Can you reclaim your PPI on loans what were already settled prior to going in to an IVA even if the company is one of your creditors that are in the IVA? If you can would this not be classed as a winfall and have to be paid into the IVA anyway?
I think you'll find PPI is an potential asset that may be realised when going into an IVA and will belong to the IVA if the PPI were misold to you
The FSA have told the professionals it's not a good idea for insolvants to use claims companies as they suggest that the creditor who you made the claim against may come to you for a reclaim of claims fee at a later date!
Do the sensible thing and if you are going to then claim yourself and the creditors get a 100% no bad thing and protects you to!
It will not be classed as a windfall, but perhaps as an asset - if your IVA is worded appropriately. You should seek advice from your IP with regard to this. There can be no set-off if the debts were repaid prior to you entering into the IVA.
thanks for the reply sorry but what do you mean as the loans that had PPI on which were all finalised and paid off long before we entered the IVA so does this mean they can not be set off against the IVA? even though the lender is one of our creditors
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sponge
I think you'll find PPI is an potential asset that may be realised when going into an IVA and will belong to the IVA if the PPI were misold to you
The FSA have told the professionals it's not a good idea for insolvants to use claims companies as they suggest that the creditor who you made the claim against may come to you for a reclaim of claims fee at a later date!
Do the sensible thing and if you are going to then claim yourself and the creditors get a 100% no bad thing and protects you to!
If the FSA have told the professionals that it's not a good idea for insolvents to use claims companies, then why are the professionals handing these so called claims companies their data base of clients so that they can claim PPI back whether mis sold or not?
A very good question but you are at liberty to claim it yourself
On a previous post the HSBC were refusing to payout to a poster because they were insolvent, my worry is if they are made to do so, they won't take it lying down...banks revenge!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
It will not be classed as a windfall, but perhaps as an asset - if your IVA is worded appropriately. You should seek advice from your IP with regard to this. There can be no set-off if the debts were repaid prior to you entering into the IVA.
if you had a ppi claim that had gone to the fos, would they deal with the no off setting in the same way ? it's just that one of my creiditors has kept one of my previous agreements open and closed the other 4 reporting them as default satisfied. I was wondering if they are keeping it open in an attempt to offsett anoything possibly awarded eventhough the debt was repaid in full 2 years prior to me entering an iva
