You can claim for mis sold PPI after your IVA is completed. This is the case even if it finished some years ago. However you may not be able to keep the compensation due.
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- Is it possible to make PPI Claims after your IVA?
- Can the Bank keep your compensation?
- What if you already made claims during your IVA?
- Using a specialist claims service
The deadline for claiming for PPI was 29th August 2019. If you did not make your claims before that date you are no longer eligible. No new PPI claims can now be submitted.
Is it possible to make PPI claims after your IVA?
Your IVA is over only when you have received a Completion Certificate. This document will normally be sent to you by your Insolvency Practitioner (IP) 6-8 weeks after your final payment is made.
Once you have your Certificate you are then free to make PPI claims if you wish. However depending on the original terms of your IVA any compensation you are awarded may still have to be paid to your IP.
The reason for this is the outcome of a court case known as Green v Wright. In March 2017 the Court of Appeal ruled that in “All Assets” IVAs PPI compensation paid after the issue of a Completion Certificate must still be paid in the Arrangement.
Your IVA remains in place until you have received your Completion Certificate. If you start PPI claims before you have this any compensation due must still be paid to your IP whatever the original terms of the agreement.
Can the Bank keep your PPI Compensation?
If your IVA was not an “All Assets” IVA it it is worth making PPI claims once you have your completion certificate. However even in these circumstances the banks may still try to prevent you from getting any compensation due.
They may argue they can keep the money they owe you for themselves. They say it can be used to off set against the debt you did not pay them because you were in an IVA.
Generally speaking this arguement is not correct. However you may find it difficult to overcome this obsticle yourself. As such you may wish to consider using a specialist claims management company.
If you are unsure whether or not yours was an “All Assets” IVA you should contact your IVA company and ask them. If they say yes you should ask them to prove where this is stated in your original terms and conditions.
What if you already made claims during your IVA?
Your IP may have already asked you to make PPI claims during your IVA. If this happened and compensation has already been paid before it may still be worth making new claims.
It is possible that claims have not been made against all your accounts particularly ones which were not included in your IVA. In addition the compensation originally paid may not have been sufficient.
Given yours was not an “All Assets” IVA starting new claims now is therefore an option as additional compensation may still be due.
When claiming for PPI you always need to go to the bank which originally sold you the insurance. If your debt has now been been sold to a third party your claims must still be made against the original bank.
Use a Claims Management Service to help make PPI Claims
You may want to claim for mis sold PPI but do not want to make the claims yourself. This may be because of the barriers that the banks are likely to put up or because you simply do not have the time.
Given you have been through an IVA you will not normally be able to use a standard Claims Management Company. Once they realise your situation they will often refuse to take on your case.
This is because there is a risk that compensation for a successful claim may not be received. The company would then be left out of pocket. As such you will need to use a specialist company.
IVA Information is not a Claims Management Company. We are unable to help you with your PPI claims. If you want help you need to use a claims company regulated by the Ministry of Justice.