My "completion" date is being held up by grant Thornton trying to claim back "miss sold" PPI. Reading through my contract it clearly states that 50% of any income in excess of income disclosed must be paid to my creditors. Does this apply to PPI claims? Are they allowed to keep it all?
Hi Craig. 50% generally applies to earned income, unearned income will fall into the windfall category, all of which gets paid over, unless less that £500. PPI refunds, however, are regarded as an asset and all must be handed over.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It might do! If your case is one of the "defined asset" category and not the "all asset". Seek specific guidance from your own IP, who has detailed knowledge of your case, and importantly the associated terms and conditions.
Is there any way I can check myself, I'm not sure that I have a lot of trust left with GT as they lied to me, I'm very lost in all this, just want it to be over without me or my creditors getting ripped off.
GT have to give you a truthful answer, based on the facts contained within the IVA proposal. If you don't want to approach them directly, a lawyer experienced in insolvency matters will probably give you half an hour's worth of free advice - which should be ample to read and digest the contents of your IVA proposal.
KM1512 - are you with GT? and was that for the total claim or per a claim (I have multiple loans/credit card they are pursuing).
MelaniesGiles - I will e- mail them today and ask the question, I will expect to get a vague not conclusive answer back in two weeks.
This is a copy of the e-mail sent today the GT-
Firstly I would like to express my disappointment in your response to my last e-mail. I was advised of my closure date of 21st December in November and then it was confirmed in January that it had happened, you are now claiming this is not the case? When I was approached in November and informed about your PPi investigations I was very concerned that it had been left till 6 months after my IVA had finished and that it would hold things up, I was reassured by three separate people that this would not be the case, one even stating that it could speed things up.
Due to the lack of communication and information you gave me no choice than to seek advise. I would like you to confirm the following to me, is my IVA a "defined asset" or "all asset" and that it will be completed by 14th May 2013 (which is the 72nd Month).
I would appreciate a response as soon as possible.
