How can they take my PPI money when IVA failed?

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
User avatar
Posts: 1
by samantha525 » Tue May 08, 2018 1:30 pm
I had an IVA 10 years ago which failed as the company were terrible at communication. I have had a PPI claim of which they have taken.
My creditors most have now been paid off from the original proposal or debt no longer recorded so how do they think they can take this money and pay creditors???
User avatar
Forum Expert
Posts: 74027
by kallis3 » Tue May 08, 2018 1:47 pm
Did you pay off your debt in full? If not then your PPI will be due to your creditors.
User avatar
Lisa Thomas
Industry Expert
Posts: 7233
by Lisa Thomas » Tue May 08, 2018 2:02 pm
There was a Court case yu can Google called Greene V Wright - the outcome was PI is an asset of closed IVAs as held on trust, despite the IVA's being closed/finished.
User avatar
Posts: 1589
by MerlinL14 » Tue May 08, 2018 3:28 pm
Unless the debts were paid off 100% plus interest then your exIP still has an interest in any PPI refunds. It is down to him/her to inform and distribute the monies to them and return an excess to you if there is any. Only your exIP can know what is happening and we can just point you in the general direction as to the IP's actions. Me, I'd just forget about it, but if you feel you are being taken for a ride then you will have to contact your IVA company to find out the facts.
User avatar
Forum Expert
Posts: 27956
by Foggy » Tue May 08, 2018 5:32 pm
The Gallagher court case a few years back established that the truast remains even after the IVA finishes and the Green v Wright case Lisa mentions establishes that the PPI belongs to that trust after completion.

It could well be that your IP simply has no further interest or that it would be simply uneconomical to dig out aold records and trace creditors -- in either of these cases the refund will be returned to you.
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 24 guests