www.iva.co.uk

I am one of the fortunate ones ( tongue in cheek ) that had my account transferred from PJG to Creditfix. I maybe entitled to a ppi payback. When I first started with Creditfix I am sure I signed a letter stating that I am entitled to keep 50% of any ppi refund. Can anyone tell me if this is correct?

Hi,

Not sure about that one - I know sometimes you are allowed some money back - you need to speak to Credit Fix about this

The problem with PPI refunds is that, over the course of this shambles, IP's have dealt with them in different ways, and often the same IP has changed the way they deal with them "mid-stream". So, all will depend upon what was agreed at the time and whether you have it in writing or the IP is willing to take your word for it.

Wording suggested that may be able to get a nominal amount back but nowhere close to 50%.

I remembered the letter was sent electronically. Here is the summary. Sorry it's a bit lengthy. It is a variation of terms and I am wondering now if I should have signed.

I refer to our last communication regarding the transfer of your IVA to Creditfix Limited. I
hope by now that we have managed to speak with you, either through the normal course of
business or via one of our customer service campaigns, welcoming you to the Company. I
would also like to thank you once again for your continued patience during the transfer
period while we update all of our files.
To continue to make this transfer as smooth as possible, I would like you and your creditors
to agree a variation to the original terms of the IVA. The variation will bring the terms of your
IVA in line with those already administered by Creditfix, at no direct cost to you. Bringing the
terms of your IVA in line with the rest of the business will help to ensure that we are able to
maintain excellent communication with your creditors, while providing more flexibility to
ensure the successful completion of your IVA.
The effect of the variation will include:
- To ensure that PPI is properly dealt with and agreed by your creditors. Previously,
there has been no agreement with your creditors on this point, leading to a certain
ambiguity in the IVA. Non-inclusion of PPI within an IVA proposal requires formal
disclosure to creditors as it is a material asset. Creditors will be asked to consider
that you keep a proportion of any successful PPI win.
- To increase my discretion to admit claims into your IVA where the creditor has
stated the amount owed is greater than that in the original proposal. This will avoid
any potential breach of the terms.
- To ensure that an income and expenditure review is only required once a year.
- To ensure that the operation of a creditor gateway for your case is maintained,
where creditors have online visibility of your arrangement and can help identify
where they need to submit a claim. The effect of this is that your arrangement will
be far more likely to close on time, with less administration required at the end.

RESOLUTIONS FOR CONSIDERATION
1. The Supervisor is authorised to investigate any PPI claims and to realise
the same for the benefit of the arrangement.
2. It will be a matter for the sole discretion of the Supervisor whether or not
the claim or claims should be pursued. It will not be a breach of the IVA if
any claim is irrecoverable or is impractical to pursue.
3. The debtor be authorised to claim 50% of the net realisations after costs
from mis-sold PPI realised during the course of the IVA.
4. The Supervisor is authorised to draw a fee of £125 to cover the costs
associated with convening the variation meeting of creditors, payable only
where the Supervisor distributes three consecutive dividends within 6
months of her appointment.
5. The Supervisor's remuneration is changed to 23% of realisations
6. The Supervisor conducts an income and expenditure review once a year
for the duration of the arrangement, and that such a review is completed
no later than two months after the anniversary of the arrangement.
7. The Supervisor has the discretion to admit claims up to 115% of the value
provided for on the Statement of Affairs, without the need for additional
verification
8. The Supervisor will convene a meeting of creditors where the sum of all claims
exceeds 115% of the value provided for on the Statement of Affairs, to
determine any action required.
9. In consequence of these variations, any clause providing for a minimum
dividend shall not apply
I confirm that I agree to have the above noted resolutions presented before
my creditor

I understand that, in a number of cases reported back to the forum, the creditors voted to reject the clause allowing the debtor any share of PPI.

Plus a number of people posted that cf denied that a variation meeting ever took place.

If successful, the ppi refunds will be for 9 loans with the same bank and it could be a considerable amount. I only have 9 payments to go. Will they take what's owed as a final payment and any left over I can keep? Sorry if I am being a little naive.

You should never pay more than 100% of the original amount outstanding plus IP fees and possible statutory interest. Therefore, if the PPI claim settles all of this any balance should be due to you, if that is how they handle the claim.

No need to ever be sorry here, if you don't know just ask and whilst I personally can't answer the technical questions, I can give my experience of my time within an IVA and there are plenty of others who do know.

A quick update. I am on cloud nine at the moment. I have just received a letter from the bank and I am getting a refund plus interest of £21,500.00. I am absolutely overwhelmed. This will cover my debt and some left over for me. I cannot describe the way I am feeling. After four and a half years into my IVA, I am finally debt free. I would like to thank everyone on this forum for your help and guidance over the years. I have never known so many kind, caring and none judgemental people in all of my life. Thanks

That's brilliant news huddo! Congratulations and thanks for the kind words abut the forum.

Wow, wow, wow. I can see why you're on cloud nine. Certainly is brilliant news and debt free too, massive congratulations.

The forum always strives to do the things you say and so glad it's working.

Non-judgmental advice is paramount as we've all been there.

I will of course still come back to the forum. If I can help anyone through my experiences, then help I will..

That's great news but....

I don't want to burst your bubble but since your original posts above have you had confirmation from your IP that you can keep these funds?

My bubble has truly been burst. Apparently I still owe £2k after this windfall. I thought there would be enough to cover my debt with some change. I'm absolutely gutted.