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Payment Protection Ins (PPI) claims after IVA has finished

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Payment Protection Ins (PPI) claims after IVA has finished

Postby THECOACH » August 9th, 2017, 2:00 pm

I've been told that you cant receive payment protection insurance (ppi) because of been in an iva
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Re: Payment Protection Ins (PPI) claims after IVA has finish

Postby Debtwizard » August 9th, 2017, 7:54 pm

Hello The Coach

In March 2017, the Court of Appeal decision in the case of Green (IVA) Supervisor v Wright (IVA Debtor) gave the IVA firm permission to collect Payment Protection Insurance (PPI) after the IVA had concluded, even after the closure completion certificate had been issued with the supervisor saying he had no further interest in Mr Wright's IVA.

Basically, all IVAs have a clause in the proposal about assets. PPI is deemed to be an asset and not a windfall. At the time you made your IVA proposal, you nor the IVA firm, were aware of the potential of PPI claims under IVAs or this was also likewise in the case bankruptcy. Therefore you can see how difficult it is to blame the IVA firm for not pointing out PPI claims to you at the start of your IVA proposal.

The industry has been calling out for clarification and we got just that, PPI claims will benefit the creditors in an ongoing or completed IVA.

One interesting point is that some IVAs use the R3 set of terms and conditions (Ts&Cs), the court case was decided on such a proposal, other IVA providers have used IVAProtocol14 Ts&Cs and generally it is felt there will be no further court cases using the Protocol Ts&Cs.

There is an occasion when you might be successful in receiving some IVA claims this being when the amount payable is greater than a 100% return to creditors and payment of the IVA nominee and supervisor fees plus disbursements. It is arguable though that once creditors were to receive 100% return they could add interest.

There is an excellent article on PPI Claims in and after an IVA on the Debt Camel website, plenty of useful Q&As https://debtcamel.co.uk/ppi-iva-green-wright/

Not the news you wished to hear, but it was important the case was made. That said I am aware of one IVA firm that returns to the debtor the interest of all PPI claims, rare, so my question is who handled you IVA claim?

Best wishes

Mike
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Re: Payment Protection Ins (PPI) claims after IVA has finish

Postby Debtwizard » August 21st, 2017, 5:13 pm

Hello The Coach

Just seeing if you saw my earlier post re the Payment Protection Insurance (PPI) query you had when previously in an IVA.

Best wishes,

Mike
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