Claiming PPi after iva

marcsshell

Hi all, if this should be in the IVA Section then please mods could it be moved thanks.

Anyway I started an IVA June 2008 which completed August 2014 but only got the paperwork late last year after me having to chase it up.

During the term of the IVA the company I was using put a PPi company in touch with me, I think it would have been 2-3 years into the IVA. Myself and my husband signed all the forms that they kept sending us but after it dragged on for another 2-3 years we got fed up signing the forms as we never heard back how the claims were going. We knew that if there was any money owed to us it would go to the IVA company to go towards our debts which I fully understand and had no issues with.

However now the IVA is completed with still no sign of the PPi claims being settled (if any) I thought that any money would come straight to me. The PPi claims company have said that it would by law still go to the IVA company even if the IVA has been completed.

I have had another company phoning me and when I told them the issues they have said that this is a lie and as the IVA has been finalised and I have the paperwork any money would be mine.

What is the truth? In all honesty I wasn't even bothered with trying to claim PPi until all of this. TIA

[Deleted User]

It's not cast in stone that PPI redress will definitely be off set against the unpaid debt written off as part of an IVA. Some have reported success in retrieving all the redress, others not.

However, what is certain is that the Claims Management Company you signed up to will require their fee based on the whole amount of redress awarded, regardless of whether you personally receive it.

Certainly, don't be tempted by this other firm unless you can cancel your contract with the first one.

Regardless, if the original CMC has been unable to find any PPI to complain about for over three years, it looks like you probably didn't have any PPI.

marcsshell

So even though the IVA company we went through have sent us documentation saying that the IVA has been finalised and we received a letter to that affect which basically said that if any of our creditors started asking for money then don't contact them (the IVA company) they could still chase us for any PPi?

The company that keeps contacting me is next step money.

-taff

If any amounts in your IVA were written off, or reduced payment, or interest waived, any successful PPI complaint would see the monies going to that first.
Don't sign up with another company, let me re-iterate that, DO NOT sign up with another company.

Try cancelling your contract with the other company by informeing them the IVA is finished and as such, you no longer need a contract with them and see what they say.

[Deleted User]

marcsshell wrote: »

The company that keeps contacting me is next step money.

It's the financial institution who sold you the PPI who will be most likely to off set the redress against unpaid debt.

Your original CMC will charge you a fee if you cancel, even if they agree that they have been unable to find any PPi.

Next Step Money just want your signature on a contract..

devon-tony

this is very interesting, I was discharged from my IVA in May this year.

theres currently 4 PPI complaints being processed and I have categorically asked time and time again if I get that money or it goes to the IVA fund

the certificate of completion states that its a full and final settlement and that creditors have no right to pursue payment of any outstanding balances

Im now very nervous about whats going to happen, had contact with 3 of the companies so far, they wanted information about my IVA but soon cleared up once they had copies of my certificate

all have said they will be making the payment direct to me if Im owed anything, the halifax one could be 4 figures and would turn my life around.

[Deleted User]

devon-tony wrote: »

the certificate of completion states that its a full and final settlement and that creditors have no right to pursue payment of any outstanding balances

While that may be so, it's a two-way street and so if you demand money back that you didn't pay in the first place you may well live to regret it.

societys_child

devon-tony wrote: »

the certificate of completion states that its a full and final settlement and that creditors have no right to pursue payment of any outstanding balances

They are not pursuing you, you're 'pursuing' them.

all have said they will be making the payment direct to me if Im owed anything

Anything left after off-setting (if that happens) would be paid directly to you.