I went into an iva back in 2007 and have been out of it now for 18 months. I've just put in for ppi . If I am successful with my ppi would I still need to hand over anything I get back or will I b able to keep it all?
Depends on what type of IVA you had. If you had defined asset IVA then you could keep it, if you had all asset IVA then the IP may try and take it for the IVA. There have been posts about this recently on the forum.
Problem is that the IP can make a fee from the PPI refund so they will do their best to get it into the IVA pot even though its completed..
The bank making the PPI payment may even just send the money direct to the IP as well...
It is likely that if the bank decide to pay the money over, rather that set it against any unpaid balance left in the IVA, then they will consult with your IP in the first instance to see who is entitled to receive the funds.
Important to remember that IPs continue to have responsibilities to the body of creditors even after they have ceased to act, under continuing trust provisions. Despite common comment you will read on this forum, we are not solely motivated by earning as much fee income as we can.
Simon, the IP cannot and will not go after anything to which you become entitled after the issue of the certificate of completion. PPI and inheritances which arise before completion ( even if they pay out afterward) are subject to the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lyndon.jm
I went into an iva back in 2007 and have been out of it now for 18 months. I've just put in for ppi . If I am successful with my ppi would I still need to hand over anything I get back or will I b able to keep it all?
Having worked in review/redress for two banks dealing with PPI. They check the insolvency register. As you wouldn't be on it 3 months after you have completed the IVA I see no way they could know.
Credit issues DMPs etc on your bank account shouldn't effect you
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by stewpots
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lyndon.jm
I went into an iva back in 2007 and have been out of it now for 18 months. I've just put in for ppi . If I am successful with my ppi would I still need to hand over anything I get back or will I b able to keep it all?
Having worked in review/redress for two banks dealing with PPI. They check the insolvency register. As you wouldn't be on it 3 months after you have completed the IVA I see no way they could know.
Credit issues DMPs etc on your bank account shouldn't effect you
....unless they were creditors in the IVA
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
so is there a certain length of time you can be out of the iva before this ends or can you still have to hand any windfalls over 3, 4 years after it all ends?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Simon, the IP cannot and will not go after anything to which you become entitled after the issue of the certificate of completion. PPI and inheritances which arise before completion ( even if they pay out afterward) are subject to the IVA.
The PPI money was legally due from the moment the PPI was missold, and is hence an asset that existed before the IVA and is probably included unless excluded.
I believe the key isn't when you get paid, when you claim or een whne you become aware of the ability to claim, but when you would have been legally able to claim. If this date is before IVA it's likley to have to go into pot, after IVA completes your safe
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lyndon.jm
what would be the implications of not informing the ip of any windfall?
- lose goodwill of the IP (you may need thier help/goodwill later)
- fail the IVA
- Get landed with the legal expenses of the PPI reclaim without the proceeds of the reclaim
- Get done for fraud
- Get of a frad warning list which would may it difficult to get banking facilites
my iva was finished 18 months ago is there a time limet on witch this ends? for example in 3or for years time i get a windfall would i still have to pay it to the ip
