Receiving PPI refund when on IVA

UpToMyNeckInIt

...of all the banks, it had to be HSBC. They are notoriously hostile towards IVA customers generally.

That said, you being in an IVA has no bearing on your entitlement to a PPI refund. (If they were one of your creditors, they may have had a case).

Sounds like HSBC have made up a rule all of their own.

It's difficult cases like these where a PPI claim firm might be better at getting your money back. (I stand by my earlier post in that you must be careful you don't end up with a bill for the firm's fees if/when your IP wants you to surrender the PPI windfall).

Jam73

Thank you so much for your reply!
HSBC has no right whatsoever on my IVA situation bcoz they are not part of my creditors, they are just looking for a scapegoat to not refund my PPI!!! What will I do now? Shall I contact the financial ombudsman?

daffknee

Have a secured loan with First Plus with the PPI cover running for 5 years, someone has kindly replied to my original post, but their circumstances are slightly different. As I am in an IVA it is not clear what would happen if 1) I claim the 5 year's worth of repayments back and 2) having been invited by First Plus to make a PPI mis-selling claim, what wold happen with that money. Is it the case that I get back the 5 years payments AND if I make a PPI mis-selling claim which is successful the charges are repaid along with interest ? some posts seem to suggest that all money is due to the IVA creditors, any repayment whether the 5 years paid and refund due to PPI claim would happen whilst still in an IVA, I am somewhat confused.

cheesedoffwithdebt

Jam73 wrote: »

I just had a replied from one of my creditor offering me a PPI refund.
Will they give it to me directly?

I doubt it if the accounts are still in default- but would recommend you discuss with your IVA supervisor. They can direct you as to how to deal with the claim- as others have said this is actually the property of your creditors in fairness.

Even if this relates to debts prior to your IVA which are settled most IVA's have a "windfall" clause which means that large payments have to be paid over to your creditors- sorry!!!

wasawasa

I have recieved notification from the bank that I will be getting a cheque to cover charges and ppi during my time with them connected to a morgage account. i am in an IVA and the company has a sister company which has set the ball rolling to find all or any PPI from any creditors named on the IVA. The morgage is not connected to the IVA so will the sister company have been notified of this payment? If not can I keep the refund as it is not part of the IVA, what are the consiquences of keeping the money

debtfree2016

wasawasa, regardless of creditor not being part of the IVA you will still need to notify your IP. Keeping the money and not notifying them could land you in a lot of trouble.

greenbrucelee

any money you get whilst in an IVA means you have to inform your IP and pay them the money. In some cases they may let you keep 10% depending on how much it is i.e if it was £200 don't bet on it if it was £2000 then they may let you have some.

But in either case you need to inform them otherwise you will find your IVA was a waste of time and you could end up at square one or even worse get prosecuted.

Being in an IVA is very hard as you end up with basically no life you don't want that to happen again.