My IVA completed this year after 8 years and I had signed a deed of assignment for PPI etc. Whilst in the IVA I had taken out a payday loan which was silly of me but I was struggling. This loan I may be receiving a refund for via the FOS but my former IVA company have stated they have an interest in any refund. I was reading about a case which is still going through the courts about IVA customers possibly not having to hand over any PPI etc when the IVA has completed. I was wondering how I stand with this because surely when you complete your IVA and have met the requirements to complete there must be a time limit on how long you can be forced to hand over any refunds etc.
If you signed a deed of assignment then to basically are agreeing all ppi claims can be made and any money coming from them will go towards the iva and your creditors - including time beyond your iva ending.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
As Luluj says -- you have already assigned any interest in such things to your IP --- the refunds no longer belong to you regardless of the outcome of the current case.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You may have an argument to keep this as the money was borrowed after the IVA commenced. If it was less than £500 and you continued to make your IVA payments then it is unlikely you were in breach of the IVA. The refund will be of the interest paid not the capital so personally I would think the money is yours to keep.
If however the loan was for over £500 which caused a breach or you missed IVA payments as a result this could be a different matter and would depend on how your case was dealt with.
Update. The FOS upheld my complaint with wageday advance and have instructed them to refund the interest and payments. My IVA company did confirm they have an interest in any refund so I will need to see how much they refund me and then try negotiate with the IVA company.
