Hello! Another PPI question is just about to rear it's ugly head... brace yourself!!
I've finished paying into my IVA but I'm still waiting for the elusive completion certificate. I've received two letters today relating to old (and I mean old) bank loans I had and paid off long before the iva started. I'm in two minds whether to bother claiming because I can't remember the circumstances around any PPI insurance I had.
Anyway, my question is this. Given that my creditors have accepted F&F and confirmed that no further monies are due and that the loans were in no way related to any of the iva debt. would they still be entitled to any claim on a PPI payout?
I know I've seen this question on here before but can't find the answer. Any info would be much appreciated (as ever)...
It depends upon the terms of the full an final settlement suky. If the wording of the agreement was to release you from "all obligations" under the IVA, then this probably means that you can keep any PPI money - but if creditors were not made aware of the PPI opportunity when you put forward your offer, you could be at risk of being accused of mis-representation.
As with most things like this - specific advice from your own IP is pretty essential.
Thanks Melanie. The wording is :
" That the contributions paid to date be accepted in full and final settlement of the debtor obligations under the terms of the arrangement"
I'm not entirely sure that would mean I keep any further PPI money. IVA speak can be something of a minefield and easily mis-understood.
...sounds like you have been released from 'all obligations' to me, as per Mel's advice.
Personally, I take the view that once your IVA is completed - AND you have your CC, any money you get after that - PPI or otherwise, is yours to keep. (Anecdotally, I am aware fromthis and other forums, of other debt management professionals taking the same view. This is by no means a consensus though).
If you subsequently get challenged by your former IP (although I cannot see why you would), I would argue that they had several years to investigate these matters and failed to do so.
The IVA cannot be held over you for ever.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
I think you're right, you have to be able to draw a line under the debt. We've done all we can to pay back what our creditors have asked for and to keep demanding more does seem unfair.
I think that you are pretty safe given the wording that you have posted relating to your full and final settlement suky - but if in any doubt, consult with your former IP.
Thanks again Melanie, unfortunately looking at all the forms I've been sent I'm unable to complete the bulk of the information and as the loan only lasted for 7 months any payout would be minimal. I shall probably have to let it go. I don't even know if I'd say I was mis-sold... it's a very grey area.
