iva and ppi claim

GRANVILLE

I had a iva that was satisfied at the time and now when reclaiming ppi have been told that we have to pay the debt....but this debt was agreed to at the time of satisfying the iva ?? is this right?They will send the interest though!!!

-taff

Yes, they can do this. You can argue about it if you like, but your ?IVA was an agreed figure so if they have included any reduced amounts, they can use this against your original debt. Some people have successfuly argued against this. Some haven't.

dunstonh

Agree with taff. Lenders can use the redress against arrears, defaults and amounts written off as part of an agreed settlement.

The agreement was not to chase you for any funds in future. However you still left them with a debt you didnt repay.

Lenders are allowed to use the capital part of the redress against the amount written off but send you the interest element. Hopefully, you didnt use a claims company as they will bill you on the full amount (capital and interest).

roonaldo

Its a debate ongoing which there are various opinions on.

My understanding is if the debt was included in the IVA, the lender wrote it off, the IVA is then satisfied then the redress should go to you.

I think there are also a lot of ifs and buts though and you havent given us a lot of information. From what I know FOS may side on the redress going to consumer if debt was in IVA and now satisfied.

It may be worth giving your old IVA supervisor a call and asking what their view is.