PPI reclaim whilst in an IVA

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rach
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by rach » Thu Jan 31, 2019 2:56 pm
Hi I’m in need of some advice please re PPI
I entered a Iva in 2011 I’ve now finished and received a completion certificate
I’ve been approached by a company to look into any potential ppi I have
I never considered this as I was aware that any money would go into my Iva and I could In turn be left with a bill from the claim company

I’ve since looked into this further and was hoping for some advice , my Iva contract states that

“All Of my assets at the date of proposal are being EXCLUDED from this proposal with the exception of any interest in my residential property”
Does this mean that even though ppi is a asset that non of my assets are not taking into account regarding my Iva which in turn means that any ppi would not have to be added to my Iva

I’m a little confused and holding out a lot of hope lol
Any advice would be appreciated

Thank you xx
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kallis3
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by kallis3 » Thu Jan 31, 2019 3:54 pm
Unfortunately it will be due to your creditors unless you have paid back 100p in the pound plus fees.
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rach
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by rach » Thu Jan 31, 2019 4:10 pm
kallis3 wrote:
Unfortunately it will be due to your creditors unless you have paid back 100p in the pound plus fees.


Thanks for the reply :)
Can you explain why this would be if all my assets are excluded from my Iva

I’m struggling to see how in one way if the ppi is an asset and my assets are excluded from my Iva then surly it doesn’t get paid in then in the next instance it gets paid to my Iva because it’s an asset iykwim
I’m not doubting your answer just trying to understand it :)
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rach
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by rach » Thu Jan 31, 2019 4:14 pm
Everywhere I’ve looked for information it says it depends what your original contact states but it’s not specific to what to look for :roll:
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Foggy
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by Foggy » Thu Jan 31, 2019 4:19 pm
The clause on your proposal would be taken as meaning assets known about at the time of taking out the IVA. PPI would be classed as "an after aquired asset" i.e an asset that became known after the start of the IVA and would not be covered by that wording.
The interpretation could, no doubt, be argued in court, at great cost to get a definitive ruling or you could put the arguement to your IP, claiming exclusion and he might well back down on the back of a badly worded clause.
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