iva con

A question about : iva con

in 2006 i entered an iva i payed 23.000 pounds back in 4 years in year 5 i offered them 8.200 pounds as full and final settlement they held a meeting with the credditor and it was excepted , this was on the 12 june 2011 , this month i asked a ppi company to reclaime my ppi i was over the moon to be offered 7, 700 pounds , they take 25% +vat leaving me with 5,400 i was fine with that , as ive been living on very little money as you can see , then today i got a letter saying lloyds tsb have payed my money in to the iva , how is this possible , more the point is this legal , full and final settle ment shoud mean what it says ,so 1 year on from being told (and a letter ) stating all creditors excepted my 23,000 in payment and a lumpsum of 8,200 , now they want my ppi money i need some help please

Best answers:

• When you took your debt on, did you have every intention of paying it back in full? Assumedly yes, otherwise you would be a fraudster, which is hopefully not true. You have had the full legal protection of an IVA over a significant period, interest freeze permanently, and no further creditor action ever. In addition, you have undoubtedly had a significant amount of your debt legally written off.
  Can you explain again just what it is you are complaining about? You may very well have paid back Ј31,200, but what was your debt level when you started? A PPI claim was an asset of your estate when you started,albeit unknown at that time, and it remains an asset under your IVA. You could not claim it back if you had gone BR, so what makes you think you are entitled to it now?
  Yes, it's legal, as is and was your right to have debt written off under IVA.
  If, in any doubt, please contact the FSA, OFT, IPA, Insolvency Service and the Financial Ombudsman and they will all tell you the same thing.
  Why, then, would you make the assertion that your IVA was a con?
• the debt was 51,000 , why would they send me a letter saying they all except 32,000 as a settlement figure then not pay the creditors 1 year on . when does it stop i want my life back
• dont know all the circumstances of the case, but i presume that when they accepted the full and final payment that decision was based on them assuming that all the assets had been declared, Obviously that was not the case as at the time unbeknownst to them (and possibly you) there was another asset available, now if you had told them you had anither asset and they had chosen to accept the full and final instead then you are home free, but if you have not told them and they accept on the basis of incomplete information then i think it is reasonable that that extra asset is taken when it comes to light
• You have had Ј20k debt legally written off, I ask again, what makes you think the PPI belongs to you?
• ....... Ј20k written off and probably the same ( and more) again in interest that hasn't had to be coughed up.
  The "saved" interest is something oft overlooked by us debtors In my own situation, with a lot of the debt on high interest CCs, in five years I would have paid back largely nothing but interest and STILL owed the original amount !!!
  Compared to what I will have been released from ( fingers crossed) a PPI reclaim is nothing to write home about.
  Before this whole sorry PPI claim issue hit the IVA fan my plan was, at the end of my term, to draw a line under the whole thing and walk away. As it now turns out, my IP is trying to get some back into the IVA, less everybodies cut --- and, frankly, if that's what they want to do, so be it.
• I am just awaiting decision on F&F offer and was hoping to be debt free and life back. What sort of timescale do your creditors have over you for taking cash off you. Just say, god forbid, myself or wife keel over and we get an insurance claim. Could the creditors look to take some of that even though you have had a F&F completed????
• Once accepted, assuming IVA f&f, then creditors are bound and cannot move the goalposts, so no is the answer.
• Had to have ppi investigated before my f&f creditor meeting...I had nothing to claim so no problem there.
• I think there are some very harsh messages posted against someone who doesn't know what the score is.
  My IVA finished last year and have finally got my life back. If I have a genuin claim for PPI (not knowingly agreed to pay this premium) I would certainly expect to get some compensation out of it.
  PPI payments will only have added to the debt so out of the 50k debt 10k may have been unwanted or mis-sold insurance.
  I completely see Jimmy's point that he has paid his debt as required by the creditors so the PPI claim in my opinion is valid.
  If he hadn't paid f&f then the PPI money should obviuosly go towards the IVA.
• I agree, Billy, that a F&F should be looked at differently than just coming to term, as this if a Full & FINAL --- however, not all IP's see it this way. There has been at least one instance I know of where the creditors insisted PPI was investigated and paid over before they would agree to a F&F -------- that, whether we like it or not, is the way the wind is blowing !
• If he repaid his debt in full then he is entitled to his PPI back. He didn't, he took the protection of the IVA and now he is trying to claim back money that doesn't belong to him.
  Not sure where the confusion arises here.
• This money does belong to him if his claim is valid. He paid his debt in accordance with the conditions of the IVA which is obviously not the full amount.
  How long should he be held accountable, a week, a year, a lifetime?
  The point is a full and final payment should effectively cut you free from the IVA. Anything after that, PPI claim, lottery win, is fair game in my book.
• Rubbish.
  A lottery win if it existed at the time of IVA is an asset and is captured. Post IVA it isn't. Simple.
  PPI existed and is an asset, and is therefore captured. If it didn't exist at the time, and is therefore not an asset, why are you trying to claim it back?
• whilst all those questions may have merit Depth Charge, none are relevent to the question asked here which is whether a PPI claim is an asset in the IVA which it is.
• Gimpsdad,
  Everything with any value would be an asset then if that is what you are saying.
  If Jimmy sold his push bike for Ј200 would he have to declare that after he paid his IVA off in F&F? It is effectively an assest he had at the time.
  If Jimmy had a savings account with a balance of Ј50 he opened in 1976 which he'd forgotten about, would he have to declare that after he had paid his IVA in F&F?
  I have already conceeded that if this happened during his IVA he would obviously have to hand it over but once again the point is he has paid his debt. Anything he gains after that final payment is his whther it was an asset during his IVA or not.
  The fact remains that we don't know the details and the PPI claim may be against a creditor that wasn't part of the IVA.
  I