IVA Completed but an error in PPI claim was made? Am I entitled to the money?

Aircreate79

Hi all and firstly thanks in advance to anyone who has any advice they can offer me.

I had a IVA that completed in 2013, and was finally settled in January 2014 with all creditors satisfied and my account closed, this has now all fallen off of my credit report also.

The problem is I have just received a letter from MBNA which was also sent to my Insolvency practitioner instructing me that when the IVA company chased a PPI claim (which was successful and repaid to the IVA company) they had in-fact made a mistake on the amount I was owed. It turns out I was owed £4750.00, the letter states owed to me, but I am unsure if it's owed to me or the IP?

At present it states a cheque will be made available within 28 days but I am a little confused as to what action i should take. Should this money be mine as the IVA is now complete?

I have asked a IVA advice line for assistance but he suggested I let them take the case and chase the money (for the standard 30% fee).

Should I try and get in contact with the MBNA PPI department and have them send the cheque to me?

Kind regards
Steven

[Deleted User]

Aircreate79 wrote: »

Should this money be mine as the IVA is now complete?

The insolvency practitioner will decide which monies (if any) are sent to you and which are used to offset against amounts written off as part of your IVA.

Aircreate79 wrote: »

I have asked a IVA advice line for assistance but he suggested I let them take the case and chase the money (for the standard 30% fee).

In this case you'd just be losing another 30% of anything you might be awarded.

Aircreate79 wrote: »

Should I try and get in contact with the MBNA PPI department and have them send the cheque to me?

You have no right to attempt this.

Aircreate79

Thank you so much for the quick response.

So in general although my IVA is done, they still have all cases open with the creditors? I foolishly thought this money would be owed to me as final settlements would have been approved and paid.

Is it worth calling the IP to discuss the new payment that will be received as the new advisor suggested I shouldn't? (vested interest perhaps).

As far as I was always concerned the IP I used always had my interest protected. Seems a little unfair that this latest money can still be used in a IVA that has been completed?

-taff

Your IVA was to draw a line where you paid some of what you owed, and the companies agreed to it.
This means they may have written off some amounts that you owed.
Complaining about the PPI sale and any redess would have originally gone to the IVA. Makes sense that any underpayment would also go to the IVA.

It's a grey area. Some firms pay the customer, some don't. There are no hard and fast rules.

Aircreate79

My IP was Harrington Brooks, has anyone had similar experience with them on matters like this? I'm unsure what to do with the information? or should I simply do nothing and wait to see what comes from it?

-taff

Inform them you had the money, see if they want it.

[Deleted User]

-taff wrote: »

Inform them you had the money, see if they want it.

He hasn't had the money, he has just been informed the PPI complaint has been upheld. The Insolvency Practitioner has been copied in to the outcome of the complaint so will be aware already of the situation.

-taff

In that case , wait and see what the iva people say.....

Reading too quickly again......