www.iva.co.uk

Hi All

Hope you're all well today and enjoying the bank holiday.

I have a question. What is the position of your property post IVA? I was discharged from my IVA In 2013, but I'm still being pursued for PPI (aren't we all!). They have recently written to my old mortgage company seeking PPI as this was in place when the IVA was set up and during the 6 years. I've posted about this previously.

What I wanted to ask was that whilst you are in an IVA your property is considered an asset which if you sell you must contribute monies to creditors. I presume that after your IVA is over, your property no longer applies as an asset in the same way.

So if I was to sell my property tomorrow, I would be able to keep all the money.

My worry is that as they are still pursuing PPI on old loans then the IVA is still in affect open - so they could ask for money from a house sale.

Can anyone allay my anxieties in this regard?

No!!!PPI is an asset of an iva,only equity in your home during an iva is an asset.
Somebody with more knowledge will be along later to explain it better

PPI is an asset of the IVA and an asset of the trust created by the IVA post completion ( pending the outcome of an ongoing court case). The property was an asset during the life of the IVA, but was dealt with and then excluded under the terms of the IVA, so it is now an excluded asset and free from the IVA. Assuming the restriction has been lifted, your IP will not be informed of any sale and will have no interest.

Thank you Watzki and Foggy (always so helpful!).

No there are no restrictions on the property - they have been lifted in 2013.

You mention the creation of a Trust and the impending court case. Sadly I signed away those rights to Apperture in order for me to get my completion certificate, so regardless of the outcome of the court case I won't be seeing any of the PPI money.

Thanks again.

PPI and your property are two different things.

Your IVA is over so you are free to do what you like with your property.

The PPI however will depend on what happened during your IVA (did you sign an assignment?) and if not then the outcome of the Wright v Greene case due to be heard this summer - if you didn't sign an assignment and that hearing goes in favour of the debtor then any PPI refund received now would belong to you.