Why does PPI go to the IVA ?

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123459

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Post by 123459 » Fri Jan 31, 2014 11:40 am
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i'm just inquiring regarding to a ppi? if you finished your payment with i.v.a ? why does the ppi refund goes to the iva not to the person?
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Adam Davies

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Post by Adam Davies » Fri Jan 31, 2014 12:02 pm
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Hi and welcome

Because the IVA is an asset that was an asset during the IVA

The thinking from creditors is that had the debtor not paid the PPI premium then they may not have borrowed so much and/or may have repaid more before entering into an IVA

Regards
Andam Davies
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MikeyM

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Post by MikeyM » Fri Jan 31, 2014 7:16 pm
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More like if they hadn't missold the policies in the first place then maybe some people wouldn't have got into the mess in the first place.

I am appalled that nobody in the banking industry has even been questioned by the police over this misselling lark never mind prosecuted.
Last edited by MikeyM on Fri Jan 31, 2014 7:17 pm, edited 1 time in total.
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martinw

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Post by martinw » Fri Jan 31, 2014 7:54 pm
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font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie
Because the IVA is an asset that was an asset during the IVA
Do you mean

The PPI is an asset that existed during the IVA(doesn't matter when it's claimed, as it was claimable during IVA).

Martin
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Foggy

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Post by Foggy » Fri Jan 31, 2014 8:06 pm
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Yes Martin :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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martjase

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Post by martjase » Sat Feb 01, 2014 8:40 am
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Well said Mikey, it grinds my gears too what these people get away with.

123459, you say your IVA is over, but what percentage did you pay back?
Although it seems that even 100p in the £ is not enough for these people.
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martinw

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Post by martinw » Sat Feb 01, 2014 9:29 am
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font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by martjase
Although it seems that even 100p in the £ is not enough for these people.
It could be argued that 100p over 5/6 years is interest free credit for 5/6 years, if you didn't get the IVA think of the interest and fees you'd incur over that period. The alternative is bankruptcy which has higher fees I don't know how many get to 100p that route

Martin
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