QQ Re IVA and PPI

MediaGuy · 28 March 2019 at 12:11PM

Hi Everyone,

I am bit frustrated but I could do with a bit of help. I am one of these that never has PPI but I found a card that did. Several thousand coming back to me. However they are forwarding it to my IVA (Stepchange) that was finished over 6 years ago.

So my question is simply "Do they get to keep the whole lot or do I get at least the compensatory interest?"

Told you it was a simple question.

-taff · 28 March 2019 at 12:30PM

And the answer is, they can pretty much do what they like. IVAs are a grey area, some companies keep it, some don't. You can write and ask them if you can keep it, they can only say no, and you can ask the FOS as well, they also can only say no.

Bermonia · 28 March 2019 at 1:21PM

It is possible you may see some of the redress, only the practitioner knows the answer to this I’m afraid.

[Deleted User] · 28 March 2019 at 2:52PM

A question only Stepchange will be able to answer. Any decision in your favour will depend on how much interest and other charges was written off as part of your IVA.