Iva finished PPI claim accepted now RBS won't pay in full !

kernits

Wondering if anyone can help ? Iva finished October 2012 certificate came march 2013 so far so good ! During iva my wife did her ppi and got £15000 which we put towards the iva , in April I rang RBS to see if I had any ppi and I was told I was owed £6300 I rang our iva company he said it was fine to claim as iva is all done and dusted i sent iva certificate to RBS they said that was fine and will send money in 28 days again so far so good ! Cheques came from Rbs yesterday saying they were only paying interest and keeping the rest approx £4000 I rang Rbs to ask why only interest paid as iva is finished they said to contact there credit management services as they hold the money against my debt I rang them they said as far as they are concerned my account has been deleted and if I have my iva certificate the ppi dept should pay out in full ! I rang the ppi dept back they said my account has been flagged up and it's down to the credit management service to look into I explained they had no records of me now and they don't hold the money ? Ppi dept just kept saying talk to credit management service so I did they said ppi dept are doing this all the time and its up to them what they do but he said put in a complaint if not paid out in 28 days !
Can RBS do this only pay interest back ? I rang my iva company who said they should pay out and to keep him posted of outcome !
Anyone had this problem or any advice for me please ?

[Deleted User]

Sounds like your IVA involved interest or other amounts being written off and, by complaining about PPI, you have reactivated this written off amount.
Setting off rules here;
http://www.moneysavingexpert.com/banking/setting-off

You can continue to query if a mistake has been somehow made, but it's almost a certainty that the Bank have off set as described.

kernits

But iva company said that RBS should pay in full ? Surely they should know what is in the iva they set up ? I thought that once certificate was issued iva was finished and that was that ?

dunstonh

But iva company said that RBS should pay in full ?

If the lender has suffered a loss due to write offs then they are allowed to offset the PPI redress against that loss.

I thought that once certificate was issued iva was finished and that was that ?

It does mean they can no longer come after you for the debt. However, it does not mean that you can leave them in a loss position and expect them to pay more to you as well.

[Deleted User]

kernits wrote: »

I thought that once certificate was issued iva was finished and that was that ?

Not if your creditor(the Bank) wrote off interest as part of the IVA. IVA's are meant to draw a line under your past money mismanagement and allow a fresh start. However, by complaining about PPI from this period you allow the Bank a source of recompense for money you failed to pay.
I sincerely doubt this is an error, read the link I provided earlier;
http://www.moneysavingexpert.com/banking/setting-off

-taff

kernits wrote: »

But iva company said that RBS should pay in full ?

It doesn't matter what the IVA company say, it matters whether RBS wrote off amounts. See the link above.

At least you got the interest.

kernits

Thanks all had lots of different advice even from RBS credit management service who I quote said as far as they were concerned my account has been deleted and as I have iva cert the PPI should be paid out in full to me ! That's RBS saying that it seems there departments don't talk much ! Will see what happens after the 28 days and yes nice to get interest at least

[Deleted User]

kernits wrote: »

Will see what happens after the 28 days

You'll get interest only as you've already been told.

milliemonster

Personally, and this is stated from someone who is in an IVA themselves, you need to count yourself lucky you are allowed to keep any of it, most IP's are currently able to claw back PPI payments into a closed IVA as it was still deemed an asset that should have been realised during the course of the IVA, just the because the IVA is complete, does not mean that this asset is now no longer able to be captured, what should actually happen is the money should be paid to your IP so they can distribute it fairly amongst all your creditors and RBS should not be offsetting it wholly against their own debt.

Secondly, morally I presume you have already had a significant amount of money written off through successful completion of your IVA, to then go on and claim PPI from a creditor you previously have not repaid in full leaves a very bitter taste in my mouth and many others I'm sure.

[Deleted User]

milliemonster wrote: »

morally I presume you have already had a significant amount of money written off through successful completion of your IVA, to then go on and claim PPI from a creditor you previously have not repaid in full leaves a very bitter taste in my mouth and many others I'm sure.

Numerous threads have appeared here from posters who have done exactly the same, so nothing new...

[Deleted User]

kernits wrote: »

So claiming back how can that be wrong ?

I appreciate you feel frustrated, but clearly it can be "wrong" only if you could actually claim back money you never paid.
I'm not judging you, I was merely commenting that there have been many such posts from complainants clearly unaware that they could not claim back money which was never theirs.