www.iva.co.uk

I've just had a good trawl of the forum looking at the ppi issues. I have a couple of questions.

I am almost 3yrs into a 5yr plan.

I went down the ppi claim route before I started my iva; before it was as common as it is today. It wasnt a free service, they knew I wasnt prepared to pay and I didn't pay. Because of this I am doubting how thorough they were.

If I were to look into it again.....

would any lump sum recieved just get absorbed into my iva - leaving me with the same balance, payments and term? (note I am not looking for an easy way out, as a matter of pride I will see this through to completion)

or

If it was a big enough sum, could it be used to negotiate a final settlement?

And,

after reading the article in the sun today, should I just do it anyway to remove any obstacles when the time comes to complete?

my head is spinnin'
Thanks in advance for any replies

Gary

Hi and welcome to the forum, not too sure regarding this, i would've thought that if you had claimed already there was nothing to be gained by going down that route, i would ask your IP this question and get it from the horses mouth.

In relation to your other question the sum would have to cover your debts, fees and possibly the 8% statutory interest in order to offer a full settlement.

My advise would be to ask your IP and put your mind at rest, good luck and best wishes.

You should firstly check whether a claim for mis-sold PPI forms an asset of the IVA. This is not always the case, and will determine whether your creditors are entitled to the proceeds of any claim, or whether you can keep the money.

Your own IP will be able to assist you with this, if it is not immediately obvious from your IVA proposal. If you know that you were mis-sold PPI, and this would form an asset of the IVA, then your Insolvency Practitioner ought to pursue this for the benefit of creditors. Which firm are you with?

Hello Melanie, I'm with Jones Giles.

I just want to do what's for the best. I'm almost three years in to my plan and still terrified of putting a foot wrong.

I don't remember PPI being mentioned when I started my iva.
To be honest, I have no idea whether I have been mis sold ppi, it all seems so long ago. The company that looked into it was suggested to me by DMP supervisor at the time. When I told them upfront that I couldn't afford any fees, it all seemed to fizzle out and they closed my file.

Send me a direct e-mail Gary - as I don't recognise you from your forum name. Happy to look into this for you, and as ever we would rather advise our clients directly rather than giving out general advice on a public forum.