PPI Claim with IVA from 1998/99 (deceased mother)

edited 29 November 2017 at 2:06AM in Reclaim PPI & Other Insurance
7 replies 1.2K views
Crag66Crag66 Forumite
5 Posts
edited 29 November 2017 at 2:06AM in Reclaim PPI & Other Insurance
We have two upheld PPI claims with dating back to early 1990's for my deceased mother. She did however have an IVA from 1998/99 before she passed away. We're awaiting information wether this old IVA will have any bearing on these PPI claims paying out. Are the records from this older IVA likely to be held anywhere and did they write anything into these IVA's at that time to cover them into future as nobody fore saw PPI's issues back then...???

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  • zx81zx81 Forumite
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    Any redress will go towards the unpaid debt.
  • I assume they would have to reopen an IVA that was closed on death if those records still exsist. The terms of an IVA would have been much different than those that came later after changes through 2000 onwards. I therefore presume it depends on the original IVA contract taken in 1998. It’s very much a grey area but we’re going to get a copy of that IVA agreement if it exsist as it a fair while back...
  • From experience we claimed on a mid-sold PPI with a major bank dating back to pre 2000 and they had very little to go on as little was kept so an estimation seems the norm when they can’t find such records that gives a solid breakdown of what occurred at the time
  • Apparantly the old IVA is closed and no paperwork exists from when it started pre 1999. The IVA company no longer have any records as they where disposed of some years back. The bank have somehow calculated their amount (outstanding debt) that was placed on the old IVA but i can't see how the bank can claim this money without going through the IVA company the debt was added to. Can the bank take debt money that was placed on this old IVA.
  • dunstonhdunstonh Forumite
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    Can the bank take debt money that was placed on this old IVA.

    If the administrators for the IVA don't want it then the bank can offset it against the debt that went unpaid with them (assuming England & Wales with that answer - it is different in Scotland).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • I can't see how the bank can take money which was passed over to form part of her IVA. The bank would have to take into account any monies divided up from the IVA to pay creditors back in 2003 and wether there was any life insurance as part of the policy terms and conditions, they'd need the IVA contract. Surely if the bank try to offset money against unpaid debt it's now STATUED BARRED on their records as it nearly 15yrs ago. Unless anyone can find the original IVA contract from pre 2000 i don't see how anyone can proceed as they don't now the IVA terms and conditions accepted or money built up in that IVA account that was dispersed to the creditors on death. STATUED BARRED would stop them chasing the debt on there own terms due to being over 6yrs.
  • TrickyDicky101TrickyDicky101 Forumite
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    Statute barred stops them taking court action to recover the debt - it doesn't wipe the debt out.
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