www.iva.co.uk

After reading something on this forum yesterday about "Windfall Clauses", it got me searching for my agreement with Freeman Jones concerning my IVA. (it was in an envelope, in a folder, in a box, in a drawer....no idea why)

I found these two paragraphs, do they mean what i think they mean ?

If i receive PPI payments from a company that is not included in my IVA, would i receive the first £500 ?

Whilst i think it means that, i have come hear for morale support or at the least a "Yes Thicky!"

(f) “after acquired assets” means any asset, windfall or inheritance with a
value of more than £500, other than excluded assets that you acquire or
receive between the date the arrangement starts and the date it ends or is
completed, if this asset could have been an asset of the arrangement had it
belonged to or been vested in you at the start of the arrangement;

PART VI
ARRANGEMENT ASSETS
14. After-acquired assets
14(1) Subject to the following sub-paragraph, the supervisor may claim as an asset of
the arrangement any after-acquired assets. Any such asset will be subject to and
be an asset of the arrangement.
14(2) After-acquired assets must only be sold or realised to the extent necessary to
repay the creditors in full with any interest they are entitled to under the
arrangement.

Thanks
Mutley.

P.S sorry if you see this question scattered around, i was having some pc problems when trying to post.

Unfortunatley Mutley the prevailing legal opinion is that as the right to claim PPI existed prior to entering the IVA it is not an after acquired asset and as such is not subject to the clause above.
This is a tricky area in IVAs at present and you should speak to Freeman Jones as to how they are addressing the issue.

Hi Multey

I am with Freeman Jones, we received form Freemand Jones the 5000.00 PPI payment which was returned to us because the loan had been paid off before IVA started and was not with one of the creditors involved in IVA. We would have paid it off IVA but needed urgent house repair.
Contact Sarah Jolly direct she will advise you

Thanks for the replies.
Apart from PPI claims against companies involved in my IVA, i am also looking into PPI on my mortgage payments and a few homeowner loans that run alongside my mortgage, neither the mortgage nor any of the loans were included in my IVA, however my mortgage is with C&G and even though my loans are attached to it, i suspect there Lloyds, who are one of my creditors.

I was actually called by Lloyds credit card PPI claims yesterday to help fill in some blanks on my questionnaire, trying to remember details from over 25 years ago was a challenge.

One of my main puzzles is where do i stand if my debt was sold on by one of my creditors and is technically no longer theres and my IVA payments now go to the new company, who are not on my IVA ?

I will drop Sarah an email to see if she can shed some light on things.

Mutley

Just had a random thought, if i took out a loan years ago, then got a second loan, which paid off the first loan and other newer debt, but i am still paying the second loan (homeowner loans) now that i am in an IVA, will the first loan count as completed prior to the IVA and therefore put money in my pocket ?

Mutley

Hi Mutley,

Personally I would think the first loan is classed as paid in full, I am sure Sarah will advise you on this

Hi Mutley1968

I've just responded to your email and other thread.

We'll be in touch to answer your questions.

Thanks
Sarah

Hi sarah

I received a phonecall yesterday and got the answers to my questions (and a few more i had), i think i have everything figured out in my head, i guess i will just sit and wait to see what happens next, hopefully sooner rather than later

Mutley

I'm pleased we have been able to answer your questions.

Just let us know if you need any further help.

Thank you
Sarah

Mutley1968 you have lost me... Is the verdict that:
any pre IVA fully settled loan that has a PPI claim identified is does not count towards the current IVA?

From what i can remember, and wishing i took notes.
If a creditor sold your debt prior to you beginning your PPI claim, then your more likely to get the money, also you should receive the 8% statutory interest from all successful PPI claims.

Early loans depend on who they were with, if its one of your eventual creditors theres a good chance it will be used as part of your IVA payments either by being sent to you IP then returned to them, minus fee, or just offset against the debt, but you should be able to get the 8% on it.

If it's a company that is not on your IVA then you may be able to keep it.

A lot is down to who you are with and timing, with mine, one of my debts has been sold, but after i started my PPI claims, so it might go back into the IVA.

sorry if all of that is a bit vague, i got an information overload and i may have waffled on a bit on the phone, which did not help me remembering.

I came to the realisation when i sat down that whatever happens happens and i can only sit and wait, something should be expected back from whoever your claiming against, within eight weeks, so far 4 out of seven of my claims have responded, with phonecalls and more questions.

Sorry if that did not help.

so your are undertaking your claims yourself? and not through one of the appointed agencies that the IPs use?

Since i am with Freeman Jones (coming upto my third year review) i decided to go with there own PPI claim company Think2Claim (should hopefully make dispersing any money back to me quicker), the way i looked at it, it was "free" money as i thought it had been paid and was long gone years ago, so paying a company a fee to do a far better job than me in challenging companies felt the obvious choice, the first "NO" from a company would have probably stopped me.

Since there ultimately fighting for there fee, as well as my IVA and me, i figured they would be more thourough at challenging decisions if they needed to.

As soon as i start to get results, one way or the other, i will post to the Forums, people have been very helpful to me on here and any information or news i can pay back, i am happy to do.

Ive just read and re-read the booklet provided by DFD..... still makes very little sense. One thing it does not highlight is how long after the agreement they have control over your claims?

For assets in existence prior to or during the IVA they have an interest ad infinitum.