ppi

[Heretoday]

So in Bankruptcy:
Pay all you can for 1-3 years.
Automatic discharge.
Name removed from the insolvency register after automatic discharge.
After 6 years from the start, your credit file should be clean!

And in an IVA???

Hmmm, beginning to think that I was missold my IVA.

[Viki.W]

If there is a PPI claim from PPI dating back to before the bankruptcy court date, then any money from a successful claim will either be offset by the bank, or claimed by the official receiver.

It doesn't matter if it's after discharge, it will always go to the OR (or be kept by the bank)

[Heretoday]

How is that PPI is not stopping a bankrupt from being discharged but it is stopping an IVA from completion?

[TheArtist]

Good question heretoday.

[Viki.W]

Sorry Heretoday, I don't know!

[TheArtist]

Could it be that bankruptcy is driven by the Official Receiver, who probably hasn't the time or resources to PURSUE ppi and IP companies who make the time and resources to pursue because like it or not, they are in the business of making money. Whether its to their clients detriment it appears is neither here nor there

[Skippy]

Also, when you are BR you have to assist the OR even after discharge. So if the OR persued a claim AFTER discharge you would still be duty bound to assist.

[Foggy]

The same applies to BR as to IVA ( or vice versa) after completion or discharge, then : PPI is still an asset that the IP or OR has a claim on.

I imagine that ORs are pursuing PPI also.

OR's can pursue after discharge because they still remain the Trustee after your discharge. You might still be making payments after discharge (remember) and there might also be equity to be addressed after discharge.

The procedural arrangements different after IVA completion in that the IP declares he has no further interest. That said -- it seems they do have the ability, if so moved, to re-open !!!

[Muggins]

I bet the OR doesn't offer an incentive tho!! I'm sorry but I still feel its the financial reward which is driving this within the IVA companies otherwise no incentives would be required!!!

[TheArtist]

Hurrah Muggins! I totally agree with that but have been banging on about it for ages whilst getting contradicted (you know who you are). It is about time an individual challenged this malarkey through the courts. The amount of posters complaining about, not receiving their ccs, their IP not acknowledging mail etc is totally unacceptable. The whole shebang needs looking at. Except for a complaints procedure within the IP company itself it seems they are not accountable to anyone and just continue in their own sweet snailpace way.

[Muggins]

Thank goodness for that theartist!! I agree with you too and am now fed up of hearing all the differing policies and procedures within the companies! It's either compulsory to claim or not simple as!! If a bankruptcy can end on time despite ppi then why not an IVA!!! Mmmmm I wonder!!! Answers on a postcard!!

[orchid5]

Hmmmmm, mind boggling this business, i do wonder if the IVA companies do get a percentage for referring as it is becoming very obvious that there must be something in it, my IVA company offer a bonus scheme to their employees, i wonder what for?

[Muggins]

They must do orchid5! You only have to read the blog from Cleardebt!! The IP also gets 15% of realisations hence who wouldn't get everyone to make a claim if that's the return!! Sorry if I'm being cynical but I will not believe this isn't financially driven unless proven otherwise!!

[orchid5]

Well i hope that 15% comes out of the claims management's fee and not out of the central pot! We'll wait and see, if that is the case i can feel a lot of complaints going over to the financial ombudsman over this as well as the IVA regulators!

[Foggy]

..... that'll be the next big hold up then !