Another query about PPI (sorry!) I make my last payment on the 17th November and prior to taking out my IVA in 2006 had a consolidation loan with First Plus. I had PPI with this loan and paid it off in full by way of re-mortagage in 2004. My question is can I claim back the PPI as I was definitely mis-sold it (was told the loan wouldn't be approved without taking this out). I have not been contacted by my IVA company ref PPI claims etc and do not intend to claim any PPI from any of my other creditors. The clause in my T & C's states:
After-acquired assets: If prior to completion of the Arrangements the debtors shall become possessed of or receive assets or property (of whatever nature) which are not included in the proposal and;
(A) the existence of which was not or could not have reasonably have been known or envisaged at the date of the Creditors approval of the Arrangement, or;
(B) the existence of which was not disclosed to the Supervisor by the debtors and that the debtors owned at approval of the Arrangements, or;
(C) that as a result of any change in the law, or any clarification of existing law, would be claimable by a Trustee in Bankruptcy of the debtors as part of the bankruptcy estate if a Bankruptcy Order were made against the debtors but would not have been so claimable in the absence of such change or clarification.
Does this mean that I can claim PPI back as in 2006 the PPI issue was not known?
It just goes on to say: "then the debtors shall forthwith disclose the same to the supervisor and make available to the Supervisor the whole of such assets or property or such part of such assets or property as shall allow the supervisor to pay in full all the liabilities of the debtors including the costs of the Arrangements and the Supervisor's fees and disbursements comprised in the Arrangement together with interest at the rate applicable to bankruptcies"
That is the end of the section on After-acquired assets - I have already paid over monies from shares that I had and have increased payments from £750 pm to £1,500 pm and have paid an extra year due to re-mortgage clause. I am just curious to know if I claim this money do I have to declare it or not.
With all those payments made what will your dividend to creditors be at the end of yr IVA?? It's probably only likely payment will come to you if you have paid 100p plus fees etc! £1500 pm seems an awfully high payment to make each month!
It is an interesting wording - and I am going to refer it to the barrister acting for me for his own advice if you don't mind. I think the heading contradicts with the text - but I am no lawyer so I will be interested to see what he says. He is a very busy chap, but I would hope to get and answer for you by the end of next week.
Thanks for your help Melanie - no problem with you asking your barrister and I look forward to receiving their response.
Muggins - my dividend will be 90% - I have managed to double my income over the past 3 years with promotions at work so this has meant a huge increase to the original re-payment and has also considerably increased the dividend to the creditors.
Hi Melanie, just wondering if you have managed to speak with your barrister ref this topic.
I have just made my final payment - and still no mention from my IP ref PPI reclaim. They have just sent a letter confirming that they have 28 days to finalise things!
Not specifically - but from my own enhanced knowledge which grows by the day, I would say that your PPI claim is firmly included in the IVA as an asset.
