then your first port of call should be to contact your former Supervisor who should be able to help you through the process."
Regards.
Last edited by size5 on Fri Jun 01, 2012 10:48 am, edited 1 time in total.
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