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PPI Letter after Completion Of IVA
ChrisBrown84
Posts: 1 Newbie
Hi,
I’m hoping someone can help. 5 years ago we finished our IVA. Receiving the letter from harrington Brooks confirming everything was completed. Today I have received a letter from RBS where I may have challenged a PPI for the time I was at NatWest many years ago.
The letter states that ‘the case concerns the making of PPI payments where a customers completed IVA has certain terms and conditions (specifically R3)’.
‘The case determined that PPI payments should be made to the former IVA supervisor and not the customer, where the former IVA supervisor assets their interest. Your former IVA supervisor has confirmed that your IVA is based on these terms and conditions or terms and conditions containing similar provisions’
It goes on to say ‘please note that any payment will be subject to the banks right of set-off. Set-off is the banks right to apply any payment it makes to you in connection with your PPI refund to reduce or pay in full the debts you owe to the bank. Any surplus payment remaining after set-off has been applied will be sent to your former IVA supervisor’.
‘The bank is reviewing your payment and will be in touch with you and your former IVA supervisor shortly to confirm payment information in respect to funds retained and residual funds paid to your supervisor’.
What does all this mean?
I’m hoping someone can help. 5 years ago we finished our IVA. Receiving the letter from harrington Brooks confirming everything was completed. Today I have received a letter from RBS where I may have challenged a PPI for the time I was at NatWest many years ago.
The letter states that ‘the case concerns the making of PPI payments where a customers completed IVA has certain terms and conditions (specifically R3)’.
‘The case determined that PPI payments should be made to the former IVA supervisor and not the customer, where the former IVA supervisor assets their interest. Your former IVA supervisor has confirmed that your IVA is based on these terms and conditions or terms and conditions containing similar provisions’
It goes on to say ‘please note that any payment will be subject to the banks right of set-off. Set-off is the banks right to apply any payment it makes to you in connection with your PPI refund to reduce or pay in full the debts you owe to the bank. Any surplus payment remaining after set-off has been applied will be sent to your former IVA supervisor’.
‘The bank is reviewing your payment and will be in touch with you and your former IVA supervisor shortly to confirm payment information in respect to funds retained and residual funds paid to your supervisor’.
What does all this mean?
0
Comments
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It means any redress will be put towards any outstanding debt and any remainder sent to your IVA supervisor.0
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It means you are not going to receive any money.ChrisBrown84 wrote: »
What does all this mean?
Sorry.0
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