PPI Claim yet have an IVA
record-maker
Posts: 10 Forumite
in IVA & DRO
Can anyone advise??
I am currently on a IVA sorted by myself with 15 creditors and without the help of a debt management company. These are over six years old and do not show on my credit file, which is quite good compared to the money I owe.
As I have had loans with these 15 banks, could I claim back PPI??
I have repaid large amounts but obviously still owe them money.
I don't want to upset my agreement, if I claim PPI would this put me a worse position than I am currently in? I don't mind if the money is given to my creditors.
However, I don't want to push my luck and upset the banks. But if I can get a few more pounds off the bill then why not??
Last thing I want is to aggravate the Banks - Should i just stay as I am?.
Any guidance would be appreciated.
I am currently on a IVA sorted by myself with 15 creditors and without the help of a debt management company. These are over six years old and do not show on my credit file, which is quite good compared to the money I owe.
As I have had loans with these 15 banks, could I claim back PPI??
I have repaid large amounts but obviously still owe them money.
I don't want to upset my agreement, if I claim PPI would this put me a worse position than I am currently in? I don't mind if the money is given to my creditors.
However, I don't want to push my luck and upset the banks. But if I can get a few more pounds off the bill then why not??
Last thing I want is to aggravate the Banks - Should i just stay as I am?.
Any guidance would be appreciated.
0
Comments
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You cannot arrange an IVA on your own, you have to employ the services of an Insolvency Practitioner.
Have you set up your own self managed DMP instead?0 -
I think the OP is talking about a self managed DMP.
If you were in an IVA (Individual voluntary arrangement) that is an insolvency solution, set up and administered by an insolvency practitioner, and is a formal solution administered by your IP and the courts.
You cannot set one up yourself, only an IP can do this for you.
If you were in an IVA, then your IP would make the PPI claims on your behalf, and any money realized would be used for the benefit of your creditors.
However, if, as i suspect you are, on a self managed DMP, things are very different.
You can make a claim for PPI at any time, it is a totally separate issue, and will have no effect at all on any other business you have with these companies.
I would urge you to be quick, as a deadline has now been set for reclaiming this often mis-sold insurance product, and claims can take months to complete, especially if they have to go to the FOS.
Reclaiming info here :
http://www.moneysavingexpert.com/news/reclaim/2017/03/ppi-reclaim-deadline-martins-5-must-knowsI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
The OP might mean they have the IP but did it 'themselves' (via CAB or similar) rather than going through the likes of Debt Free Direct which charge a bomb?
Either way, I had finished my IVA before all the PPI stuff started, I submitted PPI claims following the guidance on here, then I had to get my IP's permission that they wouldn't want to claim any of the money before the lenders would pay out.
Getting the permission was no problem at all.I am employed as a manager in a financial services institution. My views are entirely my own.0 -
GlamGirlie wrote: »The OP might mean they have the IP but did it 'themselves' (via CAB or similar) rather than going through the likes of Debt Free Direct which charge a bomb?
You can't do that.
An Individual Voluntary Arrangement (IVA) is a formal and legally-binding agreement between you and your creditors to pay back your debts over a period of time.
An IVA has to be set up by an insolvency practitioner who is usually a qualified solicitor or accountant.
It cannot be arranged or administered by a layman.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I assume yes, thought it was an IVA however my agreements were arranged by myself without any other companies involvement. A DMP as suggested?0
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record-maker wrote: »I assume yes, thought it was an IVA however my agreements were arranged by myself without any other companies involvement. A DMP as suggested?
So its a DMP then.
Yes, in that case you can claim your PPI back, and i suggest you get on with it, as stated above, a deadline has now been set for reclaiming.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thank you..
Will claiming hinder my credit rating? As previously stated my arrangement is over 6 years old and does not reflect on my credit scores. I don't want to jeopardize this as I would like to remortgage soon to get a more favorable rate. Regards, Tony0 -
record-maker wrote: »Thank you..
Will claiming hinder my credit rating? As previously stated my arrangement is over 6 years old and does not reflect on my credit scores. I don't want to jeopardize this as I would like to remortgage soon to get a more favorable rate. Regards, Tony
No it will not effect anything, except the size of your bank balance when you win back some money from the thieving institutions that robbed you blind in the first place.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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