PPI 16 years on

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Post by audrey405 » Sat Aug 15, 2020 6:14 pm
I had took out an IVA in 2003 and ended it with a full and final settlement of 18,000 in January 2004. I have just received a letter telling me of a PPI that has been sent to the IP firm. The IP firm wrote to me and said that they are distributing the funds to the creditors. Can they do this 16 years later?


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Post by Foggy » Sat Aug 15, 2020 7:40 pm
An IVA of that age wouldn't have been written under the currently used, standardised, Protocol terms, so it would depend on what it actually said about assets and after acquired assets. That said, after all this time, I am surprised that your IP still has your records and is physically able to trace and establish contact with former creditors. At the very least I would request that they first explain under what terms of the IVA they are retaining the refund and, then, they will need to produce revised final accounts to establish where the funds are going.

Make these requests in writing (keeping copies) and request any response in writing -- in case the matter becomes an official complaint or needs to be referred to the IPs regulatory body.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by MrMole » Sat Aug 15, 2020 8:52 pm
It's quite likely that the IVA would have included what's known as R3 standard conditions in 2003, but it may not have, and you should do everything foggy has said.

One more thing is to make sure that the insolvency practitioner who was your supervisor is still there to deal with it. Without the IP's consent (or a court order which is usually only granted if the IP is no longer an IP), even if your creditors are entitled to the funds under the IVA terms, the firm that you were with have no right to claim the money, distribute it or charge fees for doing so without his/her consent.
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