Another question on PPI after completing a IVA

stecast

I finished my IVA in March and have received my certificate of completion so i decided to try a ppi claim on one of my loans.

Received a letter yesterday saying that i was going to be awarded xx amount of money but directly under this it says as i have defaulted on my loan this money will be deducted from my outstanding balance.

I was under the impression that now my IVA is finished with the certificate of completion i have no outstanding debit with them, after looking in to this i found this in another forum

''If you win your claim then the money is yours, the company may say they are taking it to offset any debt owed to them but as they have been paid from your IVA they have no debt to offset it against. If you get a letter from them saying they are going to offset the debt then write back to them saying you don't accept this as there is no debt to offset against, and to reconsider their decision. Give them 14 days to reconsider and if they don't pay up inform them that you will take matters further.''

Now i was wondering is this the best plan of action and i'm right in thinking i no longer owe the company any money.

Thanks in advance for any help anybody can give me.

RuthnJasper

I'm sure someone more knowledgeable than me will be along soon - but, personally, if the certificate of completion has been issued then surely that is the end of the debt?

I am currently pursuing a claim against HSBC - but the repayment will be going into my IVA because it's still running. I thought that the purpose of an IVA was to agree with creditors that you will pay xyz amount, over abc number of months, after which any outstanding debt within the IVA is written-off - what, therefore, is the point of having one if creditors agree to this and then say "oh, by the way, we also want THIS from you as well..." when the arrangement has been completed?

But I'm not sure of the complexities - I suppose the debt was not honoured in full (hence the IVA), so they could be entitled to ask for it... but I'd be interested to know what the actual legal stance is on this matter.

Oh - and many congratulations on the completion of the IVA; that's fantastic.

Best wishes. xx

debtinfo

Difficult to give a legal answer becasue as far as know there have been no legal cases yet.

but i see it like this, you point out that " the purpose of an IVA was to agree with creditors that you will pay xyz amount, over abc number of months, after which any outstanding debt within the IVA is written-off " which it is but that decision is based on having full knowledge of all your assets and in the case of PPI claims like this all the assets have not been declared at the time of making the decision, same principle asif you had £20,000 under the bed you forgot to tell them about

RuthnJasper

debtinfo wrote: »

that decision is based on having full knowledge of all your assets and in the case of PPI claims like this all the assets have not been declared at the time of making the decision, same principle as if you had £20,000 under the bed you forgot to tell them about

That's a fair point. It's quite a tricky issue though, and I still wonder what the general consensus would be on this. Personally, I wouldn't want to pursue a PPI claim if there was a chance that doing so may render the five years' slog of an IVA (six in my case ) technically invalid.

stecast

Thanks for all your help, it does seem to be a tricky situation in that do you fight for the money or not.

After searching round i do not seem to be able to find the answer as to if anybody has succeeded in winning a PPI claim after a IVA and keeping the money. They is plenty of advice saying they have to give you the money once you have finished your IVA but not seen anybody who has actually done this.

Some handy information here,
http://www.beatmydebt.com/news-articles/can-I-claim-for-PPI-mis-selling-after-my-IVA-has-finished.htm

And thanks RuthnJasper, it was a hard 5 years extended by 6 month as i lost my job inbetween but i got there in the end and it has taught me to be more carefull with my money and to save if you want somthing and not to get credit, no intention of ever doing that again. Congratulations to you as well for getting there in the end

gazman71

Hi

I am finally completing my IVA this month (August 2012) after 6years 5 months, and wanting to pursue a PPI claim. My debt management company wanted to pursue one for me, but I told them that I was not giving them another penny of my money, as they had taken all I had to give and if I could get something at the end of this, I would.
So, I am also intrigued to see if anyone has done this successfully.

Cheers

G
:rotfl:

Ps, I agree with you Stecast, no way am I going to get myself in that mess again if I can help it! Good luck to all IVAers out there. You will make it. Honest!!

stecast

I'm awaiting the outcome from my ppi claim,

I was awarded a refund for my ppi, but they did add to the letter '' this money will be used to offset my debit '' if they do this then i would not get a penny from them.

I have refused the payment on the grounds that they is no debt to offset it against. Awaiting a reply now but to be honest i'm not expecting to win.

Vikipollard

My IVA has one payment left to make (August 2012) after 6 long years. I had a leech company ring me telling me that I should've had a letter from my IP about reclaiming PPI and they hadn't received the signed forms back for them to make a claim for me.

I pointed out that I hadn't received any forms (as I hadn't), but that there was nothing to reclaim any way. She then told me that they would also reclaim bank/default charges, but couldn't give me a rational answer, when questioned, why they would be able to reclaim charges which were clearly stated in the t & cs when I HAD defaulted.... She told me I had to fill the forms in and they would decide! That got a polite no.

I did tell her she was welcome to send me the forms, but that they would be returned with a big line drawn through them with 'no claim to make' on.

She then gave me a quite astounding spiel about how the monies would all come to me. I pointed out that no, actually, even if there had been a legitimate claim, it wouldn't come to me any way. She was very insistent that it would, however got quite shirty when I said if I'd felt I had a legitimate claim to make, I would have done so myself so that ALL of the monies went to creditors, not minus their 40% cut.

There's a lot of me says that, although the IVA does draw a line under the debt, the creditors didn't get the interest they would've done if it'd been paid as normal, so I guess I can see why they'd be of the view that they can offset.

...But then, I post as someone who originally thought PPI covered the credit companies against non-payers! Go figure...

hunty3

Surely, move on and leave it all behind you. Your debt has gone. Is that not enough? Not being harsh, honest.