Hi I completed my IVA after 6 years over 3 years ago. I have just had a PPI claim settled and the Supervisor has claimed all the money from that claim (over £5000) and said they are entitled to claim any monies for the rest of my life even though I am completed. Is that correct?
On the face of it, yes. A recent court case ruled that PPI refunds are payable into the IVA even after closure.
The case the courts ruled on were under the R3 terms, but it has generally become accepted that the spirit of the ruling also applies to Protocol terms. Some have argued that some Protocol cases are "All assets" (in which case PPI is likely included) and some are "Defined assets" ( in which case maybe not included). Even a defined assets arrangement might then have an "After acquired assets" clause, pulling PPI back in. You might have to be prepard to argue the finer points in court, which will see that £5k gone in a flash !
Also, some of those in an IVA have, at some point, signed Deeds of Assignment formally assigning PPI proceeds to the IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Incidentally --- "The rest of your life" is a bit melodramatic on their part as you can no longer lodge new PPI claims, so the time scales have a natural end point.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
I would, however, insist on an accounting of the proceeds -- obviously this will alter the final report written at the completion of the arrangement. Any monies that cannot be distributed to former creditors, after fees, should be returned to you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
