Claim pip before an iva

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
9 replies 1.5K views
clarkelloydclarkelloyd Forumite
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edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
We recently applied for an IVA. Once it was set up they asked if a company could do a PPI check and any funds gained would be paid to creditors. I genuinely didn't think we held any but after just 4 weeks there was over £2000 due - but obviously it went to the creditors. Had I known I would have done the PPI ourselves and had the money

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  • magpiecottagemagpiecottage
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    We recently applied for an IVA. Once it was set up they asked if a company could do a PPI check and any funds gained would be paid to creditors. I genuinely didn't think we held any but after just 4 weeks there was over £2000 due - but obviously it went to the creditors. Had I known I would have done the PPI ourselves and had the money
    Not if the redress was one of your creditors, you wouldn't.

    Besides, why should your creditors not receive the money to which they are lawfully entitled?
  • clarkelloydclarkelloyd Forumite
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    Hi - I seem to have missed a part of what I was saying which is why I see the point you are making.

    Of course all the money - as I said - rightly went to the creditors as was fair under the fact of having an IVA
    when I said we would have done it ourselves and had the money I meant long before we knew about the IVA - had we known there was anything at all we could claim we would have done it throu a company ourselves. is that not the point of the hundreds of thousands of claims being made - that it is claiming back money you were misled in to paying.
    Once the IVA was in place if we had done it through a company ourselves then the money would have been paid to our creditors

    Sorry for the confusion there - otherwise everyone who is successful in applying for PPI would not keep the money but everyone would give any money to creditors which would defeat the object of companies claiming it for you
  • magpiecottagemagpiecottage
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    Who is the IVA company?
    Who is the claims company?
    Did the IVA company recommend/force the claims company on you?
    Did the IVA company disclose any connection with the claims company?
  • clarkelloydclarkelloyd Forumite
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    The IVA company said we should go through a company they recommended and that anything due would rightly go to our creditors. Not aware or told of any association between the IVA company and PPI company
  • -taff-taff Forumite
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    the company would have taken 30%.
  • [Deleted User][Deleted User] Forumite
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    -taff wrote: »
    the company would have taken 30%.
    Which should really have gone to pay the OP's creditors.
  • LincsdebtLincsdebt Forumite
    97 Posts
    Debt-free and Proud!
    I started to claim PPI, but took so long that I had to enter an IVA by the time it was agreed. Out of almost £25k I got £500 as a windfall payment. Had it been settled before the IVA, I might not have needed to enter it. The payment has not reduced by debt either, I still have had to pay an extra year due to the equity release clause. Had other PPI payments too, through the company employed by my IVA company, and they take 40%.


    I'm like the original poster, I accept that the IVA means it goes to my creditors. Sometimes I wonder when they will stop taking though, now £10k paid more than the original IVA amount and still paying.
  • clarkelloydclarkelloyd Forumite
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    That's exactly what I was saying Lincsdebt
  • NasqueronNasqueron Forumite
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    The PPI claims process takes so long because of the industry of sharks that has swollen the market so that genuine miss-selling claims are stuck in the queue with the liars, frauds and try-it-ons led by a CMC industry intent on fooling millions into believing they need to use a firm to post a letter off for them
    the concept of a United States of Europe is right.” Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community...” -Winston Churchill 1961
    “The future of Europe if Britain were to be excluded is black indeed.”[FONT=&quot][FONT=&quot][FONT=&quot] - Winston Churchill 1963
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