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Posted: Tue Sep 04, 2012 6:11 pm
by Markd8721
Can you reclaim your PPI on loans what were already settled prior to going in to an IVA even if the company is one of your creditors that are in the IVA? If you can would this not be classed as a winfall and have to be paid into the IVA anyway?
Posted: Tue Sep 04, 2012 6:16 pm
by Niobe
Hi and welcome.
Have you completed your IVA? Do you have a completion letter?
Posted: Tue Sep 04, 2012 6:25 pm
by sponge
I think you'll find PPI is an potential asset that may be realised when going into an IVA and will belong to the IVA if the PPI were misold to you
The FSA have told the professionals it's not a good idea for insolvants to use claims companies as they suggest that the creditor who you made the claim against may come to you for a reclaim of claims fee at a later date!
Do the sensible thing and if you are going to then claim yourself and the creditors get a 100% no bad thing and protects you to!
Posted: Tue Sep 04, 2012 7:32 pm
by Markd8721
no 25 months in
Posted: Tue Sep 04, 2012 7:56 pm
by MelanieGiles
It will not be classed as a windfall, but perhaps as an asset - if your IVA is worded appropriately. You should seek advice from your IP with regard to this. There can be no set-off if the debts were repaid prior to you entering into the IVA.
Posted: Tue Sep 04, 2012 8:29 pm
by Markd8721
thanks for the reply sorry but what do you mean as the loans that had PPI on which were all finalised and paid off long before we entered the IVA so does this mean they can not be set off against the IVA? even though the lender is one of our creditors
Posted: Tue Sep 04, 2012 10:49 pm
by MelanieGiles
It will depend upon the terms of your IVA, and thos individual loan agreements Mark. I suggest that you get advice directly from your IP to be sure.
Posted: Wed Sep 05, 2012 3:24 pm
by Karen.mg
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sponge
I think you'll find PPI is an potential asset that may be realised when going into an IVA and will belong to the IVA if the PPI were misold to you
The FSA have told the professionals it's not a good idea for insolvants to use claims companies as they suggest that the creditor who you made the claim against may come to you for a reclaim of claims fee at a later date!
Do the sensible thing and if you are going to then claim yourself and the creditors get a 100% no bad thing and protects you to!
If the FSA have told the professionals that it's not a good idea for insolvents to use claims companies, then why are the professionals handing these so called claims companies their data base of clients so that they can claim PPI back whether mis sold or not?
Posted: Wed Sep 05, 2012 4:20 pm
by sponge
A very good question but you are at liberty to claim it yourself
On a previous post the HSBC were refusing to payout to a poster because they were insolvent, my worry is if they are made to do so, they won't take it lying down...banks revenge!
Posted: Wed Sep 05, 2012 8:39 pm
by Markd8721
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
It will depend upon the terms of your IVA, and thos individual loan agreements Mark. I suggest that you get advice directly from your IP to be sure.
thanks very much Melanie for your advice it is much appreciated.
Posted: Thu Sep 06, 2012 7:51 am
by moneyprobs
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
It will not be classed as a windfall, but perhaps as an asset - if your IVA is worded appropriately. You should seek advice from your IP with regard to this. There can be no set-off if the debts were repaid prior to you entering into the IVA.
if you had a ppi claim that had gone to the fos, would they deal with the no off setting in the same way ? it's just that one of my creiditors has kept one of my previous agreements open and closed the other 4 reporting them as default satisfied. I was wondering if they are keeping it open in an attempt to offsett anoything possibly awarded eventhough the debt was repaid in full 2 years prior to me entering an iva