IVA and PPI

[Consumer dude]

My ex partner has an IVA and the latest correspondence from the supervisior seems to be requesting that a letter or authority be given to them regarding claiming back any PPI. To my knowledge there is no PPI to be claimed. It does also state that ex partner is free to take own any independent advice. Please advise what are the options on this. Many thanks for any advice..

[dx100uk]

2nd one i've heard recently

 

i think they are trying to 'engage' a fee paying CMC to get it for you.

 

i'm not sure if PPI is yours on an iva anyhow.

 

dx

[dx100uk]

the ppi would goto the iva for dist amoungst yur iva debts anyhow.

 

dx

[sequenci]

Hello there.

 

Sadly, you're caught between a rock and a hard place. If you don't allow the IP permission to try and reclaim the PPI they could fail the IVA for not cooperating with them. Given the circs I think it's likely that you're going to have to let the IP have the permission although from what you've said it may provide fruitless for them! I don't think many IPs are doing the whole PPI reclaim thing for the benefit of the creditors though.

[Consumer dude]

They have stated that one can take independent advice, however am not sure what advice needs to be taken as no PPI seems likely to be claimed..

[Consumer dude]

If a PPI was included in the original set up with the IVA company then the amounts presented would show that, otherwise the threshold for being accepted wild not have been reached..

[Consumer dude]

Another letter regarding this. What i want to know is. If there is evidence of PPI why don't they supply that information. Further to that is there any legal obligation to provide any information..

[sequenci]

Not sure if there is a legal obligation (I very much doubt there is) - but the IVA couldbe failed by the IP if you don't cooperate with them.

[Consumer dude]

If an iva has been taken on with PPI still on any loans and without the PPI on those loans, an IVA would not have been accepted as without the PPI, any debt could have been under 15k which is the amount required to be accepted. Hope someone follows that and is able to advise..

[sequenci]

It's possible to have an IVA for less than £15k - although very uncommon. I've heard of Payplan doing them, for example.

[Consumer dude]

The iisue has arisen that the IVA company are requesting information about PPI on loans. Anything to get more money..

Edited February 28, 2013 by Consumer dude

[sequenci]

Par for the course for them these days. Many IVA firms seem not to behave in the best interests of their clients at all.

[citizenB]

If your debts can be reduced to under £15,000 it would be in your interest to opt for a DRO, surely ?

[sequenci]

If your debts can be reduced to under £15,000 it would be in your interest to opt for a DRO, surely ?

 

Only if there are no assets worth more than £300 (£1k for a car) and that the disposable income is less than £50 per month.

[citizenB]

Only if there are no assets worth more than £300 (£1k for a car) and that the disposable income is less than £50 per month.

 

Yes, of course.. forgot that part, sequenci !

[Shelley181146]

Not sure if the same applies but when I had my bankruptcy I was made aware of a Tax rebate which hadn't been paid to me and the OR said it was payable to me directly and not the creditors because had the tax refund been paid by the I.R on time, it would not have affected the bankruptcy. Therefore, if the PPI has been mis-sold, surely the client is entitled to the refund and not their creditors?

I know that the IVA companies are refunding the interest element of refunds to their clients, so they will get something back but like it has alreaday been said, I don't think that the IVA companies are doing these PPI claims for the right reasons and heaven knows who will see the money?

[Consumer dude]

It is now three years since my now ex partner has been paying into an IVA. Her car which is due to be paid off with a credit company, well the money she won't be paying for that will now go into the IVA so she won't be any worst off I guess. If I have questions on her behalf with her upcoming review and I need to phone up the insolvency people (I have authority) am I able to demand to talk to the top people rather then allow the person who answers the phone to palm me off..

[Consumer dude]

Back to the topic, IVA company are trying to engage PPI enquiry. If there was PPI on loans and that amount was included into amount presented and accepted then there is surely no further claim. Does anyone know how to deal with this as it feels like you could pay twice..

[Consumer dude]

My point is if any PPI was included, it would have been included in the amount that was accepted. Does anyone follow this ?

[Shelley181146]

My point is if any PPI was included, it would have been included in the amount that was accepted. Does anyone follow this ?

My only thought on this is that if PPI can be claimed it will reduce the balance on the IVA, thus reducing the time frame of repayments but if the IVA company do the claim then they will deduct their fees for doing so.

Perhaps other caggers may have a different opinion?

Have you not thought about making the claim (s) on your account by yourself? Is there a reason for your reluctance?

[sequenci]

My only thought on this is that if PPI can be claimed it will reduce the balance on the IVA, thus reducing the time frame of repayments but if the IVA company do the claim then they will deduct their fees for doing so.

Perhaps other caggers may have a different opinion?

Have you not thought about making the claim (s) on your account by yourself? Is there a reason for your reluctance?

 

It wouldn't reduce the time to repay the IVA, sadly - it would generally increase the amount of the return to the creditors (as well as increase the potential return for the IP themselves.

[Consumer dude]

Its an issue on the horizon and I Will seek further advice as any PPI would have been included anyway. The other thing is I don't think its for the benefit of any creditors. If anyone else is in this position, lets share stories..

[sequenci]

Its an issue on the horizon and I Will seek further advice as any PPI would have been included anyway. The other thing is I don't think its for the benefit of any creditors. If anyone else is in this position, lets share stories..

 

Well, the IP wouldn't be interested unless there was something in it for them - that's for sure.

[Consumer dude]

If any PPI that may have been taken out and only now IVA company is showing an interest would it not be likely that there would be some limitation restriction under some limitations act ?

[Consumer dude]

Bump..