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  • FIRST POST
    • Ex-IVA
    • By Ex-IVA 9th Mar 18, 2:51 PM
    • 8Posts
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    Ex-IVA
    IVA (Completed 2013) and PPI Refunds
    • #1
    • 9th Mar 18, 2:51 PM
    IVA (Completed 2013) and PPI Refunds 9th Mar 18 at 2:51 PM
    Hi all

    New to the forum but after some advice please.

    I had debts of around 28k back in 2009 so entered in to an IVA. I was made redundant in 2013 and with the agreement of my IVA practitioner and creditors I used some of my redundancy money to make a 'full and final' payment for the IVA. I have a certificate of completion for the IVA dated April 2013.

    Around 6 weeks ago I made a speculative PPI claim against Natwest (RBS) for previous loans and credit cards I had with them. The investigation was completed and this week I received 4 letters from RBS saying that they are prepared to pay me around 7k. The letters did however have a line about being in a live IVA or previously having an IVA.

    I called my practitioner who says they have "no interest in the money as the IVA has been completed" however when calling RBS they said they will look at the insolvency register to see if i am still on there (I am not as I was discharged 5 years ago)

    I am finding it difficult to see my position here - would RBS who offered the PPI refund and being a previous creditor be allowed to then take the PPI refund for the previous debt or as my IVA was completed 5 years ago and the practiitioner not being interested in the money would the PPI be sent to me?

    I got excited by the prospect of this money coming in but now I am not too sure I will see any of it.

    Thank you.
Page 1
    • dunstonh
    • By dunstonh 9th Mar 18, 3:52 PM
    • 92,656 Posts
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    dunstonh
    • #2
    • 9th Mar 18, 3:52 PM
    • #2
    • 9th Mar 18, 3:52 PM
    RBS are required to send it to the IP unless the IP says they are not interested in it. If RBS were involved and had any debt reduced by means of an agreed settlement, then they can use the redress against that. However, if there is none and the IP dont want it then you get it.

    Normally, in England and Wales, if there was a settlement at a reduced amount, the IP would want the money to pay the lenders that received a lesser amount. However, things are not always as black and white as that.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Ex-IVA
    • By Ex-IVA 9th Mar 18, 3:55 PM
    • 8 Posts
    • 3 Thanks
    Ex-IVA
    • #3
    • 9th Mar 18, 3:55 PM
    • #3
    • 9th Mar 18, 3:55 PM
    Unfortunately I figured this may be the case. Most of my original debt before the IVA was with Natwest (RBS) so although my IVA is completed and I am no longer insolvent I guess I am right in thinking that the PPI refund from RBS will now be offset against the original debt for which they didnot get payment in full meaning my PPI refund will be 0.00!

    Makes sense but ultimately annoying as that is a nice bit of cash!
    • dunstonh
    • By dunstonh 9th Mar 18, 4:09 PM
    • 92,656 Posts
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    dunstonh
    • #4
    • 9th Mar 18, 4:09 PM
    • #4
    • 9th Mar 18, 4:09 PM
    RBS can only set off against unpaid debt where the PPI was related to the same debt.

    e.g. if you had an RBS credit card and a loan and you had PPI on the credit card but only defaulted on the loan, they could not use the redress as it was a different debt. It has to be on the same debt as the PPI was linked.

    Wait and see as there are people who have managed to get something even in this scenario. Banks record keeping is not always as good as you think on historical stuff.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Ex-IVA
    • By Ex-IVA 9th Mar 18, 4:43 PM
    • 8 Posts
    • 3 Thanks
    Ex-IVA
    • #5
    • 9th Mar 18, 4:43 PM
    • #5
    • 9th Mar 18, 4:43 PM
    Thank you, it was various credit cards and consolidated loans over many years so quite awkward as I guess PPI was against some but not all of it but I have no way of knowing.

    Ironically just 5 mins ago I had the texts from RBS saying they have my forms but it does say

    "Payment should be issued by 5th April. Please note that if you are/have been insolvent and have outstsanding debts on accounts held with RBS payment may be impacted"
    • LottieLouLou
    • By LottieLouLou 11th Mar 18, 4:57 PM
    • 1 Posts
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    LottieLouLou
    • #6
    • 11th Mar 18, 4:57 PM
    • #6
    • 11th Mar 18, 4:57 PM
    I!!!8217;m in a similar situation... however, I had a IVA with DFD which ended in May 2015. I have the certificate to confirm this. Whilst in the IVA I obeyed all correspondence from them including searches/claims for PPI which they received my PPI payment from Lloyds.
    1) Barclays have just informed me that they owe me 5500 and as it showed I was in an IVA they have sent the cheque to Aperture, & if this is incorrect I!!!8217;m to contact Aperture, which I did.
    2) This is how I found out that DFD is no longer! So I phoned Aperture to see if I!!!8217;m entitled to this money and all they said was as it was a few years ago since my IVA was closed I!!!8217;m in their !!!8216;archive!!!8217; system and nobody could really help me! Should I have been notified that DFD has closed and that my personal details have been given to another company called Aperture? Data protection?
    I have tried emailing Aperture and still nothing!

