IVA and PPI reclaim

Barkley_2

My wife had a loan with one of our creditors and she took PPI out which added an extra £100 a month to the loan. We even went into the bank a year into the loan to cancel it, but was again persuaded to keep it (even though we didnt really want it).

Being in an IVA, are we still able to reclaim the PPI or because it was with one of our creditors, has it been wiped out along with the loan?

Thanks for any info

FoggyBrain_2

In theory you can reclaim -- but it will go straight back into your IVA.

Barkley_2

100% or just a percentage? And yes I know 100% is a percentage

I would have thought that the PPI was a product to be sold and was seperate to the loan. To be honest my wife was proberbly mis-sold the loan in the first place. She was advised to take a out a consolidation loan of £12,500 to be £30 a month better off.

Never again.

FoggyBrain_2

I think -- and the jury is still out on this, that it would be classed as a windfall (even though it's actually a repayment!), so it would all be taken. Depending on how your proposal treats windfalls, you might be able to keep the first £500.

Barkley_2

Thanks Foggy.

Will Contact my IP after the easter break.

SunshineBear

I doubt you will see any of it and thats prob fair anyway.

I claimed back mine as I was miss-sold as I am self employed. The money was simply deducted from my debt.

You 'buy' the ppi and it is added to the loan and therefore it is repayable to the creditor, added to that is the fact that you never actually 'owned' the ppi so you wouldn't be able to keep it anyway.

Aidanb_2

Hi,

I have looked in to this and was told I could pursue it and as mentioned before it would be classed as a winfall so could keep £500 of it, the problem is finding someone to do it for you as most of the no win no fee would get paid out of your share so you would not get as much.

The rest of the firms would either not take you on or would ask for payment up front.

Regards

Aidan

B3ckford_2

What about when the IVA is finished?