PPI after IVA

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IVAconfused75
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by IVAconfused75 » Tue Aug 01, 2017 12:56 pm
Hi.
My simple question is, if you have paid 100% off the IVA debt off, if you start a claim of a PPI, can you receive the full amount of the claim? Even if the PPI was one of your creditors?

Thanks in advance.
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kallis3
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by kallis3 » Tue Aug 01, 2017 1:06 pm
Hi,

If you paid off 100% of your total debt plus fees you would be entitled to keep PPI, otherwise it will probably go to your creditors.
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Foggy
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by Foggy » Tue Aug 01, 2017 1:24 pm
Some creditors will (inncorrectly) keep the refund and use it to offset the old debt --- they are not allowed to do so, but are aware that a former debtor is unlikely to take the matter to court. However the Financial Ombudsman might have an interest in the matter.

Unfortunately this could leave you with a debt to the claims company ( if you use one) for their fees in the meantime.
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Lisa Thomas
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by Lisa Thomas » Tue Aug 01, 2017 1:48 pm
If all creditors have been paid off in full and the total interest and costs of the IVA also paid off in full then the only party that can receive the benefit of the PPI compensation would be you...
IVAconfused75
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by IVAconfused75 » Thu Aug 03, 2017 6:20 pm
Thanks for this info. I just wanted to check to be sure there wasn't a loophole as mentioned, the PPI is with one of the creditors.
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Michael Peoples
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by Michael Peoples » Fri Aug 04, 2017 8:38 am
If your debts have been repaid in full then there are no creditors so you are able to keep the money. Your IP should be able to provide a letter confirming they have no interest in any future financial irregularity claims.
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