IVA finished. I have received money back from ppi and spent it.

Get expert opinion. This is the place for new questions to be posted.
13 posts Page 1 of 1
User avatar
lee327
Posts: 1
by lee327 » Tue Jul 18, 2017 7:17 pm
i have received money back from ppi and spent it. my iva started in 2007 and finished in 2012 with a full and final letter. i have been told of the recent court case result, what happens now ? can i be forced to pay it back. its a mess
User avatar
Foggy
Forum Expert
Posts: 24130
Contact
by Foggy » Tue Jul 18, 2017 7:59 pm
It coud be that your former IP would consider it uneconomical to re-open old files. But, if he considers it is due to be paid to the IVA they could pursue you for the money.
redboxtree
Posts: 90
by redboxtree » Wed Jul 19, 2017 8:54 am
The fact that it was sent to you directly and not your previous IP says a lot.

All you can do is wait and see if they contact you expressing an interest in it.
User avatar
MerlinL14
Posts: 1168
by MerlinL14 » Wed Jul 19, 2017 11:53 am
Personally I would not worry about your previous IVA company reopening your case or them contacting you. You finalised with a "full and final" offer that was accepted and paid in full. Your ex IP probably doesn't even know a PPI claim has been paid to you.
User avatar
Foggy
Forum Expert
Posts: 24130
Contact
by Foggy » Wed Jul 19, 2017 12:08 pm
MerlinL14 wrote:
Personally I would not worry about your previous IVA company reopening your case or them contacting you. You finalised with a "full and final" offer that was accepted and paid in full. Your ex IP probably doesn't even know a PPI claim has been paid to you.



Whilst understanding this I do need to point out that a "Full and Final" is neither "Full" nor "Final". Much depends upon the actual wording and detail. Most are actually a moratorium on regular payments until all sides agree to end the arrangement and write off remaining debts. You are still, and always will be, responsible for carrying out the agreed terms and anything not done that should have been done is still outstanding. Such as collection of PPI, or in the unlikely situation where an undisclosed inheritance / bonus / overtime payment is later discovered.
User avatar
MerlinL14
Posts: 1168
by MerlinL14 » Thu Jul 20, 2017 10:19 am
Foggy wrote:
MerlinL14 wrote:
Personally I would not worry about your previous IVA company reopening your case or them contacting you. You finalised with a "full and final" offer that was accepted and paid in full. Your ex IP probably doesn't even know a PPI claim has been paid to you.



Whilst understanding this I do need to point out that a "Full and Final" is neither "Full" nor "Final". Much depends upon the actual wording and detail. Most are actually a moratorium on regular payments until all sides agree to end the arrangement and write off remaining debts. You are still, and always will be, responsible for carrying out the agreed terms and anything not done that should have been done is still outstanding. Such as collection of PPI, or in the unlikely situation where an undisclosed inheritance / bonus / overtime payment is later discovered.

We are going back to 2012 here Foggy, I understand the semantics but really don't see the ex IP making an effort on an IVA closed 5 years ago.
User avatar
kallis3
Forum Expert
Posts: 72035
Contact
by kallis3 » Thu Jul 20, 2017 10:47 am
My completion made no mention of PPI but my husbands did so I assume if we claimed he would have to pay it across.
User avatar
Foggy
Forum Expert
Posts: 24130
Contact
by Foggy » Thu Jul 20, 2017 10:51 am
MerlinL14 wrote:
Foggy wrote:
MerlinL14 wrote:
Personally I would not worry about your previous IVA company reopening your case or them contacting you. You finalised with a "full and final" offer that was accepted and paid in full. Your ex IP probably doesn't even know a PPI claim has been paid to you.



Whilst understanding this I do need to point out that a "Full and Final" is neither "Full" nor "Final". Much depends upon the actual wording and detail. Most are actually a moratorium on regular payments until all sides agree to end the arrangement and write off remaining debts. You are still, and always will be, responsible for carrying out the agreed terms and anything not done that should have been done is still outstanding. Such as collection of PPI, or in the unlikely situation where an undisclosed inheritance / bonus / overtime payment is later discovered.

We are going back to 2012 here Foggy, I understand the semantics but really don't see the ex IP making an effort on an IVA closed 5 years ago.


It does depend on the attitude of the IP, Merlin. I have seen some firms go after pennies from longer ago than that ( and probably making a loss on the issue ). I agree, most firms take a reasonable view, but it does depend on the economics .... a large PPI refund could give them, in fees, in one fell swoop, as much as they earned over the term of the original IVA.

Personally I feel that , unless an assignment was made, once the completion certificate is issued that all bets are off and the matter finished with. But what I think or feel is immaterial.
User avatar
luluj
Forum Expert
Posts: 9871
Contact
by luluj » Fri Jul 21, 2017 4:12 am
Keep your head down and wait to be contacted which I am 99% positive won't happen!
User avatar
Imhotep
Posts: 382
by Imhotep » Fri Jul 21, 2017 6:44 am
Here was I thinking that once I receive my CC that would be it (obviously excluding any PPI claims).

What else will they be looking out for? What if you win the lottery? :D
User avatar
Foggy
Forum Expert
Posts: 24130
Contact
by Foggy » Fri Jul 21, 2017 7:07 am
Imhotep wrote:
Here was I thinking that once I receive my CC that would be it (obviously excluding any PPI claims).

What else will they be looking out for? What if you win the lottery? :D


Anything that happens after you get the cc is of no concern to your IP -- PPI refunds existed (albeit unknown) during the IVA and, so, are caught.
User avatar
Imhotep
Posts: 382
by Imhotep » Fri Jul 21, 2017 9:08 am
Foggy wrote:
Imhotep wrote:
Here was I thinking that once I receive my CC that would be it (obviously excluding any PPI claims).

What else will they be looking out for? What if you win the lottery? :D


Anything that happens after you get the cc is of no concern to your IP -- PPI refunds existed (albeit unknown) during the IVA and, so, are caught.


Ah, cheers! I've always avoided PPI so I'm pretty sure I don't have any coming my way :)
User avatar
Lisa Thomas
Industry Expert
Posts: 6027
Contact
by Lisa Thomas » Fri Jul 21, 2017 3:55 pm
Someone else has put a similar query on here having been asked by the ex IP to repay the PPI monies over...
13 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Bing [Bot] and 27 guests