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Discussion and questions about what to expect when your IVA is finished
By Mrs T
Hello everyone.

I had an IVA with ClearDebt which finished in 2011. I received my completion certificate no problem and was pleased that the IVA was over. in January I decided that I would make a claim for PPI. I have to say I did not really know where to start and ended up ringing ClearDebt to ask their advice. I have now received a letter from them which say even though my IVA is over if I claim for PPI any money I receive I must pay to them and if I do not they can make me bankrupt. Is this right? I thought everything to do with my IVA was behind me now.....
Hello Mrs T and welcome to the forum.

I do know that one of the arguments that the banks might throw up if you claim for PPI after your IVA has finished is the "Unrealised Asset" rule. This basically means that the compensation you receive should be treated as though you were still in your IVA and paid to your IP. As far as I am aware this argument sometimes sticks and sometimes it doesn't. However I am not sure that ClearDebt can just say carte blanc that you have to pay them any money you receive or else......

Basically I think this is a good example of why it is important to get specialist help if you are thinking of making PPI Claims after an IVA.
Hello Mrs T

The outcome of where any PPI compensation you are awarded will go will very much depend on the terms and conditions of your IVA. If there are any specific terms suggesting that such a windfall should still be treated as an asset of your IVA then you may well find that PPI compensation is actually automatically paid to ClearDebt.

If you want to consider making claims it will be vital for you to get the services of a specialist legal firm who can assess your original IVA terms and conditions and see what your options are. Have a look at the link that Geraldine posted as it will give you some good information on this.