www.iva.co.uk

Im in an IVA. Can I reclaim PPI?? And if so, how, where and are there any pitfalls??

100% of any rebate would need to be paid into the IVA for the benefit of your creditors. So it's not worth the effort.

I agree with B.O.L

hi went on one of the advertised web sites the other day and when filling in the enquiry form asked if in an iva or filed for bankcruptcy as i beleive they dont get their fees if it goes straight back to the company your claiming off so probably wont offer to help

You may find that the creditor concerned keeps the money to offset against their debts. Either way you will be paying back a greater dividend.

I think millsy is correct as well in that if you use a firm to reclaim the money, they won't get their fee.

Not worth the hassle in my opinion.

Is it worth pursuing this matter myself?? The PPI claim is against one of my creditors and would almost half the ammount have in my arrangement (£10k approx). Does anyone know if a 'DIY' claim is worth it or has anyone heard of any people who have claimed PPI off their own backs. In my opinion, if this PPI hadf never been charged, I may not even have had to arrange IVA in the first place. Just feel frustrated and cheated by this.....its MY money after all

Hi, you can claim it back yourself and I'm sure there are template letters all over the Internet. The rebate would be classed as a windfall and will be split between your creditors come dividend time. There won't be any cash for you but you get the satisfaction of knowing the offender had to cough up.

It doesn't really matter if they cough up or not, you won't see a penny of the money and they may well just keep it to offset against their loan.

Personally I wouldn't bother.

I think the money would go in the communal pot for all creditors to receive a share. Depending on circumstances, a £10,000 windfall could mean an early finish. It also means a better dividend for all creditors.

There is no harm in pursuing a PPI claim whilst in an IVA, if you feel strongly that you were missold something that you did not seek or require, however as the other posters have pointed out you are unlikely to benefit from this windfall personally - unless it would mean that you could repay your debts in full and then have some left over - which I suspect is unlikely.

thanks for all ur replies. I am going to pursue this....it will end my IVA approx 18 months early!!! Onwards and upwards.....now to find the best template letters

Will you have paid back 100p in the pound if you are successful?

Hi Kallis. Yes i will have paid back all debt in full. Luckily, I have been in circumstances where my salary and contributions have steadily risen, with additional quarterly contributions added. Should i be successful with this, even if i settle for £2-£3k less than i can...it will mean i can settle early 2012 instead of Easter 2013. I can imagine it will be tougher to claim off my own back, but maybe 3 or 4 months hard work can save 15 and get me and my family back on track.

Well done, I hope the claim comes through in time.

Definately worth your while in pursuing if you are going to see some benefit. I've seen many missold policies where cover was clearly not requested or necessary.