The fact that it had to get to this point demonstrates that IVA companies and especially their IP's were making assumptions that were not necessarily correct.
It will also reinforce the legal duties of IP's and create additional work for them - sometimes what you hope for is not really what is best.
We always treated the PPI as an asset of the IVA and sought to recover that asset for the benefit of creditors. This will not change but at least now we have clarity that what we were doing was correct so will lead to no extra work for us.
The court case has only proven that we were right all along and our 'assumptions' were actually decisions made based on the facts and the law!
We believed that we had no option other than to seek clarification from the courts and defend the position of creditors. We have been shown to be correct and have achieved clarity where previously it was grey and we can all now move on.
JJSIDE wrote:Thanks Foggy - yes, I understand that, but could my IP now turn round and say they got it wrong and the money needs to be returned for distribution to the creditors now retrospectively. In my case I received about 40K in PPI paid to myself. There are many issues with this, some of this money has been spent as I was told that it was mine, some of my claims the Banks offset the PPI against the claim, so technically they are not creditors anymore, what about the Interest that accrued between my IVA being completed and me receiving the money, I persued these claims myself, so would I be justified in charging a fee for doing that work myself, I have paid Income Tax on the Interest portion of the claims....it would open up another huge kettle of fish. I am amazed that we are now 2017, my IVA successfully completed in 2009 and I still don't know if I owe anyone any money - its a ridiculous situation
I would argue that, as the IP declared no interest in the monies (even better if you have that in writing somewhere) and gave ownership to you, then it is yours. In the unlikely event that a creditor came out of the woodwork and complained, this would be a matter for the IP to resolve, not you.
To be honest, it is a mess all round, created and made worse by the creditors themselves. Should they "kick up" a counter arguement (apart from the fact that they acted unlawfully in the first place) would be that those who retained the refunds to offset also acted illegally in that action too !
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