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IVA PPI Question

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  • debtinfo
    debtinfo Posts: 7,012 Forumite
    Your questions seem to be all over the place, if you accept that the PPI is an asset then thats good. if you ask a question i will answer it, one at a time. so ask away.
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • Depth_Charge
    Depth_Charge Posts: 970 Forumite
    500 Posts
    edited 8 July 2012 at 1:21PM
    debtinfo wrote: »
    Your questions seem to be all over the place, if you accept that the PPI is an asset then thats good. if you ask a question i will answer it, one at a time. so ask away.

    Hi debtinfo

    Nowhere have I ever said that PPI claims are not an asset in IVAs as you now seem to have acknowledged.

    I have already asked questions and raised points in my previous posts, they are open to the forum in general which includes you, if you wish to answer or address them then go ahead.

    Heres another though - what is the position in relation to PPI claims with failed IVAs where a termination certificate has been officially issued?

    There are other issues (real & potentially) surrounding PPI claims in IVAs other than just that they are an asset in IVAs.

    I am pretty sure that there are people in the IVA industry who know what I am talking about and that a number of them will be following this thread and can contribute if they so wish.

    Like I have already said, silence is a giveaway
  • Max_Maxwell
    Max_Maxwell Posts: 126 Forumite
    Part of the Furniture Combo Breaker
    IPs and PPI Recovery Agents have seen an opportunity to work collaboratively for mutual gain. It's called commerce.

    As the IPs quite rightly say, it is their duty to maximise the recovery of funds into the IVA and there is an eagerness on their part for the debtor to complete the claim form. In the event of a succesful claim for repayment of PPI everybody wins. Except the debtor.

    However, completion of the claim form is not compulsory. The IP may press and infer that it is important but it is not a legal requirement. The incentive that IPs may offer is a financial kickback from the claim for the debtor too; it may be small, but in some instances there is at least reason to assist.

    If you think you may be entitled to a PPI refund then make the claim yourself and do a deal with your IP. Tell them you want to keep 20% and they can have the rest. No IP could turn down an offer like that. It's called commerce.
  • debtinfo
    debtinfo Posts: 7,012 Forumite
    Hi debtinfo

    Nowhere have I ever said that PPI claims are not an asset in IVAs as you now seem to have acknowledged.

    I have already asked questions and raised points in my previous posts, they are open to the forum in general which includes you, if you wish to answer or address them then go ahead.

    Heres another though - what is the position in relation to PPI claims with failed IVAs where a termination certificate has been officially issued?

    There are other issues (real & potentially) surrounding PPI claims in IVAs other than just that they are an asset in IVAs.

    I am pretty sure that there are people in the IVA industry who know what I am talking about and that a number of them will be following this thread and can contribute if they so wish.

    Like I have already said, silence is a giveaway

    If the IVA fails then the one option is for the supervisor to petition for the bankruptcy of the debtor at which time the the PPI claim would then vest in the bankruptcy.

    If this does not happen and the IVA is simply terminated then after the payout of any assets already realised and funds paid in then the debts are returned to the creditors and the remaining assets including the PPI reclaim would pass back to the debtor.

    Does that answer the question? if so would you like to ask another?
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • Depth_Charge
    Depth_Charge Posts: 970 Forumite
    500 Posts
    edited 8 July 2012 at 8:38PM
    IPs and PPI Recovery Agents have seen an opportunity to work collaboratively for mutual gain. It's called commerce.

    As the IPs quite rightly say, it is their duty to maximise the recovery of funds into the IVA and there is an eagerness on their part for the debtor to complete the claim form. In the event of a succesful claim for repayment of PPI everybody wins. Except the debtor.

    However, completion of the claim form is not compulsory. The IP may press and infer that it is important but it is not a legal requirement. The incentive that IPs may offer is a financial kickback from the claim for the debtor too; it may be small, but in some instances there is at least reason to assist.

    If you think you may be entitled to a PPI refund then make the claim yourself and do a deal with your IP. Tell them you want to keep 20% and they can have the rest. No IP could turn down an offer like that. It's called commerce.

    Hi Max

    Thank you for this.. have you anything anywhere official on the legal requirement bit.

    I also thought that the IPs were paid fess to assist the debtor best they could as well as the creditors.

    I dont see the above to be the case if as you say "IPs & PPI recovery agents have seen an opportunity to work collaboratively for mutual gain" is correct, an astonishing statement in my opinion.

    I cannot really see either where this is indepedent and impartial where the debtor is concerned or where their interests are being looked after

    If there is a claim or combined claims for say £15000 and fees of 30 to 40% are taken out then how is this genuinely in the interests of maximising return to the IVA pot so to speak that we keep hearing about.

    Could there not be occasions where the person in debts IVA could be concluded earlier if the full amount of the PPI claim is paid in.

    What sort of nonsense is it then if it is not compulsary and if small incentives are offered to the person in debt again I would question the independence and impartiality of such action.

    People enter IVAs in good faith as a remedy to clear their debts and now are in some cases subject to all this with the possibility of delays in completion maybe and perhaps an unexpected state of uncertainty which may unsettle them.

    People who are being advised on entering IVAs now need all this explaining at the outset dont they as any PPI claim may affect their decisions on entering an IVA in the first place.

    I thought the whole idea of an IP in an IVA was to act in the best interests of the debtor and the creditors, I havent seen anything where it says anything about PPI receovery agents.

    Surely the best returns for the creditors and the debtor (yes lets not forget them) would be for the debtors to claim PPI themselves as that would be the best genuine independent advice would it not or am I missing something here.

    I am sure I have seen posts on here and on other forums referring to the charity CCCS as wolves who act for the creditors or something similar, we dont seem to hear this much now, I wonder why.

    As I have already said a couple of times now - silence is a giveaway.

    More to come on this I think and a perhaps a classic backfire

    Whats that old saying about the mask slipping?

    My opinions, views & take on things
  • Depth_Charge
    Depth_Charge Posts: 970 Forumite
    500 Posts
    edited 8 July 2012 at 8:22PM
    debtinfo wrote: »
    If the IVA fails then the one option is for the supervisor to petition for the bankruptcy of the debtor at which time the the PPI claim would then vest in the bankruptcy.

    If this does not happen and the IVA is simply terminated then after the payout of any assets already realised and funds paid in then the debts are returned to the creditors and the remaining assets including the PPI reclaim would pass back to the debtor.

    Does that answer the question? if so would you like to ask another?

    Hi

    Thanks for that

    Good answer

    Do you know debtinfo I think you might now be starting to get the picture.

    Please feel free to answer & address the other questions and points I have asked and raised if you wish.
  • debtinfo
    debtinfo Posts: 7,012 Forumite
    which one first?
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • Depth_Charge
    Depth_Charge Posts: 970 Forumite
    500 Posts
    debtinfo wrote: »
    which one first?

    Hi

    Max gave some good interesting answers & views, maybe follow the lead if you are struggling.

    Its left with you
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