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Completed IVA and PPI

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Kazz123Kazz123 Forumite
16 posts
Ninth Anniversary 10 Posts Combo Breaker
Hi, I recently applied for PPI on my late Husband's bank card.  I received a letter today telling me there was some money owed but, as my Husband had had an IVA, they said it would be paid to that even though it was completed 9 years ago, (my Husband passed shortly after the completion).   I have sent the IVA company an email  (no one to take phone calls due to covid)  to make enquiries  but haven't heard back.  i just wondered if anyone could tell me if if they are likely to take this money as it would obviously come in very handy at the moment. 
Thank you for reading Kaz x

Replies

  • reliquitreliquit Forumite
    26 posts
    10 Posts Name Dropper Photogenic
    As I understand it (and I'm happy to be corrected if someone knows better) it all hinges on whether the PPI was paid during the period when the IVA was live, because if so the refund was an asset (albeit one you didn't know you had) which should be paid to your IVA. If it relates to payments made AFTER the IVA was finalised then I don't see that your creditors would have any claim on it.

    I am in a similar situation myself, although my IVA only finished earlier this year not 9 years ago, but like you I have contacted the IVA company (Aperture in my case) but as yet had no response.
  • Kazz123Kazz123 Forumite
    16 posts
    Ninth Anniversary 10 Posts Combo Breaker
    thank you for your reply.  I know it's money I never had in the first place it would just be very welcome at the minute.  It says on the paperwork that the PPI was taken out in 1994 and the IVA was was completed 2011 so it seems it was before the application for IVA (it all confuses me to be honest).  The company  I have contacted is also Aperture (previously Grant Thornton)
  • reliquitreliquit Forumite
    26 posts
    10 Posts Name Dropper Photogenic
    From those dates it would seem that the PPI compensation is indeed an asset of your IVA, however as I said I am not an expert, just someone in a similar situation. Whether Aperture will consider it worthwhile to collect the payment and disseminate it to your creditors will depend largely on the amount involved. One crumb of comfort - under the terms of MY IVA, while the PPI compensation payment was clearly an asset of the IVA, the interest on that payment was considered not to be, and the interest could be as much as two-thirds of the total amount. I think we will both have to wait and see.
  • foxy-stoatfoxy-stoat Forumite
    6.4K posts
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    I think you have missed the PPI refund boat by quite sometime.  If the IP is able to claim the refund then let them, very much doubt you will ever see anything even if you did submit a claim.
  • Kazz123Kazz123 Forumite
    16 posts
    Ninth Anniversary 10 Posts Combo Breaker
    reliquit thank you again, from the dates it was my thinking too but hey ho I'll see what they say.    And good luck with yours, hopefully you'll get something.
  • Kazz123Kazz123 Forumite
    16 posts
    Ninth Anniversary 10 Posts Combo Breaker
    foxy-stoat thanx for the reply.  I did all the necessary just before the ppi deadline, they have said they can look into my claims but it sounds like anything I'm owed may go to to the IVA.  Shouldn't miss what I've never had but it would have been nice.  
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