PPI claims - how far back and IVA significance to PPI.

jojo9361

Hi,

Firstly apologies if this thread is in the wrong part of the site, it seems so vast but packed with brilliant information.

Anyway could I ask a couple of questions about reclaiming back PPI?

I had several credit cards and bank loand back in late 2005, these eventually weighed very heavy and eventually in 2007/2008 I cant quite recall I had to put most of the debt into an IVA.

It is highly possible that several of the loan agreements may have had mis-sold PPI attached to them. I am thinking of reclaiming them back and wondered

a) Could I still do that given that some of the loans may be on the border line of 6 years

b) If I was successful would I be allowed to keep the funds (since my IVA is now ratified, this was completed in 2010) or would the financial institutions be justified in keeping it and matching it against was was previously owed pre IVA.

Any advice of help you could give me would be much appreciated.

Best Regards,
JOhn.

dunstonh

a) Could I still do that given that some of the loans may be on the border line of 6 years

Yes. The only issue is where data no longer exists. The further back you go, the more likely data will no longer exist but some people have managed to go back to the 90s.

b) If I was successful would I be allowed to keep the funds (since my IVA is now ratified, this was completed in 2010) or would the financial institutions be justified in keeping it and matching it against was was previously owed pre IVA.

Up to the lender. Some will pay it to you. Some will pay it to administrator of the IVA. Some will offset it against any debt written off with them and only pay you the amount surplus to that (if any). Unlike bankruptcy, there are no rules with IVAs as to what should be done. Hence why you get different outcomes possible.