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  • FIRST POST
    • Jay1965
    • By Jay1965 8th Feb 17, 9:12 AM
    • 5Posts
    • 3Thanks
    Jay1965
    PPI after IVA
    • #1
    • 8th Feb 17, 9:12 AM
    PPI after IVA 8th Feb 17 at 9:12 AM
    I have recently completed an IVA (Sept 2016) and have the completion paperwork confirming this.
    Last month I received a letter from HSBC regarding a graduate loan I had and the PPI Insurance Complaint regarding this account.
    They requested all sorts of paperwork and signatures from the IVA company so I sent them a copy of the Certificate of Completion which I though would suffice! Apparently not. They have now requested:
    Confirmation as to whether the IVA was written on standard terms and the year it was written,
    A copy of IVA proposal and the rules governing it,
    A copy of any modifications made to it,
    A copy of the IVA final report,
    A letter from the former insolvency practitioner confirming whether or not they hold a retained interest in the PPI redress.

    They've also given me a 4 week deadline to collate and return this information. I wont make that deadline, I've been unwell and am only now trying to sort it out, this letter was dated 13th Jan.
    I don't want to have any further contact with the IVA company, I've paid that debt for the last 6 years and had considered it closed. if I was to contact them there would definitely be fees involved to obtain all this information.
    Can they make me do this?
    Could I claim this miss sold PPI using the template letter on here or would this be the only way?
    Thank you for any help
Page 1
    • -taff
    • By -taff 8th Feb 17, 9:48 AM
    • 7,210 Posts
    • 4,621 Thanks
    -taff
    • #2
    • 8th Feb 17, 9:48 AM
    • #2
    • 8th Feb 17, 9:48 AM
    If that's what they want, they'll wnt it even if you send a different template letter. IVAs are a grey area for PPI redress. They can keep it towards amounts written off, defaulted on or in arrears, or they could keep part and give you the interest portion, or they could give you all of it.
    If they want the info, give it to them. Or tell them you're not interested in the PPI complaint.
    You can write and tell them you'll have the info but not for another few weeks.
    • Tinks74
    • By Tinks74 1st Mar 17, 3:49 PM
    • 178 Posts
    • 100 Thanks
    Tinks74
    • #3
    • 1st Mar 17, 3:49 PM
    • #3
    • 1st Mar 17, 3:49 PM
    HSBC want the copy of the IVA proposal and the relevant rules because that determines whether any refunded monies would be returned to you or your (former) Supervisor.

    Especially now with the judgement today on the Wright v Green case.

    There are different types of IVA's
    Specified Assets - Only the Assets Specified in the proposal or those requested by creditors are included in the arrangements. E.g. if you won the Lottery in this situation then the IP could not claim the winnings from you.

    Excluded Assets - Certain Assets may be specifically excluded from the arrangement. e.g. If your creditors agreed it is feasible that you exclude your holiday home in Marbella if you had one.

    All Assets - Which means, as the name suggests, All Assets are to be included in the arrangement. If the PPI was in existence when the arrangement was approved then it would be considered to be an Asset for this purpose, albeit an unknown asset at the time, and any funds would be returned to the Supervisor for the benefit of the creditors.

    This last All Assets arrangement is the type involved in the Wright v Green case.

    http://www.hilldickinson.com/insights/articles/green-v-wright?utm_source=vuture&utm_medium=email&utm_camp aign=bsg%20insolvency:%20green%20v%20wright_01%20m arch%202017
    Last edited by Tinks74; 01-03-2017 at 4:33 PM.
    • mwarby
    • By mwarby 1st Mar 17, 7:00 PM
    • 801 Posts
    • 301 Thanks
    mwarby
    • #4
    • 1st Mar 17, 7:00 PM
    • #4
    • 1st Mar 17, 7:00 PM
    I think in short (after reading the blog post above) - you almost certainly won't receive your payout, you may be able to delay your IP getting it, but that won't mean you get ut
    • record-maker
    • By record-maker 14th Mar 17, 1:51 PM
    • 7 Posts
    • 0 Thanks
    record-maker
    • #5
    • 14th Mar 17, 1:51 PM
    • #5
    • 14th Mar 17, 1:51 PM
    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 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?

    Don't want to push my luck, but if I can get a few more pounds off the bill then why not??

    I own my house (Mortgaged) and am in full time employment.
    Last thing I want is to aggravate the Banks and risk spoiling my very good credit score.

    Any guidance would be appreciated.
    • mwarby
    • By mwarby 15th Mar 17, 6:34 PM
    • 801 Posts
    • 301 Thanks
    mwarby
    • #6
    • 15th Mar 17, 6:34 PM
    • #6
    • 15th Mar 17, 6:34 PM
    Short answer - unlikely to be yours to claim now, it's probably an asset of IVA
    • mwarby
    • By mwarby 15th Mar 17, 6:42 PM
    • 801 Posts
    • 301 Thanks
    mwarby
    • #7
    • 15th Mar 17, 6:42 PM
    • #7
    • 15th Mar 17, 6:42 PM
    You might actually end up in trouble if when they do the PPI audit, your asked and fail to mention ppi you know about

    Worth bearing in mind too, even if somehow you manage to claim it and get it paid to you, the money won't actually be yours, and if you've spent it when IVA company catches up, that could be ackward
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