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Buachaill, Barrister
Category: Law
Satisfied Customers: 11741
Experience:  Barrister 17 years experience
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I was involved in an IVA years ago which stayed on my credit

Customer Question

Good afternoon, I was involved in an IVA years ago which stayed on my credit file for 6yrs. After which I was then able to apply for a mortgage. I have just received a cheque for a ppi claim, though not a huge amount. I want to know if it's ok to cash or there might be any negative effect on me either now or in the future?
Assistant: Where are you? It matters because laws vary by location.
Customer: Bedfordshire
Assistant: What steps have you taken so far?
Customer: As in?
Assistant: Anything else you want the Lawyer to know before I connect you?
Customer: No that's all
Submitted: 4 months ago.
Category: Law
Expert:  Buachaill replied 4 months ago.

Hello, and thank you for your question. I am your Expert and I will provide the answer you require.

Expert:  Buachaill replied 4 months ago.

1. You should go ahead and cash the cheque as this PPI claim has only come to fruition after the end of your IVA period and as such, it is not caught by the provisions of your IVA. Essentially, an IVA only runs for a certain number of years and now, when it is six years after the IVA a claim which comes to fruition today from that period is not caught by the IVA. Essentially, the IVA does not last forever as it is only designed as a means to satisfy your creditors at a certain point in time. Now that time period has passed, you essentially have exited the insolvency procedure so monies accruing today, even from several years back, no longer fall within the terms of your IVA. So, you can just cash the cheque and do what you want with the proceeds without worrying about your old IVA creditors.

Expert:  Buachaill replied 4 months ago.

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