PPI/IVA Query

wriggles24

I think I already know the answer to this but here goes:

I settled my IVA via variation after selling my house a couple of years ago and have a certificate of completion dated May 2014.

Yesterday Lloyds Bank advised me they were offering 5k to settle my claim which they had reviewed again after initially rejecting it.

The Lloyds loan included in my IVA was for a fraction of this and had no PPI. The loans the payout relates to were some years prior to that.

Grant Thornton who managed my IVA tell me they are keeping all of the funds to pass to all my other creditors as part of the terms, as the PPI funds are seen as assets.

Do I just need to accept this and move on or is there a way of getting any of these funds paid to me?

Thanks for any advice..

:beer:

debtfree2016

Hello wriggles24, did you ever have any PPI rebates whilst in the IVA ? if so how was it treated ? You should receive the interest of 8% at least, you really need to check your paperwork for the IVA and the completion it would state within the text the exact process for PPI rebates.

wriggles24

Thanks for your response!

There were PPI claims made and all funds went in to the IVA.

I'll have to dig the paperwork out. All I can find relates to the completion of it.

Are you suggesting I should have received the 8% to me?

I was thinking of seeing a solicitor who specialises in financial law, but wanted to test the water here to see if anyone thought I was clutching at straws..

Regards

debtfree2016

You really need to find the paperwork first, the 8% is interest on the claim and is subject to HMRC tax. However if the paperwork does not reflect this then you may not see any of it. Find the paperwork and then post on hear so we can have a look.

wriggles24

I have found the variation acceptance letter which states the following:

Your Individual Voluntary Arrangements - Accepted Variation
I have pleasure in informing you that the variation to your voluntary arrangements were accepted at the meeting of Creditors held on 17 June 2013.
For your records I have enclosed a copy of the approved Variation Report and Chairman's Report to Court, which you should retain in a safe place.
The approved changes to your arrangement take effect immediately and together with the Standard Terms and Conditions effective at the approval date, constitute your varied arrangements.

The report makes no mention on PPI whatsoever, is that a good or bad thing?

Kind regards

wriggles24

Just a quick update. I have decided to write to Lloyds and GT, quoting Green v Wright (I'm not allowed to post the link) and requesting the funds are paid directly to me..

If anyone is interested I'll update when I have any news one way or the other..

Thanks for your assistance!

debtfree2016

I think its a good thing the PPI is not mentioned. Best of luck and keep us posted.