PPI claim after IVA ended but refund sent to practitioner

Catcow1234

HI,
I am at a loss of where to turn and I'm hoping somebody can help?

I started my IVA with PayPlan in Nov 2008 and completed in Nov 2013 & was sent my completion certificate shortly afterward.

A couple of weeks ago I was contacted by AI services stating that I may have been missed sold PPI and so I made a claim and was awarded £3000 from Barclaycard (Barclaycard was one of my listed IVA creditors) however Barclaycard had sent the cheque to Payplan.

I called Payplan informing that that the payment had been sent to them in error but was told that they would be keeping the money as it was an asset and I am only entitled to 8% (the interest).
I asked how this is so as I finished my IVA 1 year & 10 months ago but was told that on my completion certificate it states they are entitled to future PPI refunds but this isn't the case!
My certificate says 'any pending PPI refunds' and as I received this certificate back in 2013 this payout was not pending. I tried to explain this but was told I can only have the 8%.

Do you think I have a case to the full refund?

I was really happy to have completed the IVA and become debt free and a year after completion when I came of the insolvency register it was like a breath of fresh air but if these companies can keep an hold on your money even after almost 7 years then I have to ask myself if it had all been worth it.

Thank you. for your help.

Insider101

A lot of IVA providers are now building terms into their IVAs to state they are entitled to any PPI or other financial misselling redress arising from events prior to the IVA. Assuming this isn't the case with yours and on the info you've given I'd say you have every right to the funds. I would write to them recorded delivery string what you have said here and ask for their written response. Whilst your case looks strong, unfortunately they have the money and you might need to consider legal action to retrieve it.

The other option is you could go back to Barclays with the paperwork and state that Payplan have no entitlement to the funds, they were negligent in paying to them and it is not good discharge of the offer. Hence they need to pay you and sort out the retrieval of the funds from Payplan. However, I would not honestly expect much joy with this.

magpiecottage

Insider101 wrote: »

Whilst your case looks strong, unfortunately they have the money and you might need to consider legal action to retrieve it.

I think the insolvency practioner probably falls under the Consumer Credit jurisdiction of FOS.