Reclaim mis-sold PPI whilst in an IVA

BRY2000

Hi,I just wondered what if anybody knows how this works.
The conditions of the IVA are that any money I get extra is to be paid into the IVA.If I was to reclaim mis-sold PPI from an old loan whilst in an IVA how would they actually know? Would it just be by looking at my statements after being paid by cheque? Or can they find out without seeing evidence of extra available money?

Thanks for your time

Bry

FoggyBrain_2

If the old loan is linked to any of your current creditors they will probably either try to offset it against the current loan, or pay it direct to your IP. There is also the chance that your IP might, in the future, get you to reclaim PPI and will then be surprised to be told you hav already claimed it !

BRY2000

Thanks for that.
The loan in question was from quite a while ago and was paid off (Long before my IVA). Also the creditor is in no way linked to my IVA. So maybe my IP wouldn't even look at it?!?

FoggyBrain_2

Very possibly. How far are you into your IVA? If you haven't got too long to go, maybe wait until the IVA is done and dusted ( just to be on the safe side)

BRY2000

Only about 9 months in so quite a while to go yet. I dont know if I should persue the claim or not. I have concrete evidence that the PPI was mis sold but I question if its worth going through the hassle etc if its going to be for nothing. Maybe thats the wrong attitude but i'm sure you know what I mean.
I've been thinking things like,If the claim is successful and I'm paid by cheque then I could just get the cheque cashed
(probably having to pay commision) and nobody would be any wiser.
Thanks again

Peteholden

Your IVA is not a way for you to avoid paying your debt and what you are proposing is an abuse of the system. You are allowed to keep the first £500 of each claim anyway so be grateful for that and pay the rest to your IP.

BRY2000

I wondered how long it would take for that kind of reply to be posted. Yes I'm aware of the situation and I'm in no way trying to "avoid paying my debts" and I never have. I'm in an IVA due to a failed relationship and having to sell my house with negative equity.
A reply saing "you are entitled to the first £500" would have done. I wasnt aware of that and that was the reason for me starting this thread.... I didnt know how it worked.
If it was a case of me battling to win a claim with letters back and forth for the next couple of months for absolutely nothing then maybe I wouldnt have bothered but now I know it could be worth £500, I may persue it and declare it.
So thanks for your help but the "Dont be greedy" and other high horse comments were unneccesary.

Bry

The_Swerve

Peteholden wrote: »

Your IVA is not a way for you to avoid paying your debt and what you are proposing is an abuse of the system. You are allowed to keep the first £500 of each claim anyway so be grateful for that and pay the rest to your IP.

sorry to keep on questioning you, but surely it is down to the terms of the IVA as drawn up by the IP and agreed with the creditors. I havent heard of this '£500' allowance on a windfall in an IVA before.

Chatsworth

I am 13 months into an IVA and am considering applying for refunds of PPI payments based on the fact I was self employed. Some of my creditors (GE Money, MBNA, Santander etc) have sold on my debt to other debt collectors (Link financial for instance). In that scenario who do I contact with regards to obtaining any refunds (the original lender or the current owner of the debt)? I am aware that any refunds would form part of additional payments into the IVA pot but am happy if that reduces the loss to my creditors. What I don't want to happen is to make a claim for the refunds and then as a result of that lose any goodwill as I approach the end of my IVA when I may need a negotiated settlement with creditors to tie off the loose ends - if you get what I mean?

FoggyBrain_2

Peteholden is incorrect in any case. If (IF) the IVA is protocol compliant, it should (SHOULD) have a windfall clause that allows you to retain any windfall up to £500. If the windfall is over £500 THE LOT goes into the IVA. You don't get to keep the first £500.

So £499, keep it, £501, lose it ....... unless your proposal is worded differently.