IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
Iva has taken my ppi refund
Closed Thread
Views: 1,282
Thread Tools Search this Thread Display Modes
# 1
Bscdjc
Old 03-11-2011, 5:25 PM
MoneySaving Newbie
 
Join Date: Nov 2011
Posts: 8
Default Iva has taken my ppi refund

Hello,

I have had a refund of PPI from First Plus (Barclays) but rather then sending me the cheque they have sent it to Payplan direct. Even though our loan is joint and the cheque is payable to my wife only. Who does not have an IVA or any arrears on anything.

Payplan today told me that 50% will be returned to my wife at some point. (Can my wife charge a daily interest until they return her money)

I am at a loss for words, First Plus did not tell us what they had to do. Payplan have said that the even though they are gonna keep half the money it still wont settle my IVA with 4 years remaining. Is there any way I can force payplan to accept this payment they will keep as a full and final.

Should I now let my IVA fail and go bankrupt. ?
Bscdjc is offline
Report Post
# 2
FoggyBrain
Old 03-11-2011, 5:32 PM
Serious MoneySaving Fan
 
Join Date: Nov 2010
Posts: 1,120
Default

Hi. I am afraid they are entitled to retain the 50% share as the claim payment is an after acquired asset. The creditors will not accept an offer of something they are going to get anyway.

How far into your IVA are you? Do you have assets to protect, like your home, car etc? You will get a payments order in BR, much the same as your IVA payment, for three years (so could end up paying more). Could lose assets and be no better off.
FoggyBrain is offline
Report Post
# 3
Bscdjc
Old 03-11-2011, 5:36 PM
MoneySaving Newbie
 
Join Date: Nov 2011
Posts: 8
Default

I have 4 years left I am hoping they will accept the full and final. I just wish I had went backrupt. I do have a house but in massive negitive equity and will be for some time. Took out a massive secured loan a 5 years ago before the house price drop
Bscdjc is offline
Report Post
# 4
FoggyBrain
Old 03-11-2011, 5:49 PM
Serious MoneySaving Fan
 
Join Date: Nov 2010
Posts: 1,120
Default

They won't value the house for 2 years and 3 months ( but doubt it will increase much in that time ), so that shouldn't be an issue. A three year PO still shorter than the 4 years left on your IVA. Please take further advice, but it does look like an option.
FoggyBrain is offline
Report Post
# 5
Bscdjc
Old 03-11-2011, 5:52 PM
MoneySaving Newbie
 
Join Date: Nov 2011
Posts: 8
Default

How do I go about getting a payment order ? there is nothing on line from what I can see. Is it something Payplan can do.
Bscdjc is offline
Report Post
# 6
FoggyBrain
Old 03-11-2011, 6:21 PM
Serious MoneySaving Fan
 
Join Date: Nov 2010
Posts: 1,120
Default

A payment order would be issued when (and if) you went bankrupt. But to do that you will have to allow the IVA to fail and be issued a notice to that effect. If you deal with your own bankruptcy it will cost in the order of 700 in court and application fees. Pop over to the bankruptcy board on this forum and gen up on it. I am sure the posters on there will be able to give you more informed advice.
FoggyBrain is offline
Report Post
Closed Thread

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 9:39 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 22 October 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • ED SHEERANX (DELUXE EDITION)
  • STATUS QUOAQUOSTIC (STRIPPED BARE)
  • SAM SMITHIN THE LONELY HOUR (DELUXE EDITION)

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.