2nd PPI claim will also go to closed IVA account?

Get expert opinion. This is the place for new questions to be posted.
7 posts Page 1 of 1
User avatar
monty
Posts: 1
by monty » Thu Sep 28, 2017 1:08 pm
I Stopped paying my IVA in 2012 and my completion certificate was issued in 2014.
I had to sign a PPI agreement with Equity and Finance, it was successful and it helped to close my IVA.
I have since had another successful PPI claim since the IVA finised. This time it was twice as much as the first but it also went straight to my closed IVA account.
I wrote to my IVA company to find out what had happened to the money as it was awarded 3 months ago. I gave them 2 weeks to respond before telling them I would be going to the Ombudsman.
To be fair, I knew I would not see the money, I just wanted to know what happens to it and how it would affect my IVA. My IVA company replied 2 days later with a fair letter stating that they will keep in touch with me on the progress of the money going to my creditors.
Make no mistake, I REALLY would have loved a £16,000 PPI payment to me but I have had to accept the fact that it will pay off what would have been a written off debt, and if it does help pay the excess debt in full, then I can truly hold my head up and say that I am truly DEBT FREE.
User avatar
Foggy
Forum Expert
Posts: 24120
Contact
by Foggy » Thu Sep 28, 2017 1:14 pm
Yes, the money will be distributed to creditors and your former IP should be able to account to you for it in due course. But this might take some time as creditors are not the fastest to respond, especially on closed accounts and debts that might have been sold on.
ANNED
Posts: 87
by ANNED » Thu Sep 28, 2017 1:19 pm
Sorry for butting in But why does the have to go to the iva if they recieved it after the iva is complete I'm confused ??
User avatar
kallis3
Forum Expert
Posts: 72034
Contact
by kallis3 » Thu Sep 28, 2017 2:10 pm
It is an asset, and, as such, needs to go to creditors unless you have paid 100p in the pound plus fees.
User avatar
Foggy
Forum Expert
Posts: 24120
Contact
by Foggy » Thu Sep 28, 2017 2:59 pm
ANNED wrote:
Sorry for butting in But why does the have to go to the iva if they recieved it after the iva is complete I'm confused ??


Although they got their hands on it after the IVA closed it was an asset that actually existed during the life of the IVA and, so, is captured by it. It this case they also signed the PPI over to the IP in a formal agreement so the refund belongs to the IVA in law.
ANNED
Posts: 87
by ANNED » Thu Sep 28, 2017 3:33 pm
Foggy wrote:
ANNED wrote:
Sorry for butting in But why does the have to go to the iva if they recieved it after the iva is complete I'm confused ??


Although they got their hands on it after the IVA closed it was an asset that actually existed during the life of the IVA and, so, is captured by it. It this case they also signed the PPI over to the IP in a formal agreement so the refund belongs to the IVA in law.


Aww understand now thanks foggy
User avatar
Keith White
Industry Expert
Posts: 143
by Keith White » Thu Sep 28, 2017 3:36 pm
The other experts are of course correct. But its a bit gut-wrenching - so near yet so far to a lump sum that would make a huge difference! But you're right - you really can hold your head up and celebrate being debt-free!
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Google [Bot] and 26 guests