IVA finished January 2016. Am I allowed to keep PPI ?

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John.06
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by John.06 » Wed Mar 15, 2017 4:53 pm
I finished my IVA payment plan January 2016, all debts settled, I've now been contacted by a company advising that I am owed money from an old PPI claim, am I allowed to keep the funds
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Foggy
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by Foggy » Wed Mar 15, 2017 5:00 pm
Your IP might allow you to -- but I doubt it, especially if you have assigned PPI to him or her already. There is also the danger that this company could make a claim on your behalf and the creditors, seeing you have been in an IVA, will either offset it against past debt or send it direct to your former IP. If this happens YOU will then be in debt to that company for their fees yypically a third of the refund).
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luna
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by luna » Wed Mar 15, 2017 6:04 pm
Hi

Or you could make the claim yourself and take out that risk.

Everything you need is on the Martin Lewis site.

Regards
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kallis3
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by kallis3 » Wed Mar 15, 2017 6:13 pm
We tried to claim via a well known company - they asked if we had been in an IVA and when we said yes they said there was nothing we could do.
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Foggy
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by Foggy » Wed Mar 15, 2017 6:33 pm
luna wrote:
Hi

Or you could make the claim yourself and take out that risk.

Everything you need is on the Martin Lewis site.

Regards


Personally I wouldn't go to the trouble to make a claim for the money to go to my creditors anyway --- if they want it let them work for it.
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Andy.75
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by Andy.75 » Wed Mar 15, 2017 6:49 pm
This all depends on how old the ppi from the loan is. My IVA ended March 2016 and im owed 11k in PPI from a yorkshire bank loan dating from 1993. The Ppi is 3500 but the statutory interest at 8 % per year from 24 yrs ago is mine to keep (7500 ). Minus the fees, which aperture say will be a couple grand. Im awaiting the payment any time now because Yorkshire bank sent the check to Aperture 10 days ago
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Foggy
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by Foggy » Wed Mar 15, 2017 7:12 pm
Andy.75 wrote:
This all depends on how old the ppi from the loan is. My IVA ended March 2016 and im owed 11k in PPI from a yorkshire bank loan dating from 1993. The Ppi is 3500 but the statutory interest at 8 % per year from 24 yrs ago is mine to keep (7500 ). Minus the fees, which aperture say will be a couple grand. Im awaiting the payment any time now because Yorkshire bank sent the check to Aperture 10 days ago


Hi Andy --- it has nowt to do with the age of the loan. It is Aperture's policy to allow you to keep the interest element --- even so, they do not allow this in all cases -- it all depends upon what agreements you have in place with them. I was with Aperture and not allowed to retain a penny.
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Andy.75
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by Andy.75 » Wed Mar 15, 2017 7:28 pm
Yes but had the loan been from only 7 yrs ago say, then i would have only been entitled to the statutory interest for the past 7yrs so the longer ago that you had the loan, then the more statutory interest i will have earned?
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Foggy
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by Foggy » Wed Mar 15, 2017 7:45 pm
Andy.75 wrote:
Yes but had the loan been from only 7 yrs ago say, then i would have only been entitled to the statutory interest for the past 7yrs so the longer ago that you had the loan, then the more statutory interest i will have earned?



True --- but makes no odds if you aren't with the very few who will allow you to keep any. Bit of a lottery really.
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Andy.75
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by Andy.75 » Wed Mar 15, 2017 7:59 pm
Very true. I will post something on here once the cheque is in my bank. Still wont believe it till then tho. Lol
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Foggy
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by Foggy » Wed Mar 15, 2017 9:00 pm
Fingers firmly crossed !
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