I completed my IVA in 2011. I entered it in 2005 due to rising interest costs (and with hindsight PPI added to that problem). I had no chasing creditors, bad debts or unpaid instalments. However, I had two young children and was a single parent. I took the decision to enter into an IVA to make my outgoings more manageable. I feel if it wasn't for the PPI on my facilities I would have managed repayment much easier and may not even have thought to enter into an IVA and serviced my way out of debt. As I say, I had no chasing creditors. I feel I was a victim of the PPI scandal in a way that goes beyond the compensation, and yet (accepting what the law decided) any PPI compensation has had to go back into my (past) arrangement. Is there any concept of compensation or remedy from the effect of entering into an IVA when (retrospectively) you should not have needed to or otherwise wouldn't have due to the detrimental effects or lack of advice surrounding PPI?
Proving "could have, would have, should have" would be next to impossible and only a ruling from the Ombudsman to effect compansation for 'possibilities' would have brought such.
Many of us feel that PPI caused or compounded our financial difficulties, but the IVA at least drew a line in the sand and, in many cases, the amounts written off could be regarded as some compensation.
The trick, or at least the one that works for me, is to look forward, not back. I came out of my IVA debt free and, nearly seven years on, I am still debt free and living far more comfortably that I ever was beforehand.
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