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

neelia

I find myself in the same situation as you Kernits. Trying to claim back PPI from RBS following completion of my Trust Deed (similar to IVA but in Scotland)

RBS sent offers totalling £17,000 for a refinanced loan with them. I finished my Trust Deed more than 2 years ago and have been legally discharged so any money should come to me now and not Insolvency Practitioner.

RBS requested copy of my discharge with the IP has sent together with a covering letter stating that any money due needs to be paid direct to me.

As you have said I too have read some horrible stories and your positive post has given me some hope. RBS redressing by opening up the loan account again would be devastating. The IP involvement has lead to RBS sending out new offer forms for me to complete and return which include a comment about any money due to the Trust Deed would be paid direct to the IP for distribution. However, the IP has confirmed that they don't want it.

I now have a wait to see what RBS is going to do. It's been almost a week since I returned the forms and have not received a text as yet but will call and chase but I'm scared me chasing will lead to them not paying out.

It is a very grey area, and I can understand the redress but this money would mean a lot to me. I just hope the IP has swayed the decision in my favour.

I am so glad that you have had a positive outcome and hope that I do too. Is there anything else I can do to get the decision going my way?

[Deleted User]

neelia wrote: »

I am so glad that you have had a positive outcome and hope that I do too. Is there anything else I can do to get the decision going my way?

"Kernits" last logged onto the forum in June.
http://forums.moneysavingexpert.com/member.php?u=1853927

antrobus

neelia wrote: »

I find myself in the same situation as you Kernits. Trying to claim back PPI from RBS following completion of my Trust Deed (similar to IVA but in Scotland)......

2.1 Where a PPI policy has been sold to a debtor prior to the date of the sequestration the mis-selling claim vests in the trustee in sequestration because the mis-selling took place prior to sequestration. Discharge of the debtor makes no difference.

2.2 In broad terms the Trust Deed document will normally provide that assets that would have vested in a sequestration are conveyed to the Trustee for the benefit of the creditors. It follows therefore that the provisions of 2.1 above apply.

http://www.icaew.com/~/media/Files/Technical/Insolvency/helpsheets-and-checklists/personal-insolvency/guidance-on-ppi-mis-selling-claims-protected-trust-deeds-and-sequestration.pdf

Ergo, it depends on the exact wording of your Trust Deed.

magpiecottage

In principle, I agree with Antrobus.

However, if the bank finds it is owed money that there is no prospect of it ever recovering and then finds it actually owes money to the same person, it is unlikely that FOS would not permit it to set off the debt.

neelia

I have signed and returned acceptances on this one. Will be in touch with RBS and keep you posted on the outcome. This is indeed a very grey area.

[Deleted User]

neelia wrote: »

This is indeed a very grey area.

You keep on saying that in your posts, but it sounds more like hope than actual belief.

dunstonh

The FOS publish decisions made by an ombudsman. Here is one that matches this thread:
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=16826

neelia

Thanks for your post dunstonh

I am in limbo with my claim at the moment. My Insolvency Practitioner has received the offers to sign now as RBS want to pay directly to them as they think I am in live insolvency. IP has advised that I am discharged and any money should be paid directly to me. RBS want to redress as there is still a sum due from the original loan which was sold to me with a PPI policy attached.

IP still believes that I should receive this money due to my legal discharge and is responding to RBS direct giving a legal argument for this.

So I await the outcome, however it looks like the Ombudsman could rule in either favour, complainer or bank.

tanyadrhodes

The case that Dunstonh posted is yet more evidence that RBS will use the money - legitimately - to set off against your debts. Like I said, your IP is unfairly stringing you along by letting you believe otherwise. I'd be happy for you if I was proved wrong.

neelia

Received 3 text messages from RBS today for 3 out of the 11 PPI claims I have made. The exact wording is:

"We are pleased to advise your PPI case has been paid and should reach you within the next 7 days. Written confirmation will follow in due course"

So now I wait to see if there will be a cheque coming to me or a letter confirming set off.

I don't know, but why send the text and instill optimism that it'll be a payment??

Will post again when I have more details.