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PPI after Debt Management Plan
pollyanna24
Posts: 4,391 Forumite
My mum and dad have had various loans over the years and I was talking to mum last night about reclaiming PII.
She said because she was on a debt management plan (she used the abbreviation IVF, but I'm guessing she might be wrong with her initials).
Is this right?
I'm now going to look into how she should start the process of reclaiming as I really have no clue.
She said because she was on a debt management plan (she used the abbreviation IVF, but I'm guessing she might be wrong with her initials).
Is this right?
I'm now going to look into how she should start the process of reclaiming as I really have no clue.
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
0
Comments
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It sounds like an IVA.
They can still allege mis-selling of any insurance product, but the creditors of a DMP, or their IVA Insolvency Practitioner, can claim any refund to offset against outstanding debt.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
IVA = Individual Voluntary Arrangement (to resolve arrears on a debt).
IVF = in vitro fertilisation.
In vitro = in a test tube (as opposed to in vivo = in real life).
So IVF = test tube baby!0 -
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pollyanna24 wrote: »...I'm now going to look into how she should start the process of reclaiming as I really have no clue.
If she is or was in an IVA, then you would need to consult the terms of that IVA. These days IVAs frequently contain a specific term that means that the debtor signs over the right to obtain compensation from mis-selling claims to the supervisor.0
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