www.iva.co.uk

Hello, I currently am in an IVA with Phillip Allen. Everything is going fine and i have 3 months left to go to have completed my 5 years.

After seeing all these PPI adverts I put in a claim to barclays. I only ever had PPI prior to my IVA. All barclays loans were completed 2 years prior to entering an IVA, therefore were never part of my agreement. I have never defaulted with Barclays.

Barclays approved my PPI claim and have awarded £2000. The later states that this will be forwarded to my IP.

How can this be as this is was a loan completed? I can understand this being a windfall and Mr Allen being entitled to 50%.

After speaking with DebtLifeboat, they instructed me to read

http://www.bis.gov.uk/insolvency/news/n ... bankruptcy

I dont see how this applies as i didnt enter into a Bankruptcy and i have no official receiver. This is a contractual agreement with my creditors that has no mention of this within it.

Hi, Graham_84. Welcome to the forum. It looks like your IVA company is classing the money as a windfall, but some class it as an asset.. The link you provided talks only about bankruptcy but maybe your IVA company are including people in an IVA for the conditions about PPI claims. You will see many posts on this forum about PPI – it is a contentious issue that needs clarity sooner rather than later

Sorry, forget to mention that, in my case, all of a windfall over £500 has to be paid over, not 50%. The 50% applies to additional earned income. However yours may well be different.

What would be the different in % if it was considered a windfall or an asset, Both 100%?

Both 100% Graham -- however if under £500 and a windfall you get to keep it ( if your proposal has been written this way).

In my proposal it's 100% for both but if the windfall is £500 or below, I can keep it all but if it's over £500 I have to pay the full amount including the first £500. It's never happened to me, and is unlikely to do so, but I have completed the PPI forms sent to me by my IVA company even though I’ve had PPI, I’m sure it’s not been mis sold, but my IVA ends in June next year and I don’t want anything to hold up completion.

Thanks for your reply, This wasnt a forced PPI claim either as I understand some firms force you to apply for all debts prior to cert of completion for possible PPI. Maybe if id waited id be in a better position and been allowed to keep this if id got cert of completion. My own neievity. Nevermind

It is pretty clear that claims for mis-sold PPI prior to someone entering into an IVA are assets and not windfalls. The question that really needs to be answered is whether this is an asset which was originally included in the IVA proposal.