Completed IVA and PPI
Help needed please
I had an Iva from 2011 and completed in 2015. My original debt was £12,400, and the IVA company asked me to check for PPI which was claimed back and they received this in 2015. The total amount paid to the IVA company from myself and the PPI was a total of £15,136. I received my completion certificate Feb 2015.
Friday last week (08th Nov 2019) I received a letter to say that I was owed £3200 of PPI from a loan I had in 2003 (never part of the IVA), in the letter it states that this will be paid to the IVA Company. Surely this cant be right??? this means that they will have a total of around £18k.
I have called the IVA company (McCambridge and Duffy) and they said its depends what is in the contract, I have asked for a copy of my T&C and each time I call to speak to someone they either going to get the manager to ring or contact me.....2 days later and still waiting.
I had an Iva from 2011 and completed in 2015. My original debt was £12,400, and the IVA company asked me to check for PPI which was claimed back and they received this in 2015. The total amount paid to the IVA company from myself and the PPI was a total of £15,136. I received my completion certificate Feb 2015.
Friday last week (08th Nov 2019) I received a letter to say that I was owed £3200 of PPI from a loan I had in 2003 (never part of the IVA), in the letter it states that this will be paid to the IVA Company. Surely this cant be right??? this means that they will have a total of around £18k.
I have called the IVA company (McCambridge and Duffy) and they said its depends what is in the contract, I have asked for a copy of my T&C and each time I call to speak to someone they either going to get the manager to ring or contact me.....2 days later and still waiting.
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Comments
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What p in the £ does it say was paid in your closure report/completion certificate?
You are expected to pay up to but no more than 100p in the £. Which is your total debts plus all fees/costs plus potentially statutory interest. Your IVA company is correct, they need to check your specific IVA terms/mods to be able to answer you appropriately. Given the time since the IVA completed they should still have these on file as most companies hold them for 6 years, but if you still have your proposal, chairmans report, closure report/completion certificate as them if it would help if you provided this.
Typically the nominee fee is around £1500-£2000, the supervisors fee is 15% of payments made minus the nominee fee, costs are usually around £300-£400.
If £18, 336 has been paid in (ie including the most recent PPI cheque) then I would estimate approx £4300 - £4850 in fees.
If your original debt was £12,400 then this MAY leave a small balance that is to be returned to you if no stat interest is taken.
I would give your IP time to look into this for you and get back to you. Ask for the 100p in the £ calculation so you can work out if there will be surplus funds. The money will still go to the IP, they take what they need then any extra is returned to you.0
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