iva con

jimmy01

in 2006 i entered an iva i payed 23.000 pounds back in 4 years in year 5 i offered them 8.200 pounds as full and final settlement they held a meeting with the credditor and it was excepted , this was on the 12 june 2011 , this month i asked a ppi company to reclaime my ppi i was over the moon to be offered 7, 700 pounds , they take 25% +vat leaving me with 5,400 i was fine with that , as ive been living on very little money as you can see , then today i got a letter saying lloyds tsb have payed my money in to the iva , how is this possible , more the point is this legal , full and final settle ment shoud mean what it says ,so 1 year on from being told (and a letter ) stating all creditors excepted my 23,000 in payment and a lumpsum of 8,200 , now they want my ppi money i need some help please

Gimpsdad

When you took your debt on, did you have every intention of paying it back in full? Assumedly yes, otherwise you would be a fraudster, which is hopefully not true. You have had the full legal protection of an IVA over a significant period, interest freeze permanently, and no further creditor action ever. In addition, you have undoubtedly had a significant amount of your debt legally written off.

Can you explain again just what it is you are complaining about? You may very well have paid back £31,200, but what was your debt level when you started? A PPI claim was an asset of your estate when you started,albeit unknown at that time, and it remains an asset under your IVA. You could not claim it back if you had gone BR, so what makes you think you are entitled to it now?

Yes, it's legal, as is and was your right to have debt written off under IVA.

If, in any doubt, please contact the FSA, OFT, IPA, Insolvency Service and the Financial Ombudsman and they will all tell you the same thing.

Why, then, would you make the assertion that your IVA was a con?

jimmy01

the debt was 51,000 , why would they send me a letter saying they all except 32,000 as a settlement figure then not pay the creditors 1 year on . when does it stop i want my life back

debtinfo

dont know all the circumstances of the case, but i presume that when they accepted the full and final payment that decision was based on them assuming that all the assets had been declared, Obviously that was not the case as at the time unbeknownst to them (and possibly you) there was another asset available, now if you had told them you had anither asset and they had chosen to accept the full and final instead then you are home free, but if you have not told them and they accept on the basis of incomplete information then i think it is reasonable that that extra asset is taken when it comes to light

Gimpsdad

You have had £20k debt legally written off, I ask again, what makes you think the PPI belongs to you?

FoggyBrain_2

....... £20k written off and probably the same ( and more) again in interest that hasn't had to be coughed up.

The "saved" interest is something oft overlooked by us debtors In my own situation, with a lot of the debt on high interest CCs, in five years I would have paid back largely nothing but interest and STILL owed the original amount !!!

Compared to what I will have been released from ( fingers crossed) a PPI reclaim is nothing to write home about.

Before this whole sorry PPI claim issue hit the IVA fan my plan was, at the end of my term, to draw a line under the whole thing and walk away. As it now turns out, my IP is trying to get some back into the IVA, less everybodies cut --- and, frankly, if that's what they want to do, so be it.

techno1029

I am just awaiting decision on F&F offer and was hoping to be debt free and life back. What sort of timescale do your creditors have over you for taking cash off you. Just say, god forbid, myself or wife keel over and we get an insurance claim. Could the creditors look to take some of that even though you have had a F&F completed????

Gimpsdad

Once accepted, assuming IVA f&f, then creditors are bound and cannot move the goalposts, so no is the answer.

milliemonster

techno1029 wrote: »

I am just awaiting decision on F&F offer and was hoping to be debt free and life back. What sort of timescale do your creditors have over you for taking cash off you. Just say, god forbid, myself or wife keel over and we get an insurance claim. Could the creditors look to take some of that even though you have had a F&F completed????

no because this wouldn't be an asset which would have been known about during the IVA that wasn't declared

how on earth anyone thinks that having taken out a shedload of debt, takes on an IVA, gets a large proportion written off then waits until it's all over to the screw the creditors over by reclaiming PPI and expecting to make a pretty sum out of it is beyond me, be grateful you are not being done for fraud!

techno1029

Had to have ppi investigated before my f&f creditor meeting...I had nothing to claim so no problem there.

BillyWilly_2

I think there are some very harsh messages posted against someone who doesn't know what the score is.

My IVA finished last year and have finally got my life back. If I have a genuin claim for PPI (not knowingly agreed to pay this premium) I would certainly expect to get some compensation out of it.

PPI payments will only have added to the debt so out of the 50k debt 10k may have been unwanted or mis-sold insurance.

I completely see Jimmy's point that he has paid his debt as required by the creditors so the PPI claim in my opinion is valid.

If he hadn't paid f&f then the PPI money should obviuosly go towards the IVA.