www.iva.co.uk

I was wondering for a straight answer in 2007 I set up an IVA up with a company due to unforeseen circumstances in 2008 I terminated the agreement they sent me a default notice and advised me to let my creditors know which I did Now in 2015 I got PPI payment but the bank says it's sending it to the IVA company I rang both today 20/11/15 the IVA company says they are keeping it due to terms and conditions is this right

Welcome Hayden. Unfortunately without seeing your full termsand conditions of your once iva and subsequent default notice it is not possible to give you your definitive answer you are seeking. However it is likely that there was a clause to state any PPI subsequently identified should go towards unpaid creditors irrelevant of time lapsed.

The company will need to demonstrate they are redistributing it - not just keeping it.

Also push on the statutory interests side - are they paying it to hmrc directly?

It may be that only a court can ultimately decide.

Yes I think so as your IVA was terminated.

I think you will have to go to court to decide this. As an issue ppi was not known about at that stage let alone a concern for ips.

Additionally the Iva company would have to prove legally they can keep it - not just say they can.

Your iva was pre 2008 so the company would struggle to prove a lot of things.

If the IVA was under the R3 standard retms and conditions the trust continues after termination. If the PPI is deemed an asset of the IVA then it would still belong to the IVA creditors but it is not straightforward.

Since 2008 when the IVA was terminated what has happened? Have the debts been repaid, has there been any contact from creditors, was there a bankruptcy [which would have severed the trust' etc?

Micheal is a non protocol assets defined an R£ standard?

R3 sorry

R3 proposals are all asset proposals where basically anything that is not specifically excluded is included. There are various different interpretations of what protocol proposals mean and how their terms and conditions apply so while we incorporate most of the proposal aspect we stick with the R3 T&Cs.

we had a non protocol assets defined IVA would this have a trust after completion?

If the IVA was terminated then the trust continues but there is an argument whether the trust continues after a successful completion without a deed of assignment in place. This is one for the judges and a much higher pay grade than me!

Case law with protocol is that it is no more than guidance.

well i looked thruogh mine and can not see anything that says a trust will still be in place after completion? and how long is this trust in place for??

The trust would continue on indefinitely but only relate to anything that was or should have been an asset of the IVA. It does not apply to anything post IVA and realistically you will almost certainly never hear from your IP again.

So an asset of the IVA or an asset of the IVA company?