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This is the place to ask questions if you are already in an Individual Voluntary Arrangement
By dferdog
Brilliant James for your reply

Many thanks for that, I looked and just to clarify in the definitions (in mine ) clause 1f says 'after aquired assets' means any windfall etc etc etc, 8-)

if thats the case i feel a holiday coming on lol :lol: .

next step... how would I progress forward from this (sorry to ask you so much but I am also feeling like i might be helping others) where would i go to who do i speak to etc and what if the say no?
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By James Falla
Hi dferdog

You are quite right, the windfall clause is 1(f). Clearly I had butter fingers yesterday. For clarification here is the clause in its entirety:

"1(f) “after acquired assets” means any asset, windfall, redundancy payment or inheritance with a value of more than £500, other than excluded assets that you acquire or receive between the date the arrangement starts and the date it ends or is completed, if this asset could have been an asset of the arrangement had it belonged to or been vested in you at the start of the arrangement"

Just before you start booking holidays, just to clarify my last post. You can keep any windfall which is less than £500. However if the windfall is in excess of £500 your IP can take the whole lot and give you nothing. Having said that, many IPs I know feel this is a slightly unfair situation and if the windfall is more than £500 (say £5000) they would give the individual £500 out of good will.

In terms of your situation, were any of the PPI payments received on your behalf less than £500? If so these would be the ones you are entitled to under this clause....
By dferdog
Hi James
yes there was at least a couple of them one was £498 (so close) one was about £97 and I believe there was one more thats under £500 the wife is hunting the paperwork, but what I am going to do is have a word with my IP and see what happens
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By Steve Jackson
Hi dferdog

If some of the claims payments were below £500 then under the terms of your IVA (as highlighted by James) you should be allowed to keep this money. If your IP has collected it they should pay it back to you. The agreement on that is black and white as far as I am concerned.

I look forward to hearing what your IP has to say about it.
By dferdog
right funnily enough I have just got off the phone to my IP, and after a 22minute call the news is ......

No I am not entitled to it according to them.....

excuse is that apparently PPI claims are as such that the assett was there BEFORE the IVA started, and that all the money from the PPI should be paid against the debts even if it was only a penny that will go into the pot to be distributed to the creditors.

I then explained to them that I have had 3 independant bodies ( 2 which are you and James (not named to the IP but told them they are all IVA experts) and the third was national debtline) saying that I am entitled to it and they are basically sticking to their guns.

but they have given me a link to the complaints proceedure.

by the way if there anyone else out there having the same problem, hope this is helping you too

right guys over to you, where next?
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By James Falla
Hi dferdog,

This is extremely frustrating as I feel that the IVA company (and IP) that you are working with are not making any attempt to meet you half way.

The problem here is that there are no hard and fast rules surrounding what should happen to PPI payments of this nature. To my knowledge there has been no court ruling or specific guidance issued on it. As such at the end of the day it is left to the IPs discretion. Most of the IPs I know are straight down the line. They take the view that fair is fair and if a claim comes in for less than £500 it is simply passed back to the individual as per the windfall clause.

The IP you are with seems to be taking a very hard line approach. Although they may well argue they are justified, it seems a harsh view to take especially as you have said they have already benefited from the considerable extra sums in the form of the larger PPI compensation payments you have been awarded which they are rightly keeping 100% of.

Given this and the fact that the 2-3 small payments you are talking about will make almost zero difference you your IPs fees or the amounts returned to your creditors, but a major difference to you I would have thought that it would be simply common decency to let you have them (rules or no).

Given your IP has unfortunately decided not to take this line, you could raise a complaint against them. However I fear that you will not get very far with it and mught just cause to frustrate you further.
By dferdog
Hi James

thanks for the reply,

I have decided for benefit to myself and possibly others who may be reading this, to go the complaints route, why should they get away with this especially when other companies are a lot more lenient with the PPI payments.

I am surprised that my IP is like that as I wont be recomending Varden Nuttals to anyone else who might want to go the IVA route as they are mean :twisted:

what I will do is keep you guys informed, its a pity that i cant change my IP mid term as per one of my other posting, pity you cant take it on James
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By James Falla
Yes, that is a shame dferdog but perhaps your comments will help others make their decisions about who to start an IVA with in the future :)

I respect your decision so good luck with the complaint. Please do let us know how you progress.
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By Hayden
Hi dferdog

It does sound as Varden Nuttal are taking an unreasonable line here. It does not seem to much to ask to do you this favour which is going to make so much difference to you. Good luck with your complaint. There is some good information about making a complaint against your IP here if you need it: How to complain about my IVA.
By dferdog
Hi all again

now I rang the complaints dept today, and basically got the runaround claiming that the PPI payment is an asset that was available before the IVA was taken out and would not therefore qualify as an after aquired asset, though I said that if I had known about the PPI payments before i took the IVA, I would have claimed them myself, I might have paid a load of creditors off and kept managable ones and therefore maybe gone a different route.
also I asked them why did it take them 18 months before they asked me to claim, so therefore If Its 18 months after then therefore technically its an 'after aquired' sureley, as before they stated it was there before as per last paragraph
anyways, I stated to them that I have heard that some companies on a large payout sometimes pay a 'goodwill' payment, his reply was that this is not allowed and should not of been paid out in any case and aparently it was illegal.
expert type guys! for the helping of others.. I am going to make a stand and take this fight all the way and appreciate the help and advice your giving, this is not only aimed at my IP company but for others in the same way as well .
One more question... compensation (of which you all know 8% of this is) asset or windfall? after aquired or not? (ok it was two q's but in the same context lol)