iva con

FoggyBrain_2

I agree, Billy, that a F&F should be looked at differently than just coming to term, as this if a Full & FINAL --- however, not all IP's see it this way. There has been at least one instance I know of where the creditors insisted PPI was investigated and paid over before they would agree to a F&F

---

that, whether we like it or not, is the way the wind is blowing !

Gimpsdad

If he repaid his debt in full then he is entitled to his PPI back. He didn't, he took the protection of the IVA and now he is trying to claim back money that doesn't belong to him.

Not sure where the confusion arises here.

BillyWilly_2

This money does belong to him if his claim is valid. He paid his debt in accordance with the conditions of the IVA which is obviously not the full amount.

How long should he be held accountable, a week, a year, a lifetime?

The point is a full and final payment should effectively cut you free from the IVA. Anything after that, PPI claim, lottery win, is fair game in my book.

Gimpsdad

Rubbish.

A lottery win if it existed at the time of IVA is an asset and is captured. Post IVA it isn't. Simple.

PPI existed and is an asset, and is therefore captured. If it didn't exist at the time, and is therefore not an asset, why are you trying to claim it back?

Depth_Charge

Gimpsdad wrote: »

Rubbish.

A lottery win if it existed at the time of IVA is an asset and is captured. Post IVA it isn't. Simple.

PPI existed and is an asset, and is therefore captured. If it didn't exist at the time, and is therefore not an asset, why are you trying to claim it back?

Hi Gimpsdad

Taking into account some of your recent comments

Write 70% or more off your debts by going down the IVA route, make 5 years payments and you will be debt free, thats what some of the adverts say dont they?

Adverts telling people that an IVA will get you free of your debts, which may be true in some cases....but

What happens to the tens of thousands of IVAs that fail, how much is claimed in fees by the IVA providers?, what happens to the people where an IVA fails? do the IVA companies help them or want to know when they cant make any more money out of people?

What happens to to the people in IVAs that fail when there is equity in their homes?

Who is appointed as the trustee in bankruptcy when an IVA fails, how much is paid in fees to the trustee when a assets such as a persons home is realised?

How much do some of the IVA companies take in commission out of PPI claims and why, its not their money is it?

How many IVA companies help people with bankruptcy or any other debt remedy when an IVA fails?

Its simple really, how can advice be independent and impartial if the bottom line is profit?

It makes me wonder, just who's side are some of the IVA companies on?

debtinfo

whilst all those questions may have merit Depth Charge, none are relevent to the question asked here which is whether a PPI claim is an asset in the IVA which it is.

BillyWilly_2

Gimpsdad,

Everything with any value would be an asset then if that is what you are saying.

If Jimmy sold his push bike for £200 would he have to declare that after he paid his IVA off in F&F? It is effectively an assest he had at the time.

If Jimmy had a savings account with a balance of £50 he opened in 1976 which he'd forgotten about, would he have to declare that after he had paid his IVA in F&F?

I have already conceeded that if this happened during his IVA he would obviously have to hand it over but once again the point is he has paid his debt. Anything he gains after that final payment is his whther it was an asset during his IVA or not.

The fact remains that we don't know the details and the PPI claim may be against a creditor that wasn't part of the IVA.

I

Depth_Charge

debtinfo wrote: »

whilst all those questions may have merit Depth Charge, none are relevent to the question asked here which is whether a PPI claim is an asset in the IVA which it is.

Hi debtinfo

Fair enough, but that only is your opinion, I have my own.

I do clearly mention PPI claims in my post.

The PPI claiming phenomenon is fairly new to the IVA industry and is a somewhat contentious area as to where the money goes.

There are a couple of sentences that refer to the PPI money not belonging to the OP, taking this into account I think some of my points and questions are indeed relevant.

The PPI issue was probably not even advised and explained at the outset of many current IVAs that are a number of years old.

Many people are asking similar questions to the OP. I am pointing out that people believe that their debts will be written off as per the adverts and what they were told. Some of the replies seem to be taking the moral high ground against someone who has asked genuine questions and raised points that they feel are fair.

It smacks of a little bit of hypocrisy to me when one of the main marketing / selling ploys of IVAs is that you can write off huge percentages of debt but then when a person asks similar questions to the OP they are given some of the replys we see here.

I believe my post is relevant and fully stand by it.

FoggyBrain_2

BillyWilly wrote: »

Gimpsdad,

Everything with any value would be an asset then if that is what you are saying.

If Jimmy sold his push bike for £200 would he have to declare that after he paid his IVA off in F&F? It is effectively an assest he had at the time.

If Jimmy had a savings account with a balance of £50 he opened in 1976 which he'd forgotten about, would he have to declare that after he had paid his IVA in F&F?

I have already conceeded that if this happened during his IVA he would obviously have to hand it over but once again the point is he has paid his debt. Anything he gains after that final payment is his whther it was an asset during his IVA or not.

The fact remains that we don't know the details and the PPI claim may be against a creditor that wasn't part of the IVA.

I

Much as we might like this to be the case, it simply is not.

As for what is and what isn't an asset, it is down to the IP / creditors to make that judgement ... if that pushbike was a £1000 titanium moountain bike .. it would probably have to go. And it is irrelevant whether or not the creditor paying out the PPI claim was in the IVA or not.

You are arguing to have your cake AND eat it! If the end of the IVA signals the end of the whole sorry debt situation ( which I believe it should ) then it should also signasl the end to the ability to make PPI claims, as the debt is gone and forgotten. If the creditors should not be able to make any further claim on "assets" the debtor should not be able to make any claim either !!!

I would like to think that the end of the IVA signalled the end to the whole shebang, all the more after a full and final ---- however, the reality is that it doesn't.

skintandscared_2

I would have thought that the PPI would be dealt with differently from, say, an insurance claim, inheritance, or other windfall, because the PPI would be directly linked to one of the debts that had not been fully repaid! Surely if a loan company is forced to accept a reduced settlement payment because that's all you say you have, then you try and claim back PPI you have paid, they are entitled to take that money to repay the rest of the debt you owed them? In addition, the PPI claim COULD have been started during the life of the IVA, reducing the debt to that particular company considerably. Instead you have waited until a year after the IVA finished to claim this money back. That surely could be viewed as depriving yourself of funds so you didn't have to repay the debt...