PPI when IVA finished 7 years ago

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caroline695

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Post by caroline695 » Thu Aug 06, 2020 10:36 am
Hi,

I had an Iva that I finished paying 7 years ago in 2013, I have received a ppi claim through a compensation Co, I have paid them their fee, now I’m being told by them that I may have to pay this money to the iva, is this right after all right all these years, I wasn’t told this, if so what was the point to doing this am I going to end up just paying their fee, I remember receiving something saying that the iva had ended but can’t find it, please can you advise

kallis3

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Post by kallis3 » Thu Aug 06, 2020 10:50 am
Unfortunately it will be paid across as it is an asset regardless of the fact you only recently found out about it.
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MrMole

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Post by MrMole » Thu Aug 06, 2020 11:23 am
Hi - the answer above is possibly wrong - so much so that I felt compelled to register so I could reply.

The answer depends on whether your IVA was a 'defined asset' proposal or an 'all assets' one. Given the likely start date it may well be the case that yours was defined asset - meaning that unless PPI or similar claims were identified as a specifically included asset, then they wouldn't be included.

Which IP/firm was your IVA with?

Foggy

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Post by Foggy » Thu Aug 06, 2020 11:37 am
It probably isn't even that simple ---- even defined assets proposals could have an 'after acquired asset' clause. Or capture the PPI refund as a windfall. This IVA would have, possibly, been pre-Protocol and, so, could say anything !

The recent case of Green v Wright was brought to court in relation to an R3 proposal, rather than Protocol, but the 'spirit of the law', as opposed to the 'letter of the law' has seen it applied pretty much across the board and it would need further hearings to rule of the many variants. So, when claiming PPI, it is usually safer to err on the side of caution and assume it will be sucked into the IVA trust, especially where an claims firm is being used and fees might have to then come out of your own pocket (though, many IVA providers will refund these, it is by no means certain).
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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MrMole

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Post by MrMole » Thu Aug 06, 2020 12:14 pm
Exactly, it depends on the precise terms of the IVA. However, while ppi has been claimed as a windfall in some cases, this should be resisted. The claims are assets at the start of the IVA and are either included under the terms, or not. If they're not included then they're excluded.

As far as I remember, most ivas before 2014(ish :D ) were of the defined asset variety.

But the OP should talk to their IP firm to see if they do claim an interest and, if so, ask for a written explanation of why.

Foggy

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Post by Foggy » Thu Aug 06, 2020 12:25 pm
Thu Aug 06, 2020 12:14 pmMrMole wrote:
Exactly, it depends on the precise terms of the IVA. However, while ppi has been claimed as a windfall in some cases, this should be resisted. The claims are assets at the start of the IVA and are either included under the terms, or not. If they're not included then they're excluded.

As far as I remember, most ivas before 2014(ish :D ) were of the defined asset variety.

But the OP should talk to their IP firm to see if they do claim an interest and, if so, ask for a written explanation of why.
Indeed -- as some will simply claim no interest based on the economic viabilty of digging out an old file (which may have been destroyed anyway) and re-contacting former creditors.
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

caroline695

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Post by caroline695 » Thu Aug 06, 2020 1:25 pm
Thank you for all your teplies, I have already received the money from Lloyd’s bank 3 months ago & have paid the compensations company, received the letter today from compensation company asking for iva details, can’t find the certificate but I remember the ip as being pay plan, so I can get a copy if needs be if it’s still on file after 7 years, all seems do long ago

caroline695

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Post by caroline695 » Thu Aug 06, 2020 6:58 pm
Thu Aug 06, 2020 11:23 amMrMole wrote:
Hi - the answer above is possibly wrong - so much so that I felt compelled to register so I could reply.

The answer depends on whether your IVA was a 'defined asset' proposal or an 'all assets' one. Given the likely start date it may well be the case that yours was defined asset - meaning that unless PPI or similar claims were identified as a specifically included asset, then they wouldn't be included.

Which IP/firm was your IVA with?
My up/firm is pay pal
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