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Can I keep PPI claim money after IVA completed?

Posted: Mon May 14, 2012 2:39 pm
by Tabby27
Can you advise? I completed my iva in october 2011 then i received my completion certificate in march 2012. Now my ppi claim has offered me £8500. Will i be able to keep the money? thanks

Re: Can I keep PPI claim money after IVA completed?

Posted: Mon May 14, 2012 3:26 pm
by James Falla
Hello Tabby27 and welcome :)

If your IVA has finished and you have received your certificate of completion then yes you will be able to keep any PPI compensation you are now offered. Just as an aside, the bank in question cannot even threaten to keep the money to offset the debt that they were not paid because now your IVA is completed they have been required to right off any unpaid debt. As such there is no longer any existing debt and there is nothing to offset against.

To find out more, have a look at this article: Can I claim for PPI mis-selling after my IVA has finished?

Re: Can I keep PPI claim money after IVA completed?

Posted: Mon May 14, 2012 4:13 pm
by Hayden
Hi Tabby27

You should not have any problem with your claim. Have a look at the link that James posted as it is a really useful article. Did you make the PPI claim yourself? I am interested as most people who have been in IVAs find it difficult to get a claims management company to help them.

Re: Can I keep PPI claim money after IVA completed?

Posted: Tue May 15, 2012 3:46 pm
by Steve Jackson
Hi Tabby27. As James and Hayden have said, if you have your IVA completion certificate then you will be able to keep any PPI claims payouts that you receive from now on.

Re: Can I keep PPI claim money after IVA completed?

Posted: Thu Sep 27, 2012 9:34 am
by James Falla
Hi all

I just thought I would give an update to this topic. Since the first posts were submitted new information has come to light regarding claiming for PPI after your have completed an IVA.

It now seems that some creditors are successfully arguing that they are still allowed to retain PPI comensation to offset debt which was unpaid in the IVA. In addition in some cases they are also suggesting that they will send compensation directly to the IP (even though the IVA is completed) as the IP may be able to reopen the IVA so that the compensation can be still be treated as an asset of the IVA.

For more information please see this updated article: When my IVA has ended can I make a claim for PPI?

For this reason if you are considering claiming for PPI after your IVA has finished we now recommend that you use a specialist claims company. For more information please contact us at BeatMyDebt.com