Need some PPI advice. Is it a lost cause?

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boon1709
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by boon1709 » Sat Sep 30, 2017 3:59 pm
Completed my iva in 2007 , just claimed ppi which went straight to MC Cambridge Duffy the insolvency firm i was with, the ppi claim was successful with £6,500 going straight to MCD from lloyds.

i didn't sign a deed of consignment as wasn't around then and have a certificate of completion which states "i now give notice that the arrangement is now completed and the debtor is now released from all liabilities to creditors bound by the arrangement.

some advise would be great, is this a lost cause? so frustrated as the extra ppi payments probably pushed me over the edge before entering into the iva.
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Foggy
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by Foggy » Sat Sep 30, 2017 4:19 pm
The PPI saga was a great player in the troubles for most of us ! I am afraid that the PPI does belong to the IVA, as it was an asset which existed during the arrangement, however, some IP's do return it to the debtor (you) it it is uneconomical to dig out old files and chase creditors and some simply lose interest !

Although no deed of assignment was completed the PPI is still captured and a trust usually survives the completion, unless severed.

If you get it back it will be a bonus, but don't count on it.
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kallis3
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by kallis3 » Sat Sep 30, 2017 4:20 pm
Hi,

Afraid I don't know after all this time.

Michael Peoples from McD posts on here and he will probably pick up on this on Monday.
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Radish
Posts: 301
by Radish » Sun Oct 01, 2017 9:35 am
I remember receiving £6.056.76 PPI and instantly running out get prices for a holiday in Mexico. When I got home I read the rest of the letter saying it had all been paid into my PPI pot. I was not aware of the PPI going to creditors back then. Now its a funny story :lol: but back then I felt like crying :(

Its caused a lot of confusion for a lot of people.
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Foggy
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by Foggy » Sun Oct 01, 2017 9:39 am
Radish wrote:
I remember receiving £6.056.76 PPI and instantly running out get prices for a holiday in Mexico. When I got home I read the rest of the letter saying it had all been paid into my PPI pot. I was not aware of the PPI going to creditors back then. Now its a funny story :lol: but back then I felt like crying :(

Its caused a lot of confusion for a lot of people.



Fortunately there is an end in sight !
boon1709
Posts: 2
by boon1709 » Sun Oct 01, 2017 9:49 am
The Mrs was reading the letter to me over the phone, thank god she read all the way to the bottom as i would have also been none the wiser.
Then i started thinking about my ppi claim company and them charging me 25% of the full claim as in there eyes it had been won...... so not just losing £6,500k but also paying out £1,625 in fees.

Luckily the company i used ( not a well known one ) were very understanding in the matter, i almost felt guilty.
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