IVA wanting PPI claim after 5 year period

lhdanny

Hi there,

I'm posting this on behalf of my mam as she has a problem at the moment but we're not sure what to do.

Quite a few year back she ended up in a lot debt due to having a loan and 3 credit cards. Anyway, this is where she ended up with a 5 year IVA agreement where her last payment was at the beginning of December 2012, however at the end of January 2013 she received contact from the IVA saying she had to claim back the PPI from the loan and credit cards and that the money would go straight to the IVA as it's classed as assets.

However, we're not sure this is correct because I thought you were supposed to receive a completion certificate at the end after your last payment, but it seems as though they've held this off so they can claim the PPI? We also don't understand why they've suddenly wanted the PPI a month and a half after the last payment? My mam also paid off the PPI even before the IVA started.

So, I would like to ask if it's right they should take the PPI claim money from my mam?

Thanks for any help or pointers that you can give us.

Vikipollard

I'm in a similar position, except that my IVA company waited until five months after the last payment (of a six-year IVA) to decide I had to agree to them claiming PPI on my behalf.

Whilst you can claim it yourself, any payment will be an asset to go into the IVA.

Not sure who your mum is with, but the company who ran mine have stated that they will not issue the completion certificate until the claim they insist I make is put in and the asset realised.

Personally I don't give a stuff about the money. I don't believe I was missold anything, but they arent listening to me and frankly I just want the s***ing certificate so have signed the ambulance-chasing papers.

lhdanny

I think it's really wrong as the IVA company could of contacted my mam years earlier about the PPI to pay off the debts however, they choose to after the agreement has finished so they can keep the money by the sound of it.

cheesedoffwithdebt

seems to be a new thing if you read other threads on here. Personally I think it's shabby, if you have done your IVA, and paid everything up then you want it over. I have never taken out PPI, when it was offered I always declined it, but three years into my IVA I am aware it may crop up at the end and will be asking my IP before then what his approach is. I understand if it's any help that it's mainly Grant Thornton who have adopted this as a way of getting more money for creditors. However, at the end of the day, as you say, there is no choice. I just get cross when I read posts like this- let's face it, banks, cc companies etc make oodles of money from the interest they charge, yes that allows for bad debts but all of this is game playing on the part of IP's after a greater share of the market.:(

UpToMyNeckInIt

I think most IVA companies have long-since cottoned onto the PPI reclaim issue, and the consenus view is that IP's have the right to add any realised 'asset' into the IVA.

Since the PPI reclaiming is relatively recent, it has really clobbered those nearing the end of their IVA, causing delay.

For those of us whose completion is a little way off, I think the best thing to do is invite your IP to investigate PPI on your behalf now. That way, it will be done and dusted come completion time, and hopefully not result in undue delays.

Anondebtadvisor

I agree that it is wrong that some companies are waiting so long to investigate PPI, it should be done at the earliest opportunity to avoid any delays in closing the case!

If you have an all asset IVA basically everything is included unless specifically excluded, this will include mis sold PPI which would be caught by your arrangement.

If your IVA has long ago completed you need to speak with your IP to find out if your IVA had an all assets clause and find out whether they will be reopening case.

Ask your IP to show you the all assets clause within the paperwork