Iva offer off HSBC

kris147

Hi guys, had a Iva in 2006 and it finished in 2011. This June I was convinced to apply to get my Ppi back from 2 loans of £15,000 off HSBC I had. First they turned me down saying I was in an Iva, but proved them wrong by sending in my certificate.

Today I got a letter saying they are making an offer but not sure who too? Before all this I phoned freemandjones and they told me I'm free to claim and whatever I get is mine.

So now they are asking me for the rules and regulations of the Iva and proof I didn't go bankrupt?

Anyone know the best steps to take from here as I'm stuck now lol.

Many thanks

meer53

Send them a copy of your IVA, the one they need is the one which lists all your creditors.

Be aware that any offer of redress may be paid towards your IVA.

kris147

My ip already told me that I am entitled to all the money and I have thrown all my paperwork as it ended over 2 years ago. I was under the impression that once an Iva is over that your debt free? It's not even only credit report etc anymore?

meer53

kris147 wrote: »

My ip already told me that I am entitled to all the money and I have thrown all my paperwork as it ended over 2 years ago. I was under the impression that once an Iva is over that your debt free? It's not even only credit report etc anymore?

Your IP isn't the one who is paying you though. Once HSBC have seen your documents they will let you know what will happen with the payment.

Your IP should have a copy of your IVA, can't see HSBC paying anything without seeing it first.

kris147

Yes but what I'm saying is that if the ip told me the money will be mine, how can they accept money off the bank?

meer53

kris147 wrote: »

Yes but what I'm saying is that if the ip told me the money will be mine, how can they accept money off the bank?

The IP can't say the money is yours, they're not the ones refunding you. Only HSBC can say that. Only HSBC can make the payment, they're in control.

Were any HSBC debts included in your IVA ?

kris147

Yes they were my biggest one in my iva

meer53

kris147 wrote: »

Yes they were my biggest one in my iva

In that case, it's a waiting game for you once you've sent your paperwork to HSBC. I'd send it as soon as possible if i were you.

Some banks will pay you, some won't. Unfortunately, HSBC are one of the banks who are more likely to offset any refund against your debt.

kris147

But isn't my debt cleared as my Iva finished years ago?

meer53

kris147 wrote: »

But isn't my debt cleared as my Iva finished years ago?

Your IVA is finished but your creditors won't have received the full amount back from you.

What percentage of your IVA repayments went to HSBC under the terms of your IVA ? How much did you owe and how much did they receive ?

If their PPI offer exceeds what you owe them and they decide to offset it against your debt then you might receive the difference. You might receive it all, you might receive nothing.

Only HSBC can tell you. Contact them to ask.

kris147

I don't know what they had tbh. But didn't they all agree to accept my offer? Not still get money off me 3 years after it finished?