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PPI refund being withheld
helen.melia
Posts: 4 Newbie
Hi
Please can anyone shed any light on this.
We have had a reply to out PPI claim stating we are due a refund, but they are witholding it. The original loan was entered into an IVA. The IVA was settled in 2009. Can anyone tell me if this is correct. I have read different things and don't know myself. I have been told that as it was money we should not have paid in the first place and in 2009 they accepted the IVA settlement then we should get the PPI money returned.
HELP HELP
Please can anyone shed any light on this.
We have had a reply to out PPI claim stating we are due a refund, but they are witholding it. The original loan was entered into an IVA. The IVA was settled in 2009. Can anyone tell me if this is correct. I have read different things and don't know myself. I have been told that as it was money we should not have paid in the first place and in 2009 they accepted the IVA settlement then we should get the PPI money returned.
HELP HELP
0
Comments
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Can anyone tell me if this is correct.
yes it is. Where there are arrears, defaults or amounts written off as part of an agreement, any redress payment can be used by the bank to offset their proportion of the debt.
This is logical. After all, by going into IVA you havent actually paid a lot of the money. So, why should you get back what you havent paid.
If there is any surplus amount due after the debt is cleared, then you will be entitled to that. The bank should not use the money to clear any other parties debts written off. Just theirs.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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