Hi,
I started my IVA July 2007, and made the last payment July 2011, one year early!! (wife had a payout at work and we paid off the balance)
However, now 19 months later, my IP is STILL pursuing PPI claims! I just can't believe it is still going on!
Every time I speak to them they fob me off with the same old spiel that they are waiting for a response from this creditor or another. They keep telling me about deadlines that these companies have to respond to claims. These deadlines pass, and still nothing happens!!
19 months since final payment!!! My IP even credited me with a small overpayment cheque last August.
Is there anything I can do? So frustrating!!
That is absolutely shocking. Can you not report them to the FSA or perhaps ping an email off to Watchdog? There is no way you should be left in this position after fullfilling the terms of your IVA. SOME of these IP's are messing with peoples lifes here.
My wife and I are having exactly the same problem - our final payment was July 2012 and we are still waiting for PPI to be followed up despite never having PPI at any time. Will be contacting my IP first thing tomorrow morning.
Hi Blokeofkent! Why is your IP pursuing PPI if you have overpaid on your IVA? Surely they should close the case as any PPI will be yours to keep? Did you pay 100p plus fees or just the outstanding balance on your agreed amount?
Yeah, I'm not sure why we even got the overpayment amount.
We only paid the balance of the agreed amount, 1 year's worth of payments, so they want the PPI (which I'm quite certain there won't be any by the way!) to bump up their profits.
They started this PPI claim before my final payment, so I think under the rules they are entitled to it, but why they can't get it sorted after 19 months I have no idea!
I've just written a nasty letter to their complaints manager. Started the complaints procedure so i can pursue it with the Ombudsman 8 weeks down the line.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Nutkins
Hi Blokeofkent! Why is your IP pursuing PPI if you have overpaid on your IVA? Surely they should close the case as any PPI will be yours to keep? Did you pay 100p plus fees or just the outstanding balance on your agreed amount?
To have finished early and to have received an overpayment refund the original debt plus fees must have been paid, as the debtor remains liable for the full debt until fully paid off or the end of the agreed IVA term.
Only paid the agreed amount. 27p in the pound
If I call recall correctly, the IP said that the credit was because of overpaid fees. Could this have anything to do with finishing a year early?
A representative of Varden Nuttall is a fellow director of mine at the Debt Resolution Forum, and he and I are actively working with the regulatory bodies to finalise general guidance to IPs relating to the correct handling of PPI monies. As such he and I are at the sharp end of matters, and from your posting I can see they are doing nothing wrong and am sure that they will be minded to close your case soon and pursue the monies due outside of the IVA. Whilst this is being clarified, IPs are correct not to have been closing cases where there may be outstanding PPI issues to pursue.
Can an IP really do that? If they close an arrangement surely they have no financial link to a former client and cannot pursue any further money. Also on another level what would they do with the money even if it was proved available? Its not theres to keep as a net profit for certain.
