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  • FIRST POST
    • Bri4life
    • By Bri4life 13th Jun 19, 9:34 PM
    • 5Posts
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    Bri4life
    IVA question
    • #1
    • 13th Jun 19, 9:34 PM
    IVA question 13th Jun 19 at 9:34 PM
    Hi All
    A few years back my wife and I entered an IVA with Debt Free Direct, it was hard but after 6 years we received our certificate for finishing it. But during that time I came into an inheritance which they took, it was a hefty amount of money as well.

    so like i mention we completed the IVA and I decided to use a company to do a PPI check and found I had cases to claim which I did but I was unaware that any money that was due to me would go to the IVA company (not DFD) as another company bought them out.
    I wasn't told how much was handed over to the IVA company but a letter sent to us from them had a couple of the payments they received, one was from Barclays for 17k and a few others...

    I know its a bit long but my question is regarding the debt we had.... say for example the debt was 35k my inheritance was say 30k and the payments from PPI was 20k..

    As it works out the debt would have been paid off in full leaving 15k, can i ask for that money from the IVA company or do they have claim for it????

    also when we took out the IVA we werent told the iva might be finished after 6 years but it could take another 6 years to be finally finished?

    I do hope someone can give advice
Page 1
    • foxy-stoat
    • By foxy-stoat 14th Jun 19, 7:59 AM
    • 5,071 Posts
    • 3,035 Thanks
    foxy-stoat
    • #2
    • 14th Jun 19, 7:59 AM
    • #2
    • 14th Jun 19, 7:59 AM
    Your IVA finished 6 years from the start, where does another 6 years come from?

    You should of had the PPI refunds, I think the other IP pulled a fast one and pocketed the refunds.
    • ScouseGirl
    • By ScouseGirl 14th Jun 19, 8:45 AM
    • 2 Posts
    • 1 Thanks
    ScouseGirl
    • #3
    • 14th Jun 19, 8:45 AM
    • #3
    • 14th Jun 19, 8:45 AM
    Hi Bri4life,

    I have worked in an IVA company for many years and in the PPI department for IVAs.

    In relation to PPI that comes in to the IVA, you would have signed a form before your IVA ended stating you agree that all PPI you recieve is due in to the IVA. Unfortunately, there is a clause in your IVA proposal saying that the debtor (you) must not keep any of the PPI funds. This is the proposal you signed at the beginning of your IVA.

    Inheritance is treated as a windfall and would be due in to the IVA for the benefit of the creditors.

    The only time you would be entitled to the PPI funds is when you have paid 100p/ and that the creditors have all agreed to waive statutory interest.

    I would check your completion certificate that tells you how much p/ you have paid. If it is'int 100p/ than the creditors are entitled to the PPI.

    Also, the IVA company will take 15% of the PPI funds so not all the funds will be given to the creditors.

    Also the longest an IVA will go on for is 6 years. The IVA should now have dropped of your credit file, if not I would advise to contact your supervisor.

    Hope this helps!
    • Bri4life
    • By Bri4life 14th Jun 19, 12:37 PM
    • 5 Posts
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    Bri4life
    • #4
    • 14th Jun 19, 12:37 PM
    • #4
    • 14th Jun 19, 12:37 PM
    Thanks for replying.

    ScouseGirl would it be possible to send you the documents I have so you could see if everything is correct.

    I remember when we took the iva out they wanted us to sign a letter for one of there firms to claim ppi. But we never signed it or gave verbal agreement.
    • ScouseGirl
    • By ScouseGirl 14th Jun 19, 1:14 PM
    • 2 Posts
    • 1 Thanks
    ScouseGirl
    • #5
    • 14th Jun 19, 1:14 PM
    • #5
    • 14th Jun 19, 1:14 PM
    Course you can.

    Typically you will get a form from the IVA company for you to consent a 3rd party to investigate PPI on your behalf either by post or email. From my experience you would have had to consent to it or else its a breach of the IVA and could lead to failure or if you completed the IVA, we would hold the completion certificate till the letter has been signed.
    • Bri4life
    • By Bri4life 14th Jun 19, 4:01 PM
    • 5 Posts
    • 0 Thanks
    Bri4life
    • #6
    • 14th Jun 19, 4:01 PM
    • #6
    • 14th Jun 19, 4:01 PM
    How can I get the documents to you via email?

    They did send us a form and they called but we refused to agree to then doing ppi so it was never done. But also DFD screwed up our account.
    There were so many mistakes on there end
    • PrettyKittyKat
    • By PrettyKittyKat 14th Jun 19, 8:37 PM
    • 1,191 Posts
    • 1,017 Thanks
    PrettyKittyKat
    • #7
    • 14th Jun 19, 8:37 PM
    • #7
    • 14th Jun 19, 8:37 PM
    If the PPI payments the IVA company has received takes your P in the figure to over 100p then you would be sent the additional money. However don't forget that 100p in the includes the Ip fees and costs (called disbursements) which can be thousands.
    I would recommend calling your IVA company and asking them.
    • Bri4life
    • By Bri4life 20th Jun 19, 6:19 PM
    • 5 Posts
    • 0 Thanks
    Bri4life
    • #8
    • 20th Jun 19, 6:19 PM
    • #8
    • 20th Jun 19, 6:19 PM
    I have emailed Apature as they don't have a phone number for the Trust department.

    We received a letter from them wanting me to get in touch with HMRC to see if I am due a tax rebate.... I have quested this as surely they cant be saying it comes under "windfall"

    also asked them how much in the is it?

    so confused by these guys
    • Trancer2019
    • By Trancer2019 9th Jul 19, 2:31 PM
    • 3 Posts
    • 0 Thanks
    Trancer2019
    • #9
    • 9th Jul 19, 2:31 PM
    • #9
    • 9th Jul 19, 2:31 PM
    I had an IVA which finished in 2006 .... Now 13 years later, I have received an inheritance? Do I have to tell anyone, or am I free of all the original debts ?
    • Trancer2019
    • By Trancer2019 9th Jul 19, 2:34 PM
    • 3 Posts
    • 0 Thanks
    Trancer2019
    IVA and PPI
    Surely, if my IVA finished in 1999 and 6yrs later I took out a credit card with PPI, the IVA has no claims on the PPI ?

    So why, when I try filling out the forms for PPI claim and state that I have HAD an IVA, why do they then refuse to help me claim ?
    • Trancer2019
    • By Trancer2019 9th Jul 19, 3:16 PM
    • 3 Posts
    • 0 Thanks
    Trancer2019
    IVA and Inheritance
    Do I have to disclose an inheritance in 2018, if my IVA closed in 2006 ?
    • Bri4life
    • By Bri4life 9th Jul 19, 3:55 PM
    • 5 Posts
    • 0 Thanks
    Bri4life
    Wouldn't think so.... my gran passed away when we were still in the iva and they took money left in the inheritance.

    I emailed them recently and asking about future inheritance as I am going to be left a house... they replied saying they wont be touching any inheritance.
    • PrettyKittyKat
    • By PrettyKittyKat 9th Jul 19, 7:17 PM
    • 1,191 Posts
    • 1,017 Thanks
    PrettyKittyKat
    Inheritance is different to PPI. Inheritance is a windfall so is only due to be paid in whilst the IVA is active. However PPI is an asset (I believe). It is all down to the clause in your IVA. If you search the forum for PPI reclaim after IVA there will be lots of post with advice from more knowledgeable people.
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