IVA and PPI query

Hi guys,

Sorry if this has been posted before i have been looking for some advice on this.
I completed an IVA in 2016 and got my completion certificate, at the time credo claims were looking into ppi on behalf of the IP and i understand anything that was due would go into the IVA but any interest would be paid to me.

I never heard anything and assumed that was that, until just before the PPI deadline RBS said i may have a claim with themselves. This is still being investigated but i would have thought credo claims would have already claimed this with the IVA wouldnt they as i had 2 accounts with RBS in the IVA?

My IVA was with Payplan but i cant put my finger on the paperwork at the moment, if i do recieve any money would i have to send this to them?

Or would RBS notify payplan before sending me anything?

Thanks for your help


Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242
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    If any redress had been paid, the claims company would already have come to you for their fee.

    If you receive anything, you'll need to send the full amount to your IVA and then pay the fee separately.  

    Are you sure you want to progress the complaint?
  • Thanks for your response, i didnt have to pay credo claims anything as they were appointed by Payplan and i was advised there was nothing to pay.

    This was RBS contacting me directly, so my understanding then is if i recieve anything i have to forward this to the iva company. 

    The other thing i read was if you get a letter of no interest from them then you maybe able to keep it?  Not sure how that works?
  • mwarby
    mwarby Posts: 2,048
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    I guess the letter of no interest would occur when the costs of dealing with the PPI exceed the PPI refunded. Eg if it’s a £50 PPI refund and your IVA docs are in archive, it’d cost more than £50 to receive cheque, bank it and send dividends to creditors. No idea what that limit is £50 is a total guess
  • bartie
    bartie Posts: 3
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    Does an IVA follow you around for the rest of your life? I ask this because my IVA finished October 2018, I came off the register January 2019. And yet, I have been approached by a company to recover miss-sold premium banking monthly fees, but mentioning my previous IVA they say they can't help as any compensation would be handed to my ex-IVA practioner . Does anyone know just how many years I would, in effect, be time barred from claiming anything from anyone? Help appreciated!
  • sourcrates
    sourcrates Posts: 28,717
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    edited 5 June 2020 at 1:27PM
    bartie said:
    Does an IVA follow you around for the rest of your life? I ask this because my IVA finished October 2018, I came off the register January 2019. And yet, I have been approached by a company to recover miss-sold premium banking monthly fees, but mentioning my previous IVA they say they can't help as any compensation would be handed to my ex-IVA practioner . Does anyone know just how many years I would, in effect, be time barred from claiming anything from anyone? Help appreciated!

    No, certainly not, In March 2017, the Court of Appeal decision in the Green v Wright case was published :
    Mr Wright’s IVA firm was allowed to collect PPI after his IVA ended, even though he hadn’t consented to this before his completion certificate was issued.

    Any re-claim of fee`s for mis-selling of bank accounts or for PPI reclaiming (now ended) would need to be paid to your IP because You had the right to reclaim PPI/fee`s at the point your IVA started and it is this right which is an “asset” of your IVA even if you didn’t realise it.
    It dosen`t affect any other type of re-claim, for example, if you were in the wrong council tax band, an inheritance (or lottery win, or taking money from your pension etc) is treated as a windfall if it happens during your IVA. But after your IVA ends the money is yours if one of these events happens. The court case doesn’t relate to windfalls at all.
    Information here -



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