PPI Claim after I've finished my IVA, Help Please!!? Debtors wamts the money?!?!

Cole0909

Four years ago I took out an IVA with Pay Plan. I completed payments of my IVA in April 2012. I have had a letter from Pay Plan confirming this but they have advised me I won't received the certificate until October 2012 due to VAT reasons but that the letter confirms I have completed it. I had no missed payments or any problems during the course of my IVA.

Since paying the IVA Pay Plan's partner Equity in Finance offered to help me claim back any PPI of which there was on 3 out of my 4 debts. I have received letters stating that in total the money offered on all the debts is the best part of £10,000. Equity in Finance and Pay Plan are not telling me that I will not see the money now as it will get redistributed between my debtors even though i have completed paying the IVA? surely this is unfair? I understand if I have a windfall during the IVA I must declare it but not after the debt is paid surely? To clarify the PPI claim is from the debtors who were part of the IVA not separate debts. I am really hoping you can help me as Equity in Finance want me to sign document saying all payment will be made payable to Pay Plan (who I am assuming will pay Equity their 40% for claiming the money).

Also, once of the debtors wrote to me stating I had not carried out PPI with them but I have proof of a credit card statement from them clearly showing a monthly £25 payment of card protection insurance, so looks like Equity are not doing their job properly either as they just accepted Tesco's response - ironic when Equity will get 40% of the share.

I would really appreciate feedback on this, anyone had a similar situation and what happened? THANKS IN ADVANCE!!:beer:

harveybobbles

Reclaim it your self directly. Plenty of templates on here or over on ConsumerActionGroup.

IVA is settled and they have accepted all payments made. Wait until you get completion certificate/letter and then reclaim direct.

debtinfo

The PPI became an asset when it was missold it is a type of asset called a right of action, so the asset already exists, ergo into the IVA it goes

milliemonster

Debtinfo is totally correct, PPI is an asset that is still bound by the IVA, you don't yet have your completion certificate anyway so you are still bound by the terms of your IVA with regard to assets/windfalls etc, but even if you did and tried to reclaim PPI, this could still be forfeited into the IVA as it was part of a debt that fell into the IVA

By the way, and sorry to be pedantic but for clarification, you are the debtor and it's your creditors that are entitled to the PPI refund