Hello everyone. I'm sorry it's a PPI question which is answered elsewhere, but I'm having difficulty finding a clear answer. Here are the facts:
My IVA began in October 2007.
In about 2011 I was asked to complete IVA investigation documents with Equity in Finance. They managed to recover a small amount of overpayment of late charges from Amex. The only PPI I had - which I knew had been missold - was with Lloyds. Equity in Finance misrepresented my evidence, and had the claim refused by LLoyds. I told Equity in Finance of this, and they were particularly useless in using the information I gave and did not manage to get the compensation from LLoyds.
I completed payments in October 2012 after five years of payments.
There was a mass variance, which meant closure could come with IVA etc still pending. I received completion certificate in January 2013, but the case was maintained open until PPI investigation by Equity in Finance came to an end. I received a notification from Payplan that the case was closed on 19th November 2014, as no movement on funds had happened in the previous 12 months.
A few weeks ago I was phoned by Lloyds who, off their own bat, were reviewing cases. They did an interview over the phone and told me they would get back to me. Today I received a letter from them telling me they were now upholding my complaint, and would be sending me a cheque for £2052. This is made up of £1251 PPI refund and the rest is net interest.
The question is: am I now obliged or not to pay over this PPI to Payplan or not? Their appointed agents were unable to get this PPI back and they have closed the case, even though I protested at the time that they had made a mess of the claim using incorrect information. I realise that the interest is mine...
As well as an answer could anyone provide me a rationale for how I should act?
Hi Brandysnaps. It reads to me that your IVA has completely finished, including the investigation into your PPI as long as it wasn't assigned to your IP firm. My thinking is that you can therefore retain the PPI but I would be interested to see what other IPs think about this as I have not had it happen on any of my cases before.
Last edited by Lisa Thomas on Tue Apr 07, 2015 2:57 pm, edited 1 time in total.
oh, and as to rationale - if my thinking is right (and only if) you just liaise direct with the Bank as regards the compensaiton due. You can challenge the offer and go down a longwinded route but you may decide it's quicker and easier to accept the sum offered.
There is some arguement that PPI remains an asset of the IVA, even after completion, However, this was argued in court recently and the court ruled differently, see:
Thanks for the replies, Lisa and Foggy. I'll watch that possible appeal with interest. My feeling is that Payplan had their chance to pursue it, and refused to, even though I flagged it up at the time. So...tough. I realise this wouldn't hold much water in a court.
I think the same as you brandysnaps; IP had at least five years to check things like PPI and once the CC is issued it's legally done and dusted in my view.
The CC should be the end of the matter. Also PPI investigations aren't a reason to delay issuing a CC in my opinion and I'd challenge my IP on this if they tried it.
Last edited by thisusernameistaken on Tue Mar 31, 2015 11:04 pm, edited 1 time in total.
I also think the issue of the CC or the deed to say they can continue PPI post issue of CC should finsih the IVA totally. After that leave us alone we've paid our price.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I recently had a letter from my IP, can't remember the exact wording, but it was to say they would be able to close my IVA when finished (currently in month 54) but still pursue any outstanding PPI claims. They said in the past any outstanding claims have held up the closure of completed IVA's, and this new process means the IVA can be completed sooner. I know this isn't the same situation you are in, but I know that if I am lucky enough to get my IVA completed and signed off this year I will still owe them any outstanding PPI claims that they have dealt with.
getting there ....
Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
If you got your CC in Jan 2013 and they then email nearly 2 years later ... Nov 2014 to say case closed then that would be enough for me not to notify the your IP. If the PPI is paid directly back to you how will your IP ever know ... I'd be inclined to stick it in a savings account for 6 months just to be sure but if you hear nothing happy days!
There is no simple answer to this. It depends on your proposal, the terms and conditions and your IPs own legal advice. I would not advise hiding the money as Lloyds have the IVA on record meaning they should notify your IP anyway and the money may even be sent there.
Had the money been paid out during the IVA or while the investigation was ongoing the funds would have been an asset of the IVA so this still may well be the case. However Payplan may take a different view especially as the amount involved is not huge and it would be costly to reopen your file and distribute the funds. You need to speak with them.
