Post IVA trust?

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suzie239

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Post by suzie239 » Wed Jun 09, 2021 2:00 pm
My Husband and I was in an IVA which ended in NOV 2018,
We have had our Notice of completion, however the IVA is in a post IVA trust and the supervisor is still cashing in on PPI’s even though we have complied with the IVA and paid everything we needed to pay, where do we stand?

Foggy

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Post by Foggy » Wed Jun 09, 2021 4:18 pm
They are correct to do so. Recent court rulings have confirmed that the trust created by the IVA generally survives completion and, in any event, PPI is due to the IVA after completion, being an asset that existed (albeit unknown about at the time) during the IVA.

Proposed changes to the standard terms of new IVA's are, I believe, due to be amended and this will no longer apply as it will be part of the agreed terms that the Trust terminates upon completion. However, this change will not apply retrospectively.
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

suzie239

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Post by suzie239 » Wed Jun 09, 2021 4:37 pm
Thanks for the advice foggy,
I find this very unfair…albeit we have paid all the monies owed and they are still getting additional monies up and above after 3 years of our IVA being completed.
Our IVA latest 8 years it was absolutely hell I wouldn’t recommend anybody going down this route.

Foggy

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Post by Foggy » Wed Jun 09, 2021 4:40 pm
When you say that you have paid all the monies owed - what do you mean ? You have paid every IVA payment, or that you have paid the full original debt, plus fees and statutory interest ? If the latter then the firm should be returning the excess 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
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