Hi all,
Hopefully somebody can assist with this query
I completed my IVA 18 months ago and am in receipt of my completion certificate.
I did not have any clauses regarding PPI claims being deemed as assets in my agreement.
I have only one PPI claim ongoing and have read numerous post's about creditors offsetting payments against debts, Is this the case if your IVA has been closed ???
Secondly,
If the creditors can do this, would this apply to just the miss sold ppi premium or the intrest aswell ???
This has been raised before and as i remember once those debts are settled ie post IVA cxompletion they can not be offset against a debt that doesnt actually exist anymore!
let us now how you get on
Arty
IVA completion and certificate received 08/10/2012!!!
You need to consider legal advice as to what happens the money if paid out. While the 'Trust' survives and the asset may belong to creditors, there is an argument that you and not the IP would be the Trustee.
The creditor may forward the money to your IP if they are aware of the IVA so you need to speak to them.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
You need to consider legal advice as to what happens the money if paid out. While the 'Trust' survives and the asset may belong to creditors, there is an argument that you and not the IP would be the Trustee.
The creditor may forward the money to your IP if they are aware of the IVA so you need to speak to them.
....even if that IVA is completed michael?!?!
IVA completion and certificate received 08/10/2012!!!
Yes because if it was an asset it should have been collected by the IVA and therefore belongs to creditors of that IVA. Completion of the IVA does not break the 'Trust' so even if the existence of the asset comes to light after the IVA has completed, the asset still belongs to creditors.
Depending on who the Trustee is, they can agree a fee for dealing with these assets so in theory a debtor could charge creditors for collecting the PPI and paying it out. It confuses me too but based on the advice we have received and discussions with other IP firms this is how is seems to operate.
