I started an IVA in 2007, but by 2008 I had repaid the the whole of it off.
I recently had a letter from Santander stating that they believed I was misold PPI on a loan. I completed the necessary details and it was confirmed that £1040 was due back to me.
I sent my bank details to them and this morning looked in my bank account to see that only £240 has been refunded.
When I called Santander to ask where the other £800 was they confirmed that it was used to pay the arrears I had on the account.
I never went to arrears at any point prior to my IVA being created or concluded.
I paid off the IVA in 2008.
It was not stated in their letter to me that this was a possible outcome, so as you can imagine I was quite upset being £800 less off than anticipated!
The man I spoke to was not able to comment, and referred the matter to the claims processing team, however I doubt I willhear back before Xmas
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Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
No idea on this one - hopefully one of the experts will be able go advise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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So you had a loan with Santander that you did not pay off, which was included in your IVA. And that loan had PPI element
I thought once your IVA is paid off that's it you are clear of any further claim on those debts.
So what they have done is some sort of retrospective set-off?
Set-off, it appears banks are allowed to do this, which considering it was outlawed by an act of parliament May 1986 for other industries, makes it a sham.
But set-off against a past debt, settled off in law, I'd like to think you'll have a case.
I had a loan with Santander that was included in my IVA, but I never defaulted on prior to the IVA being agreed.
I then paid off the IVA with a full and final settlement, which was obviously agreed by Santander too.
I would have thought that because they had agreed that my debt was paid off in full now that they would no longer be able to take any balance owing to me as payment of the debt - espeically as I never defaulted on the loan.
I really need to ascertain my exact position to proceed any further with them. They have said it's because I defaulted, but I don't think I have?
lets say you took a loan out for £100 pounds of which you paid £50 plus interest. Then took it say the remaining (£50) in to the IVA are you saying that you paid off the whole £50 pounds plus statutory interest. Or are we talking the divi requested by the creditors as a F&F keep it simple 50p in the pound? which is of course £25 which in Santanders mind a loss of £25.(forget the interest)
I’m a bit simple so forgive me if I’ve not read your post properly!
Or as horrid as banks can be was a little bit of interest left out between the proposal and the creditors meeting and just got lost in translation and then just accumulated. That caught me right out at the end of my IVA to the tune of 2k
My agreement was £0.79p in the £1, and it was a £10K loan, so without interest I had atleast £2K "written off"
I think that is why I am concerned more so, as know there is a chance they could have a case on me.....only thing is I don't understand why they would give me any money at all if there was a balance of around £2K left on the account. I would have thought they would have taken the whole £1040 as a payment of any balance of the money that was written off.
It is quite simple,the banks are thieves ,and they get away with what they do.The logic is their logic,the same perverse self forfilling logic as in PPI selling,bank charges,debit card usage charge abroad and the example you cited. Goodluck in getting the full amount back.Cos you wouldn't
Last edited by nomoremoney on Wed Dec 21, 2011 9:39 pm, edited 1 time in total.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It maybe that the PPI element was underwritten by an insurance company
so Santander very happy to claim, but as for the amounts beats me! But I'm fairly sure that once the IVA is completed, that's it game over for the creditors. They'd be after people who have inherited at any time in the future otherwise. One of the experts I'm sure can confirm my thoughts?
