Ppi claim many years after my iva completed.

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patricia289

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Post by patricia289 » Sat Jun 23, 2018 9:00 pm
Hi I was in an Iva but finished it about 9 years ago and I have been approached about ppi and I have been offered an amount but will any of the amount I will get go to me or my would be debtor

Foggy

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Post by Foggy » Sat Jun 23, 2018 9:11 pm
Any PPI recovered after the end of your IVA stil; belongs to your creditors. However, your former IP might deem it uneconomical to reopen old files and re-contact former creditors for distribution of funds, in which case they would allow you to keep the refund.
If the refund is beimg made by a former creditor there is a chance that they will retain the money to offset the old debt. They are not supposed to, but several have. If this happens you could find yourself owing the claims company their fee, which could be around 30% of the refund --- money you will never see, but will then owe.
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

MerlinL14

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Post by MerlinL14 » Sat Jun 23, 2018 9:15 pm
PPI has been classed as an asset of an IVA, however 9 years ago it wasn't even thought about by IP's, Banks or debtors so no one knows where that would leave you if the PPI refund was sent directly to you and say you spent it. Would your exIVA company be informed and would they even be bothered, would it be worth it to them to find the records of your IVA, inform all your creditors and then distribute the refund?
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
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