PPI claim in an IVA

daffknee

Have a secured loan running with 5 year First Plus PPI, if I make a mis-selling claim and am succesful I believe it would not have to be declared to the IP of the IVA, has anyone else had experience of this? A slight complication is it best to let the 5 year PPI repayments period expire, then claim back the payments or opt for a claim?

Sluggy

Hi,

I'm in a similar situation.

My wife and I have a securd loan with FirstPlus. We took it out 6 years ago and recieved back the Payment Protection premiums when the Protection lapsed over 12 months ago.

We entered into an IVA in September last year. In October i was contacted by FirstPlus as they are now required to ask if i felt that they had mis-sold the PPI.

After careful consideration i decided to persue a claim. They promised to get back to me by the end of November and sure enough they wrote back saying that "as we can neither confirm or deny that you were mis-sold PPI due to the length of time since the policy was taken out we have decided to uphold your claim."

They have since returned the loan to a state similar to the loan having never had PPI added. The repayments have gone down by £80 pm and they say costs acummulated on the loan will be refunded.

Now the crux...the Accumulated costs are roughly £4k plus the 8% interest which was charged is about £1k. Firstplus checked and saw that i was in an IVA. They wrote to say that the cheques would be sent directly to my IP. I contacted my IP to check if this was correct and they said that i was only entitled to keep the 8% payment of 1k, the rest would be used to pay off my creditors.

So the way i see it, i've already had my premiums back circa £10k, my payments reduced by £80 pm and get an extra 1k to put away for Christmas. All my creditors get is £4k

I'm pretty certain from reading postings on here that a lot of IP's are witholding completion certificates until all PPI claims are seen through. No doubt your IP will be soon coming to you to suggest claiming back any PPI.

It's up to you when you do it. Either now or later. Either way the IP will get some of the cash.

Hope this helps :wave: