IVA and PPI

Aidanb_2

Hi All,

I have finished my IVA and just waiting for the certificate of completion hopefully this next month or month after. I have recieved a information pack from my IVA company from a PPI and creditcard charges company they have instructed to look in to this.

The company charge 30% of what they win back and I get so much and the rest goes back in to the IVA, what would happen if I get my certificate of completion before the claim goes through. Do I keep less the 30% fee what I get back? or would this still go back in to the pot.

I have a loan with egg which I know PPI was sold on as the lady i spoke to on the phone said you would be more likely to be accepted if you took out PPI, but when i emailed them i asked for a copy of my paper work and was told they dont have to keep paper work for inactive accounts even though this was 2005 they still have records of the account as it is in an IVA.

I am after soime advice on what I should do let the company look in to it, or wait till after my certificate and then try and send off the letters with the fee and request the information, will they still have to provide it after so long?

Regards

Aidan

angel_rainbow

Hi Aidan, due to an issue with HMRC many IPs are not issuing completion certificates at the moment. I'm with Grant Thornton and finished in December and I won't get mine until at least June apparently!
I'd make sure you know if your IP are issuing completion certificates as until they are issued your IVA remains open and you are liable to pay over any windfalls etc.

Aidanb_2

Hi,

I was told it would take 3 months for my certificate, to come through am with Payplan will be calling so will check.

Just been told I will get 8% of the tax which is not a lot on £7k loan with ppi on top

angel_rainbow

Craig2909 wrote: »

Hi are you sure it stays open or is this just one of those rumours that scare us all?
We have had a F&F accepted & like you angel we're with GT and have not yet had the certificate but we have had emails of the variation meeting and on the pdf of the chairmans report it clearly states:
"The approved changes to your arrangement take effect immediately and together with the Standard
Terms and Conditions effective at the approval date, constitute your varied arrangements."

Any thoughts so we can put the scary rumours to rest would be appreciated?

There is a lot of confusion out there and different IPs are treating the HMRC issue differently. We are lucky to be with GT who are now at least closing cases - they only recently started doing this though. Many firms are not.

Even though my F&F was in December I'm not getting my certificate until at least June as they are taking around 6 months to issue due to the backlog.

The case technically remains open until it is completed - how IPs interpret that with regards to windfalls etc is open to some debate.

Aidanb_2

Hi,

I have been intouch with PayPlan and they are issuing the certificate and I am in the final stages of getting it just one last payment to make to a creditor then once all the documents in then it will be issued. I have also asked about the PPI and was told there is now a slim chance that if I do this off my own back then the creditor I took the PPI out with could keep it and off set it off my debt even though completed. They also said that I would keep the other 70% as i am near completion, but, I have also been told that it would go to the practitioner and they would decide how much it should be about 8% of the tax i have paid which won't be a lot.

why cant i just get a straight answer? but then again was told that the IVA will be off my credit file at the end of July as i started in 2006 but also been told that it stops on for another year after completion.



Regards


Aidan

Littlegem2107

Hi,

Not sure about the PPI stuff but your IVA will stay on your credit file for six years although it runs concurrently with your five years of payments so if you finish paying in July 2011 it should be removed from your credit file July 2012 and you usually get your certificate of completion a couple of months later. Ours was removed from our credit reports six years to the date that the IVA was agreed at the creditors meeting.

I would definitley recommend when the six years is up to get a copy of your credit report from the three main credit reference agencies Equifax, Experian and Callcredit though as it is not always removed automatically.

Good luck with your PPI and completing your IVA