www.iva.co.uk

I have recently been contact by my IP to help reclaim PPI. However, I have seen the firm they have arranged to look into this will charge £250 per admin and 29.5% on each claim they are succeful in? I doubt my PPI will amount to more than my debts for full and final settlement. That does not mean I want to be a cash cow for third parties. Martin Lewis of GMTV fame has said that you can do what these firms can do. SO why pay them?? My thinking is that if the creditors receive most of the money they may well be more accomodating if I was able to offer a final settlement?? Not that is likely in the near future but who knows the world is a final place. ALso the firm is only claiming for cost within my IVA and no historical loans. Easy money for them me thinks?? Does anyone have any views or advise?

I agree with you, why should we not be able to claim PPI back ourselves. I was told by my caseworker that under no circumstance am I allowed to claim back PPI myself! I know that we can't use a third party other than the one our ip's introduce, but should we try ourselves then at least if successful there is more money to add to the Iva pot! Maybe it's classed as a windfall, and as so the first £500 is for keeps!!

Definitely easy money for these companies and maybe we should just try ourselves to claim after all it's not illegal, is it?

Did I read your last post correctly? You can keep the first £500 of a windfall??

It depends upon what it says in your paperwork - some can and some can't.

Be careful with this "you can keep the first £500" statement as each IVA company has a different view. Mine is any windfall below the £500 threshold I can keep, anything over and the whole amount go to my IVA pot for the creditors.

So to be safe, If you check your paperwork for a definition and if none there, would you ask the company dealing with the Iva for clarification on the "windfall" rules?

I can keep a windfall below £500 but once it goes over £500 it most be paid fully into the IVA pot I successfully received £700 back on a PPI and had to pay it all into my IVA - good luck

There should be nothing to stop you doing your own PPI reclaim, I did and got back nearly £10k, all of this went into my IVA pot and is the equivalent of another years payments.
Makes more sense to do it yourself as it get 100% into the pot and not 70% as it would be if a third party took there costs out..

I think a PPI reclaim is classed as an asset so 100% of it has to go into your IVA..

That makes perfect sense nickjohn. Thanks

Yes a PPI refund is treated as an asset and not a windfall so unless you are lucky 100% will be paid into the IVA pot.

However, any interest payment repaid on the PPI payments should be refunded to you by your IP - but you do have to declare this payment to HMRC. We got a refund of about £900 I think with £4400 going to the IVA pot.

Surely PPI is a refund, not an asset or windfall?

It is classed as an asset as far as an IVA is concerned.

Hi Beadley that is a very hot topic at the moment and one that is subjective too as there are no clear guidelines regarding this matter and depending on which IP will determine what happens next.

It is a refund which is due at the time the policy was mis-sold, and therefore is an asset if specifically included in the proposal.