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Posted: Tue Jun 23, 2015 7:26 am
by Caz.07
During my IVA I was asked to claim for any PPI's I may have had. My IVA was completed in November 2014 and we received a PPI claim cheque in May 2015 which we could not cash. We contacted the bank who sent this to us and they are now sending it to the company we had the IVA with and we have been told we will not get the money. I just want to understand if this is correct as my understanding was the IVA was completed and they would not take any more money. Please can you advise.
Posted: Tue Jun 23, 2015 7:32 am
by lifenoteasy
Ppi is routinely regarded as asset of the iva.
This is generally correct that it goes to the iva company.
Posted: Tue Jun 23, 2015 7:50 am
by Foggy
The PPI refund existed during the IVA and, as such and as things stand at the moment, is an asset of the IVA.
Posted: Tue Jun 23, 2015 2:14 pm
by MrsR
What could happen then if Caz had cashed her cheque in post IVA completion, as it was sent to her ?
Posted: Tue Jun 23, 2015 2:35 pm
by Foggy
It would depend upon how keen to get the money the IP was, Mrs R. There is the possibility for suing for breach of contract at one level, or fraud at another (denying the creditors funds pledged to them under the Insolvency Regulations is looked on seriously). In the past there have been jail sentences passed out for similar things.
Posted: Tue Jun 23, 2015 2:47 pm
by Michael Peoples
I would guess that had Caz been able to cash the cheque then it would have happened as it seems like she tried. Unfortunately when people have been insolvent and the creditor knows about this they will make the cheque payable to 'The Trustee of' and in these cases the cheques cannot be cashed.
If the creditor does not know about the IVA and sends a cheque out to the debtor in their name after completion then I would assume most are cashed and no one ever finds out about it.
I could be wrong.