www.iva.co.uk

Hi, CCP have sent me claim forms for compensation for possible mis-selling of card protection policies. If this is successful do the same rules apply as PPI claims? Would it have to be paid into my IVA?

In theory it would be treated in the same way as PPI, however, I imagine the amounts involved would make it uneconomical for your IP to pursue. So, if you get a refund you would have to declare this to your IP and hand it over yourself.

Hi

I agree with Foggy, amounts are probably going to be small so if you have the £500 windfall clause and it is under this you may be able to keep it

Regards

Thanks for the advice. I will check for a windfall clause.

You need to double check with your IP as it may not be a windfall but an asset of the IVA. There is not a £500 allowance for these.

Michael, does it apply to those like me who have finished their IVAs and waiting for CC?
I had the same form from CCP for cards I had many years ago well before I even was in debt.
I think Foggy is right though, the amounts would be minimal so I can't see my IP wanting to take it off me but I'll pop the question to him anyway. Thanks

The amount is probably not enough for the IP to process so the IP may give you a list of your creditors for you to divided the money up yourself. This may seem impractical and in reality you may well be able to keep the money.

As always, very helpful information. Thank you Michael.

Claims of this nature are not windfalls but assets. As such, if your IVA proposal provides for all assets to be included, the money is technically due to the IVA - but IPs do have discretion to ignore smaller claims, where the costs of dealing with the matter would outweigh any benefit for creditors.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

Claims of this nature are not windfalls but assets. As such, if your IVA proposal provides for all assets to be included, the money is technically due to the IVA - but IPs do have discretion to ignore smaller claims, where the costs of dealing with the matter would outweigh any benefit for creditors.

The information supplied states that you should inform your IP before you submit your claim. I have sent my details to your office yesterday Mel. Awaiting a response. The amount involved for me is probably £150-£200.

Thanks MikeyM, I've just read the letter properly so will forward them to IP. I have 4 different claims so might be a more substantial amount; pretty sure I won't see any of it!

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Jayne.pn

Thanks MikeyM, I've just read the letter properly so will forward them to IP. I have 4 different claims so might be a more substantial amount; pretty sure I won't see any of it!

Same here, doubt I will see any of it either. Oh well...

just received a cheque this morning for £168.48 - would love to keep it. Could get a few small jobs done round the house.

I guess I'll have to tell my IP though - fingers crossed they're feeling charitable.

Hi Scoobydooby, I have just received 2 cheques totalling £275. When I completed the forms I asked for payment to be made directly to my IP, so not sure if this means I can keep them? Coincidentally the night before I received them we had to take our cat to the emergency vet who require payment of £227 in next 30 days. I was going to request a payment break to cover it but could use this money without having to go through the hassle of trying to speak to my UP, which is no mean feat! Will my IP have been informed by CPP?

The wife got £221.03 and GT requested the cheque be sent to them, as it is an asset of the IVA. We expected this to be the case so weren't too disappointed putting it in the post to them.
The letter accompnying the cheque slearly states that if in Bankruptcy or IVA then the IP needs to be informed. I believe that because of the small amounts, CPP are not taking any time checking names against the IR and leaving it up to the recipient.