IVA completed 2 yrs ago now PPI going to it

sarah222

We finished paying our IVA Nov 2012, received completion certificate May 2013. PPI just been paid out by Lloyds and the whole amount is going straight to IVA. How long do they get dibs on PPI for. I appreciate PPI was part of the IVA. However, once the completion certificate issued and a year pasted I really didn't expect them to take it all still. The process was started by the IVA prior to it ending and that is why they held onto comp cert for a while but it almost 2 years now since we finished paying this now seems unfair. What are others thoughts on this???

sarah222

Been told by IP that is was an assess of the IVA and had we not signed it over the IVA would have failed and no completion cert issued. They will take all funds no matter what length of time :-(

longtermplanner

Whether you are legally entitled would depend on the exact wording of your IVA, but it is normally the case that PPI is classed as an asset and so goes into the IVA.

You have had your debts written off in the IVA. I don't think morally you are in a good position to argue you should receive a windfall of this PPI.

I suggest you should shrug and move with your life.

sourcrates

Yes, my IP would only end the IVA if I consented to signing an assignment document, so when the PPI claim pays out, it has to go to the IVA fund, got my completion certificate, am hoping the cash goes directly to them as it would be hard to let a few grand slip through my fingers lol !!

bobmoz

rang the iva provider GT to find out what is happening with the 8% of the claim that we were supposed to get back once the ppi had gone through,only to find out that we cant have any of it until the iva has completed and to make it even worse the ppi that does get paid into it will come off the part that is getting written off not the actual balance ,so in theory they get to keep our part sitting in their bank for the next 5-6 years ,lovely more interest for them and a big fat zero for us,this iva lark wasnt as straightforward as we thought ,at the time we were that desperate in debt it seemed a good idea at the time didnt realise there would be so many restrictions etc .:mad::mad::mad:

longtermplanner

ah. Yes IVAs often sound such a relief from a difficult situation at the star, then prove trickier than you thought as the years go on.