Dont know what to do

plshelpme_2

Hello to everybody. Can somebody help me please. I received a letter today from MONUMENT stating that they will pay some of the PPI but was told that MONUMENT wont issue a cheque and any refund will go towards the outstanding balance. I am on IVA at the moment. PLLEASSEEE help me. I dont know what to do as I am completely lost. THANKS

mumps

Sorry, I can't really help, hopefully the bump might.

Wol2

There is an IVA sub-board on the Bankruptcy board so I guess that's where all the knweoldable folk will be hanging out

I will PM Fermi the Board guide and ask him to move this thread for you.

Wol2
xxx

fermi

I have a feeling that they are entitled to offset any PPI claim against what you owe, but hopefully someone can confirm/refute that.

In the meantime I will move the thread over.

Charco_2

It's sort of unchartered territory.

I don't know if you're claiming by yourself or if you've asked a company to it for you but if it's through a company just tell them they'll not be getting paid if you dont actually receive anything... you've received no benefit of the reclaim!

If you are claiming yourself then I would point you to a recent article on this website talking about how banks will send you all sorts of letters to put you off the trail but that doesn't mean they are correct. (the Article wasn't exactly about PPI or that, it was the same but different - something about proof that banks dismiss complaints but then that 99% of complaints that proceed on to the ombudsman are upheld!)

There are arguments you could use to continue the complaint and carry it on to the ombudsman, make it clear to your bank now that you do not accept this payment and therefore you do not accept this is the complaint satisfied.

HOWEVER, a successful reclaim would be deemed a windfall and you would have to pay this into your IVA - you personally would see no benefit of this so it begs the question: Why bother?

Monument have paid your claim only to themselves which is probably what you'd expect in practice... in theory, they should have made the payment to your IP and the re-claim should go to the benefit of all your creditors (increasing your dividend by a few pence in the £). Just make sure your IP knows they've offset some of the debt so their dividend payment should be decreased by that same amount!