Hi everyone. We finished our IVA 1st September 2012 after 6.5 years, high and lows but we have finally made it. We are waiting for our completion certificate which is being held up by VAT problems.
We have applied for our PPI back which has now been accepted but they are saying it will have to be paid into the IVA (Harrisons Business Recovery and Insolvency Limit)we wasn't with them, we was with Payplan. Can you help?
Why is this being paid to another insolvency company?
This particular loan was before/not included in our IVA so why don't we get it back?
I have absolutely no idea why or whether this company has any connection to Payplan. You would need to speak to the IP at Payplan and find out what is going on and make sure this money is being correctly allocated to your IVA and your creditors.
You are not entitled to the money back because the right to reclaim this money was an asset of the IVA and the misselling may have contributed to your insolvency and subsequent IVA.
I don't understand the loan was paid off before we even started the IVA, so shouldn't we be entitled to this money back or even some??
Plus we paid more than was expected into the IVA. I know a lot of the debt was wiped off, it just seems unfair.
Does it make a difference that the IVA was finished 2 months ago?
Sorry Bane. It may seem unfair but unless the debts were repaid in full the money belongs to the creditors even if the IVA had been closed down. It may be worth speaking to the IP and getting confirmation the money is captured and if in doubt get legal opinion.
Not all proposals are written the same and can be interpreted differently.
I have just spoke to our IP and the money has to be given to the creditors even though it was pre-IVA.
Its very unclear as if we get a pay-rise nothing goes to the creditors but inheritance of PPI etc does??? I think its all wrong,we understand if the PPI money was coming from one of the creditors within the IVA but it's not, we have paid the price for getting into debt but still feel like we are being punished!!!
Think we are going to wait until we get the completion cert and claim it then.
Oh no Niobe. They did say we would get 8% and when you look into this its just pointless claiming. What a nightmare. That is why a lot of people got into debt/IVA's etc in the first place as all they want to do it take take take.
So when are we finally free the IVA? As you said Niobe even when its finished we will still have to give up our PPI!!!
You are free once you have your completion certificate, but you have to look at it like this, ANYTHING that can be established was an asset from before your IVA that either wasn't declared or didn't come to light during the IVA term can still be captured after the IVA finishes (as it should have been claimed during the IVA lifetime), PPI falls into this.
If you have a payrise you can normally offset increases in the cost of living to offset modest rises in pay anyway, unless it's a huge jump then it would be likely your IVA payment would increase
