IVA and claiming bank charges

Andrew_garratt

I was in an IVA from 2007 to 2011 and successfully claimed £7500 in bank charges but my IVA company made the 2 banks in question pay the money direct to them. Can I claim the money back as think there is a law to say that charges and ppi payments should go to the claimants and not the IVA companies.

memberme

As far as I know all ppi and bank charge successful claims go straight to your IP for the IVA until the amount owing (in full) is paid.Many pay the first 500 quid to you after the claims are complete. My iva company sent me a cheque.
But defo, all funds go to the iva.

Lincsdebt

Unfortunately, memberme is correct. If the refunds were made during the time of your IVA then they would have been sent to the debt management people. A bank just sent 50% of refunded PPI from my husband's business account to my IP, as my name had been on the account - typical bank behaviour.
There has been a case where some PPI was refunded through a claims company after the person had finished their IVA, and it was taken by the IP. They went to court and had that over-turned, but it has gone to appeal so no decision as yet.

antrobus

Andrew_garratt wrote: »

I was in an IVA from 2007 to 2011 and successfully claimed £7500 in bank charges but my IVA company made the 2 banks in question pay the money direct to them. Can I claim the money back as think there is a law to say that charges and ppi payments should go to the claimants and not the IVA companies.

First off, and obviously, the money did not go to the 'IVA company', it went to your creditors.

But the answer is; it all depends on what was specified in your IVA proposal, i.e. what you signed up to in the first place.