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Northern Rock PPI Claim Post IVA - Declined

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Looking for a bit of guidance please.
I completed my IVA (in full)  in Jan 2010, I had a loan with NR which formed part of that IVA.
After about 18mths NRAM have now issued their reply into my claim for PPI:-
"Conclusion"
"On the basis of my findings, I do not believe that it would be reasonable to decline your claim for a refund of premiums for these policies. Therefore I agree to uphold your complaint in respect of these accounts.

According to the Individual Insolvency Register, you entered into an IVA in April 2005 and this took place after the date the UPPI policies were sold. I am sorry but under these circumstances you are not entitled to any redress. Having entered into an IVA you have no legal right of claim as your assets are transferred for the benefit of creditors whose claims are compromised. On this basis, although upholding the complaint, there is no redress due to you.

This applies regardless of whether the IVA is now completed."

The letter also gives a breakdown of the amount of compensation and how its calculated, within that calculation it given an amount which relates to gross interest and from that 'interest' they will deduct 20% in tax, is this correct? (I know this question is largely irrelevant as I'm not receiving any redress)
I'm just really confused - is there any point in referring this to FOS?
Just as a final note, I did use a claims management company and they have confirmed that there is no fee due in light of the above.
Any advice would be really appreciated.
Thank you.

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    No, no point in going to FOS.

    You got lucky with the claims company, but watch out for them changing their minds and never use one again.
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