PPI letter from Barclaycard while in IVA.

legoman

Hi everyone,

I had a look around but couldn't find an answer to my query though imagine someone here has had this to.

I am 8 months from finishing my IVA (it's been a slog but nearly there) and currently equity in finance (EIF) are dealing with a PPI claim. This has been going on for roughly 7 months now and yesterday I received a letter from Barclaycard.

This was an acknowledgement of my PPI claim through EIF, a standard procedure letter but on the last page it asks me to fill out a form stating how I wish to be paid if the claim is successful. This can be into a bank account or by cheque.

What I'm asking is should I do this? It sounds like a dupe from Barclaycard finding out my current account I set up for my IVA - or am I being paranoid? Also, should this not be sent to EIF and not me?

It's a bit confusing and don't want anything to affect my IVA.

Thanks for any help!

Legoman.

FocusQueen12

Hi

I am also in my last year!

I received a letter/form direct from a creditor relating to ppi and I sent it on to EIF after ringing them. I don't remember bank details being asked for...be careful.

legoman

FocusQueen12 wrote: »

Hi

I am also in my last year!

I received a letter/form direct from a creditor relating to ppi and I sent it on to EIF after ringing them. I don't remember bank details being asked for...be careful.

Ah thanks for the advice, I re-read the letter and it says that if I don't send the letter they would just send a cheque anyway though I'm not sure how this affects my IVA etc... I'm sure EIF would have received something similar.

I also had a letter from CPP or something like that asking to vote about something to do with claims or claims in court etc, again I didn't really understand it as there was more than one page... haha.

Anyway congratulations on your last year! It feels good to be on the home straight. :j

Legoman.

legoman

legoman wrote: »

I also had a letter from CPP or something like that asking to vote about something to do with claims or claims in court etc, again I didn't really understand it as there was more than one page... haha.

I should probably read more into things before I post, I found all about the cpp thing on this site. Sounds promising that I've been contacted so I need to vote on if a redress should take place.

http://www.moneysavingexpert.com/reclaim/CPP-card-protection

legoman

FocusQueen12 wrote: »

Hi
I don't remember bank details being asked for...be careful.

Just in case anyone else has this letter I just left it and didn't reply, and they sent another letter probably a week after stating they miss sold me PPI. They had a break down of what they calculated, about £800 all together, of which I see the usual 8% interest. so I see about £250 they figured out - they are sending a cheque.

So not bad, at least I get some cash back!

MUM40

If not already done so, any PPi Refunds need to be paid into your IVA. We recently had some PPI refund and the company sent the payment straight to our IVA company, with a covering letter to us.

legoman

MUM40 wrote: »

If not already done so, any PPi Refunds need to be paid into your IVA. We recently had some PPI refund and the company sent the payment straight to our IVA company, with a covering letter to us.

Hi there,

Yeah the full amount of refund is around £800 - £900 most of which will be going straight to Barclays without even seeing the light of day though I will receive a cheque from them for the statutory interest at 8% as you should have too!

Refund of premium – This is the amount you originally paid for the PPI (this is paid in to the IVA)
Refund of Interest – this is the amount you originally paid on the PPI, it’s kind of like the APR you would have been paying on the PPI (this is paid in to the IVA)
Statutory interest at 8% - this is in effect the money they have made in having your money in their bank (this would be your entitlement).

They calculate this to be around £250 - plus 45 days extras worth of interest on top to cover their delay in sending the refund.

legoman

::UPDATE::

I had a letter from EIF stating that they know Barclays will be sending me a cheque for the amount and that I then need to send that onto EIF. Fair enough I say.

However what about my 8% interest entitlement? How do I get this back? Statutory interest at 8% - this is in effect the money they have made in having your money in their bank (this would be your entitlement).

I would like this to actually pay off a couple of instalments on my IVA!

Any advice would be good.

Cheers,
Legoman

Foxy-Stoat_3

I would deduct the 8% interest and send the balance to your IP.

You wont be able to pay off extra installments so best keep the difference incase you need to.....Christmas isn't far away...already seen decorations in the supermarkets!!!!

legoman

Foxy-Stoat wrote: »

I would deduct the 8% interest and send the balance to your IP.

You wont be able to pay off extra installments so best keep the difference incase you need to.....Christmas isn't far away...already seen decorations in the supermarkets!!!![/QUOTET]hat's Ok to do is it? I can pay the full amount in my bank deduct the 8% and then send the rest to IP? I don't have a cheque book but could make arrangements I'm sure. I'd like to keep the cash to cover a couple of payments at least which would help!

Cheers for the advice!

legoman

Foxy-Stoat wrote: »

I would deduct the 8% interest and send the balance to your IP.

You wont be able to pay off extra installments so best keep the difference incase you need to.....Christmas isn't far away...already seen decorations in the supermarkets!!!!

That's Ok to do is it? I can pay the full amount in my bank deduct the 8% and then send the rest to IP? I don't have a cheque book but could make arrangements I'm sure. I'd like to keep the cash to cover a couple of payments at least which would help!

Cheers for the advice!