Can somebody outline if they win their appeal what powers an IP will actually over those that have a completed IVA. Okay they have an obligation for maximum return to creditors and their powers and trust survive completion bla bla bla etc etc etc, but what can they actually do to those people who have completed their IVAs. I've read dreadful things on forums about they can make people bankrupt and outlined in other forum questions on here they are trying to get people to sign DOAs. Is all this actually LEGAL?? We have all COMPLETED our IVAs so what powers do they actually have over US. I mean is bankruptcy seriously possible because that is scary. Also as I've asked above what are they going to do to those people where the banks have sent them the PPI money and they've spent it unknowing it should have been part of the IVA. Force them into bankruptcy or another IVA to get the money back. I'm guessing that will be yet another scandal which I'm sure the press will love!
If you have completed your IVA they cannot make you bankrupt but they can take your PPI and pay it to your creditors.
If you have completed then you don't have to sign anything.
Most of us knew nothing of PPI when we took out the IVA but, if they can find some for me they are welcome to it - I just wanted rid so I could get on with things.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If they win they can still pursue ppi without a DoA after completion. However as pointed out in the thread, post 2018 it will be immaterial there will be no more ppi claims accepted.
I think the biggest issue here is the tactics that the banks are taking. You only have to read other IVA forums to see that some banks are issuing PPI refunds directly to the debtors in people who have completed IVAs, as opposed to my bank that sent it directly to my former IP. If my bank had done this how would my former IP had ever known I'd received this payment??? I have no clause in my IVA to say I would have to declare this, as do many others in completed IVAs, so clearly 100s if not 1000s have kept payments relating to PPI in completed IVAs. My IP only knows about the payment because Lloyds sent it to Cleardebt. What made matters worse was that before starting my complaint Cleardebt actually told me that they had no intention of actually telling me how that money was going to be divided amongst my former creditors. This us disgraceful in my opinion. My guess is that they are obviously claiming a massive proportion for themselves and deep down know this is wrong, and probably the only reason in the first place they actually told the bank they have an interest in the payment. The insolvency service really do need to step in now and produce some clear guidelines to sort this mess out.
There are many points raised that I agree with but I would just want to claw something out of the general argument. I have had ppi refunds all going to iva company then to creditors and I've also signed a DoA I honestly don't care who gets what that's other parties to argue about.
We who have entered into ivas in general will have caused our creditors to lose a lot of money that would have been paid had ourselves remained solvent. Do the same people who are dismayed and disgusted by how little the creditors get from these ppi refunds also have sleepless nights how much money was wiped from the books of their creditors when they became insolvent. I think probably not.
Legal interpretation will never go away and insolvency dealt via the iva in my opinion will always have battle lines drawn.
I agree with you, Stringy. I had in excess of £50k wiped off my debt -- PPI was discovered, amounting to £8k, which they are welcome to -- I am, in the end, quids in and my creditors took a hit.
They "gave " me £50k+ -- I have no qualms over "giving" then £8k back.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Can I just categorically say that not for one second do I not appreciate the fact that my creditors wiped a large proportion of my debt and my IVA releasing me from the hell I was going through at the time. What I am trying to establish by coming on this forum is to find the facts. The facts being to establish who is actually 100% legally entitled to a PPI refund in those with completed IVAs, the whole basis around the Green and Wright case. Regardless of the amount of debt I had wiped I do not think it acceptable that we all just sit back and let some of these insolvency firms take a large proportion of our PPI refunds for themselves for doing nothing, send out DOAs to those who have completed their IVAs, and banks send out PPI payments to former IPs when this is not the correct LEGAL process. Yes the banks and other creditors lose a lot of money through IVAs but their practice in the whole PPI scandal has been proven to be wholly wrong, and I for one would not feel it's wrong in any way that we challenge the legalities of them getting that money back, when PPI mis-selling has been sold, through our IVAs when the law surrounding PPI refunds in conpleted IVAs is misleading at best!
I have no interest in ppi and signed a doa because it allowed me to get out of the iva at the point that it was advertised that it would.
Ppi has proved to be a fatal distraction for companies and people in an iva that has adversely affected lives.
I appreciate what has been written off but I have now met my end, done the the time and want to move on with my life.
The next couple of years I expect one or two contacts with the old company regarding this. If 5 years down the line it's still an issue like aperture and shl that is something else.
In this case it was what was known at the time and what started to be important. With our first company they didn't even start saying that ppi was an issue until 2 years into the arrangement and even then not directly.
In this case it is 1) it was never an issue in the iva 2) no one has ever said they retained an interest post iva and 3) the iva is still adversely affecting their life 5 years down the line when they would have hoped it was removed from records.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I've never claimed as I truly believe I've never had any but reading this maybe I did but I'll let sleeping dogs lie now as I'm finished with my IVA and it's given me a new break.
However, I can see the OP point of view, he's 5 years post IVA, claimed PPI and it's going to his creditors, not sure I agree but I'll sit on the fence and hopefully the court case will give a ruling very soon.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Strong feeling on the board - everyone has a view that actually is not too far from each other.
Just certain points that we each draw the line on.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
My concern over the PPI fiasco is that it demonstrates the possibility that an IVA may never end. When I was sold my IVA in 2006 I was told, quite categorically, that after 5/6 years my IVA would be over and I could get on with my life with the IVA long behind me.
I'm sure most of us would like to pay back our debts in full if possible and are grateful for the opportunities our IVA's gave us. However, we really shouldn't have them hanging over us once we have successfully completed. In my opinion, if an insolvency company can't capture everything during the years of the IVA then the potential assets should be lost to them. Not, I may add, because I think the debtors should have the assets (although rather them than the banks) but because we have the right to closure.
I fear the next mis-selling debacle, because there's bound to be one, that will force those of us with completed IVA's to revisit those tough years This is why I hope the Wright v Green case favours the debtor. Not greed, simply peace of mind.
Most companies are not as clever as they think they are.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I couldn't agree with you more!! I mean where does it ever end for those us in completed IVAs. For example just say ( and no this hasn't happened to me ) someone who has completed their IVA is contacted years down the line by one of these heir companies saying they have been trying to track you down for years saying you are due an inheritance. Well that could be argued that that was an asset in existence at the time of your IVA. The list goes on!! Where can it end!! As you rightly pointed out a completion of an IVA should mean just that. What we were promised from the start! Not something that IPs and IVA companies should be allowed to continuing interpreting confusing and misleading terms in our conditions to continue the process for endless years after completion.
