IVA and PPI

BoneyMaroney

Hi. I had an IVA which was completed in June 2016. During the IVA I was asked to sign an agreement that the debt management company could check for any PPI, which I did. I was made fully aware that if PPI was found it would be used as additional funding into my IVA. I have no problem with that. They wrote to me some time later to advise that around £440 had been recovered and credited to my IVA fund.

As my IVA was ending they asked me to sign a deed of assignment so that they could issue my completion certificate without having to wait for all of the PPI investigations to be completed. Again, I was happy to sign.

I am now 2 years post IVA and during a house move I found an old loan agreement form from the 90s which indicates that PPI was added to a loan when I was self-employed at the time and the loan would not have paid out.

I have submitted a PPI reclaim using the MSE tools and the company have written back saying that they are investigating but they are aware I was the subject of an IVA and will need to check with the Supervisor whether or not any payment will need to go back to them.

I had no problem assigning any of this whilst I was in the IVA and In fact I ended up paying back a very high percentage of my original debt (was badly advised to go for IVA but that’s another story) but I do feel a bit peeved that I gave the debt management company full disclosure to make PPI claims on my behalf and they obviously didn’t pick up on this one. Is it right that I now have to pay this into my closed IVA account - assuming it results in any pay out of course.

National_Debtline

Hi there


Unfortunately it is possible that PPI reclaimed now could have to be paid to your Insolvency Practitioner (IP). You will need to check the exact terms and conditions of your IVA to find out more. If you are still unclear, you may also need to seek legal advice as this issue can be complicated.


Best wishes


Susie
@natdebtline

sourcrates

Lots of people are been affected by this high court ruling.

I am afraid to say you may lose any payment you would of been entitled to.

The reason the IVA people could not find this particular account is because most creditors only keep records for six years, they only have access to the same records as everyone else, but you kept yours, so we’re able to claim.

All you can do is see how the dice rolls.

BoneyMaroney

Thank you both for your help. I’ll wait and see what happens.