PPI After IVA - HFC Reclaim Success Sort of? Please Help!

FoggyBrain_2

I do see the dilemma Billy -- however, I have nothing useful to offer as an answer.

As I have said elsewhere -- at least on the subject of PPI, my plan was to let that die along with the debts --- but that has been taken out of my hands as my IP is pursuing claims now.

For inheritances, lottery wins and pay rises etc, the interest my IP has in those will end the day I get my completion certificate issued. If I inherit anything the week before I get that certificate and get paid however long after I shall, I promise you, be contacting my IP.

This dilemma only applies to assets, gains, windfalls or whatever that existed or came into being prior to the formal end of the IVA. Anything after that is fair game.

TomBoyNI

I suppose that is the final question. And like the previous poster going BR was an easy option for me too also without a property to have to worry about.

My creditors got a massive amount of their debt back in comparison to what some IVAs claim to offer.

The question could then become if a creditor got 100% back from an IVA minus interest what would be the position then. Does it become a payment against the interest they lost out on?

And yep when does an actual IVA die?

TomBoyNI

Gimpsdad wrote: »

billywilly's scenario about the will would be fraud, and what is worse, he knows it. He would probably get away with it, but if he was grassed up to his IP for fraud, then every IP would bankrupt him post IVA.

It would be no more than he deserved.

The date of the admission that PPI was mis sold is still irrelevant, as it was an asset of the estate. I can't believe that so many posters on this forum seem to be knowingly encouraging people to break the law.

This isn't rocket science. The ppi is an asset of the IVA estate, as would be a lottery win, inheritance etc. When the IVA is closed then a lottery win, or inheritance after completion is safe as it cannot be touched. Argue as much as you like but that is the way it is.

I don't get how the date is irrelevant. At the time I entered and completed my IVA there was no PPI mis sold. Therefore there was no asset. Now there is and the IVA is over.

I thank everyone for their help in this issue however I think the thread has got out of hand with people talking about fraud and other such things.

I think the best way for me to find out is to wait and see what HFC say and if required then my IP and the FOS. I think with all the talk of the point has been forgotten also that this money would ultimately have to go to all my creditors if it was an IVA issue just not HFC.

So again thanks everyone but I'm gonna leave it now to the people actually involved.

debtinfo

TomBoyNI wrote: »

I don't get how the date is irrelevant. At the time I entered and completed my IVA there was no PPI mis sold. Therefore there was no asset. Now there is and the IVA is over.

QUOTE]

Ah you see this this is where i see you are having a problem understanding and are fundementally incorrect in law. If the PPI was misssold the date it became misssold is not when a court decides later like you think. The date of misselling was when the initial action took place to add the PPI to your account. The asset itself is not the sum of money, the asset it was is called in law a right of action, which is the right to recover the money because of the incorrect action that took place. I know that for some people it is hard to grasp that as it is not a physical thing that you can hold in your hand like the cash is but it is quite clear in law that rights of action are assets and the right of action arrises the moment that you have been wronged. Therefore the PPI reclaim existed before the IVA started

TomBoyNI

debtinfo wrote: »

TomBoyNI wrote: »

I don't get how the date is irrelevant. At the time I entered and completed my IVA there was no PPI mis sold. Therefore there was no asset. Now there is and the IVA is over.

QUOTE]

Ah you see this this is where i see you are having a problem understanding and are fundementally incorrect in law. If the PPI was misssold the date it became misssold is not when a court decides later like you think. The date of misselling was when the initial action took place to add the PPI to your account. The asset itself is not the sum of money, the asset it was is called in law a right of action, which is the right to recover the money because of the incorrect action that took place. I know that for some people it is hard to grasp that as it is not a physical thing that you can hold in your hand like the cash is but it is quite clear in law that rights of action are assets and the right of action arrises the moment that you have been wronged. Therefore the PPI reclaim existed before the IVA started

???And therefore Certificate of Completion means nothing? Full and Final means nothing? I'm sure all of these things too have definition in law? Or does law only apply to one party?

FoggyBrain_2

The date of the certificate of completion is clearly defined ( whether issued following a standard term of a F&F) and any claims of the IVA relate to assets, windfalls or whatever before this date, anything arising after this date is free of the terms of the IVA. Simples.

TomBoyNI

FoggyBrain. What side of the fence are you are on? That the PPI needs to go into the IVA? (after IVA completion.)

FoggyBrain_2

TomBoy. I am of the opinion that the PPI should go into the IVA, or, at least should not be claimed after the IVA has finished.

Its only my personal feeling, but, having had (in my case it will be....) £30k written off and the same again saved in high interest payments over 5 years I am happy to leave it where it is and not then go back and claim it.

However, if you claim it and your IP is happy to let you keep it ... that is your own good fortune.

I do think that, in an ideal world --- say I made the rules .... that PPI should be dealt with well before the IVA finishes. If not dealt by the IP with during the IVA then he's missed the boat and it should then be yours if you want to claim --- however .. them's not the rules and I am one of those boring people who tend to stick to the rules. Sometimes wish I wasn't, but ... hey ho

TomBoyNI

And to be fair if it was in the IVA that would be grand. However at the time of my IVA in Northern Ireland anyway (2005) PPI claiming wasn't even heard of. It is still relatively new here also I feel. If it was to be included in my IVA then no issues. In that instance I don't think HFC should be getting it all anyway. However now that it has finished were does that leave me. Hence the original reason for this post.

I did this claim one night whilst sitting watching the tv. I seen an advert and thought I'm sure anyone can do that so I have it a go. Now I find myself with an approved claim that seems to be stuck in no mans land.

FoggyBrain_2

The way I see it, Tom, in this instance HFC have no right to retain the money. Under current rules, if that's how I understand them, it should be paid to your IP for distribution among all of your creditors ( I feel the LAST person to benefit should be the firm who ripped this off you in the very first instance!).

All the morals and interpretations of the rules apart, I would write to HFC stating that they have no right to withold this money. Give them 28 days to respond and tell them that if you do not have a satisfactory reply within this time scale you will be taking the matter up with the Finacial Ombudsman.

Mny IP's do still take the stance that they have relinquished responsibility and as far as they are concerned, they don't want to know --- hopefully yours does too.