ppi IVA query

bemmy16

If i have recently started an IVA, would i be able to pursue PPI against companies that are not included on my list of creditors

For example, i had a mortgage with Northern Rock 20 years or so ago with my ex wife. When we split up i signed it over to her.

Would my current situation mean that any PPI i could succesfully reclaim be eaten up by the creditors in my IVA?

foxy-stoat

No you wont be able to - you really should of done the PPI reclaim thing before starting your IVA - you could of avoided the IVA altogether if your claim was successful and you had massive payouts.

Nevermind

bemmy16

Ive used a ppi company and told them i didnt have an IVA, will this be tracked and looked at

foxy-stoat

bemmy16 wrote: »

Ive used a ppi company and told them i didnt have an IVA, will this be tracked and looked at

Yes, the lenders will do a search on the insolvency register before making any payments.

The company you used wont get a penny from the cheque if you are successful, but will come to you for their high fees - you should inform your IP and they can pay them directly once they receive any refunds.....they can sometimes reduce their fee also.

bemmy16

Sorry, im being a bit slow here!!

Who is the "IP"?

foxy-stoat

Your Insolvency Practitioner

bemmy16

So basically, none of my debt that is on my IVA is anything i am claiming PPI for.

My partner had been declared bankrupt a few years ago, yet she got a PPI claim for a few thousand, this is why i decided to do mine.its very confusing lol

foxy-stoat

Your partner basically has committed fraud and got away with it. Keep quiet about that.

The refund, if you get one, would be classed as a windfall and would need to be declared to the IP. The lender will do a check on the insolvency register before sending out a cheque to you - they will send the cheque directly to the IP.....if would be different once you have completed the IVA and got your certificate.

Nasqueron

bemmy16 wrote: »

So basically, none of my debt that is on my IVA is anything i am claiming PPI for.

My partner had been declared bankrupt a few years ago, yet she got a PPI claim for a few thousand, this is why i decided to do mine.its very confusing lol

If your partner got a PPI payout after the bankruptcy for pre-bankruptcy assets then by law she MUST give the money to the OR to distribution to her creditors. By keeping it, unless she was told by the OR, in writing, that she could keep it, then she has committed a crime and could well face criminal proceedings as well as paying the money back. The bank will normally check the register and alert the OR so you'll probably find them knocking on the door eventually.

[Deleted User]

bemmy16 wrote: »

Ive used a ppi company and told them i didnt have an IVA, will this be tracked and looked at

If you had told them you were in an IVA, the Claims Company would have refused to represent you.
It really does not matter if the PPI debt is part of your IVA. As it stands now, you could easily have all the redress (if you are successful) eaten up by it being offset against your existing debt AND you'll still be liable for the Claim Company fee!:eek:

bemmy16 wrote: »

My partner had been declared bankrupt a few years ago, yet she got a PPI claim for a few thousand

By neglecting to inform the Official Receiver, your partner received money that is legally a pre-bankruptcy asset which belongs to the OR for redistribution to her former creditors.

She needs to realise that the OR can still come after this money (even years later).

It might be wise to contact the OR and see what the situation is. Only if the OR declares "no interest" can your partner safely keep/spend the money. The fact you are in an IVA suggests that this money is long spent, so do be aware that a whole mess of further financial woes could be on the way...

Read more here:
https://forums.moneysavingexpert.com/discussion/3766585/ppi-claims-after-bankruptcy

foxy-stoat

Moneyineptitude wrote: »

If you had told them you were in an IVA, the Claims Company would have refused to represent you.
It really does not matter if the PPI debt is part of your IVA. As it stands now, you could easily have all the redress (if you are successful) eaten up by it being offset against your existing debt AND you'll still be liable for the Claim Company fee!:eek:

By neglecting to inform the Official Receiver, your partner received money that is legally a pre-bankruptcy asset which belongs to the OR for redistribution to her former creditors.

She needs to realise that the OR can still come after this money (even years later).

It might be wise to contact the OR and see what the situation is. Only if the OR declares "no interest" can your partner safely keep/spend the money. The fact you are in an IVA suggests that this money is long spent, so do be aware that a whole mess of further financial woes could be on the way...

Read more here:
https://forums.moneysavingexpert.com/discussion/3766585/ppi-claims-after-bankruptcy

I wouldn't be informing your partners OR - just keep quiet and they will be no redress, unless she signed forms allowing the OR to pursue PPI refunds....normally they don't, not like in IVA.