    I!!!8217;m really not sure where to go from here as every time I try and phone Aperture I get pushed from pillar to post and then a dead end!

    Really appreciate any advice. TIA
    • Ex-IVA
    • By Ex-IVA 12th Mar 18, 12:59 PM
    • 8 Posts
    • 3 Thanks
    Ex-IVA
    • #7
    • 12th Mar 18, 12:59 PM
    • #7
    • 12th Mar 18, 12:59 PM
    Well I have just called RBS to check on progress and all they can tell me is that they have my forms and it is going through the system.

    I did reiterate about my IVA completion and that my original IP has now ceased trading but that I managed to track them down and they confirmed "no interest" in the funds.

    All RBS could tell me was that if the money was still owed to RBS (Natwest) it is highly likely they would use this money as an offset against the original loan(s) but I won't know anything for a good few weeks yet.

    So, it very much looks like I will now see 0.00 from the 7k which I suppose is fair as I did originally owe them the funds but then sort of contradicts the F&F on the IVA where RBS (Natwest) accepted this as full and final.

    Should I get the news I am expecting and I do get 0.00 what would be my next step? Is it worth fighting and if so who with? Would I be wasting my time fighting it? Would I be at least entitled to something even just the interest?

    As a non-finance person and not up to speed with the laws any help would be appreciated.
    • societys child
    • By societys child 12th Mar 18, 1:27 PM
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    societys child
    • #8
    • 12th Mar 18, 1:27 PM
    • #8
    • 12th Mar 18, 1:27 PM
    F&F means they won't chase you for the loss they made, however if you chase them for more of their money, they won't give it up easily.

    • Ex-IVA
    • By Ex-IVA 12th Mar 18, 1:43 PM
    • 8 Posts
    • 3 Thanks
    Ex-IVA
    • #9
    • 12th Mar 18, 1:43 PM
    • #9
    • 12th Mar 18, 1:43 PM
    As I said in my original post I paid a F&F when I was made redundant which ended my IVA after all creditors agreed to this. Originally my IVA was over 5 years but due to redundancy and no way of completing monthly payments my IP and creditors agreed to end the IVA early (4 years of payments and a F&F settlement) which is when I received my certificate of completion and my name removed from the insolvency register.

    I am not getting my hopes up but surely if creditors (including RBS Natwest) accepted this then I surely must be due something? If not then so be it
    • zx81
    • By zx81 12th Mar 18, 1:54 PM
    • 16,857 Posts
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    zx81
    No - a F&F simply means they won't chase you for further funds.
    • Ex-IVA
    • By Ex-IVA 12th Mar 18, 2:28 PM
    • 8 Posts
    • 3 Thanks
    Ex-IVA
    Sorry, I am a bit behind on rules and meanings.

    Does this mean if I have settled with a F&F I could be entitled to some of this PPI?
    • Moneyineptitude
    • By Moneyineptitude 12th Mar 18, 2:48 PM
    • 20,162 Posts
    • 11,106 Thanks
    Moneyineptitude
    I am not getting my hopes up but surely if creditors (including RBS Natwest) accepted this then I surely must be due something?
    Originally posted by Ex-IVA
    You'll have to wait for the bank to make their own decision on this. What is certain is that they do not have to refund you monies which you didn't pay them in the first place.

    The money you still owed when you made "Full and Final" will remain a debt, but your creditors just agreed not to chase you for it.

    Do you not see that you are attempting to circumvent the F&F by chasing them for money?

    You may well end up with (some) money, but no one here can tell you categorically one way or the other.
    • Ex-IVA
    • By Ex-IVA 4th Apr 18, 10:40 AM
    • 8 Posts
    • 3 Thanks
    Ex-IVA
    *** RESOLVED - 04/04/18 ***

    4 cheques received today, total amount 7,204.66- couldn't be happier!

    Right, off to the bank I go!
    • Nasqueron
    • By Nasqueron 4th Apr 18, 1:32 PM
    • 4,528 Posts
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    Nasqueron
    To pay off the debts that were unpaid I presume
    • Ex-IVA
    • By Ex-IVA 4th Apr 18, 2:35 PM
    • 8 Posts
    • 3 Thanks
    Ex-IVA
    Of course, not for a holiday/new car at all (-:
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