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Reclaiming PPI with discharged IVA
martyn20
Posts: 7 Forumite
I have just finished/discharged an IVA in Dec 2011, which started in Dec 2006. I had a lot of credit cards when I was in my desperate hole before the IVA but if we can only claim 6 years back and for the last 5 I was not paying them directly but through the Insolvency Practitioner so I was not paying any PPI is it worth asking for the paperwork and starting on the road to a possible reclaim.
I do not have any of the original T&C's so have to start from scratch but if we are only talking about the possible PPI I paid for under a year going back to the 6 year mark I am not sure it is worth it.
After the terrible year of 2006 fighting for the IVA I am not sure I even want to contact some of those lenders again, I remember the phone calls and threats.
I do not have any of the original T&C's so have to start from scratch but if we are only talking about the possible PPI I paid for under a year going back to the 6 year mark I am not sure it is worth it.
After the terrible year of 2006 fighting for the IVA I am not sure I even want to contact some of those lenders again, I remember the phone calls and threats.
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Comments
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If you still owe money to these creditors, any redress will go towards those unpaid loans. Only proceed if you want the satisfaction of knowing the Banks have had to acknowledge they mis-sold you PPI. You are unlikely to gain financially.0
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Moneyineptitude wrote: »If you still owe money to these creditors, any redress will go towards those unpaid loans. Only proceed if you want the satisfaction of knowing the Banks have had to acknowledge they mis-sold you PPI. You are unlikely to gain financially.
The IVA is discharged, completed, I have made all the payments required. I do not owe anyone anything now.
My health is not good so I don't want to do anything just to prove a personal point, I was happy with the IVA arrangements most of them agreed to.0 -
The IVA is discharged, completed, I have made all the payments required. I do not owe anyone anything now.
Did it involve any amount reduced/written off? They usually do. In which case, if you complain and they agree with you then they can use the money against the amount written off.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Did it involve any amount reduced/written off? They usually do. In which case, if you complain and they agree with you then they can use the money against the amount written off.
That's the first time I have heard they can do that, other threads here and elsewhere say people who have finished IVA's can still claim?0 -
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That's the first time I have heard they can do that, other threads here and elsewhere say people who have finished IVA's can still claim?
Other threads here say exactly what I have said. You can complain but any amount payable can go against any debt written off/reduced or defaults or arrears.
Those other threads will also tell you under no circumstances should you use a claims company as you have to foot the bill on the full amount of redress, even if you dont see a penny. The more honest claims companies will refuse to take you on if you have defaults, arrears or amounts written off.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Moneyineptitude wrote: »Don't just take our word for it. Complain,;) and then watch any redress awarded disappear back to your lender(s).
As I said in my first post I am not very interested in starting the process but wondered about the mechanics. The lenders helped me when my illness caused financial disaster and I am very grateful, just didn't know they could still take money to pay off the old debts.0 -
Exactly. They wrote off debts you could not pay. Do you really expect them to pay you redress while you still owe them that money?The lenders helped me when my illness caused financial disaster and I am very grateful, just didn't know they could still take money to pay off the old debts.
Just be grateful for not having to pay the entirety of what you actually owe.0 -
Moneyineptitude wrote: »Exactly. They wrote off debts you could not pay. Do you really expect them to pay you redress while you still owe them that money?
Just be grateful for not having to pay the entirety of what you actually owe.
As I said I am very grateful to them, I wish I had been able to pay them every penny but that was not a possibility when I had to suddenly retire from work at the age of 31.
Feel like I am being told off just for asking how things work, sorry.0 -
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