www.iva.co.uk

Hi there,
I have had phone calls lately and even an email from my IVA company asking if i wish to reclaim PPI on products ive had in the past.
Now i know if i reclaim i would need to pass any gains onto my creditors but does this also include any PPI i had on loans /credit cards that are not i the IVA and that i had in the past ?
Its just that i need repairs done to my house and obviously have no funds to do so and i am struggling each month to pay everything as my wife works from home and is always ill so some weeks does not earn anything. I have already had a payment break and do not want to go bankrupt as i cannot lose the house. I am forever stressed out watching my bank account to make sure i have enough in to pay everything and to be frank am sick and tired of the situation. I know its our fault we got in this mess but if my wife didnt become ill we would be ok so its not like we racked up a debt intentionally .
Just thought if i could claim something back it might give me something to do these repairs or make it a bit better to cope each month.
Thanks

Hi

Yes any refund will have to go into your IVA however your IP may allow you to pay for essential repairs out of any refund

Regards

Probably - so long as the terms of your IVA stated that all assets are to be included into the IVA. Not all do, so check the terms and conditions with your own IP to be sure.

If the house repairs are essential, then you may gave a good case to ask creditors to allow you to retain some of the money to cover these - but discuss this with your own IP before you commit to the expenditure.

I would be interested to find out if you were successful in getting your IP to allow funds to be returned. I'm just searching for similar topics as I'm in the same boat, so to speak. I've received a large payout from PPI on loans that weren't included in the IVA and following SC blog advice that they may hand some back if justified, but have been refused and preached paragraphs from the iva agreement that say we'll get nothing anyway.