I realise it was not all mis-sold .. not by any means. But I imagine the monies being spent on claims, investigations, counter claims and funding the FOS through all of this will be more than the cost of simply writing the whole sorry mess off, on any PPI that wasn't claimed upon.
The monies could have been simply wiped off the debts if still live, or refunded to the borrower. This would also have kept 30% "in the system" instead of lining claims companies pockets.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I've had the same issue with HSBC for a complaint against misselling of PPI on a loan (definitely missold) started after IVA finished in June 2011 and 72p in the £ repaid and was given the same phrase:
"We ackowledge that the IVA has been completed and discharged, however when you entered into it you asked us to accept less than the full ammount owed and did not mention your PPI complaint at this time."
I went back to them with pretty much the same argument that you have made and they have refused to budge, so I have referred my complaint to the Financial Ombudsman who are now investigating.
My IP has said "its mine to keep", however even if they did offset against outstanding debt I would'nt mind - its the principle of it! How can they just refuse because we were once subject to an IVA??? They seem to fail to grasp if they had'nt have mis-sold in the first place this situation be here.....
Anyway, rant over. I'll keep you advise of what the FO states, however its a long process and they are rather busy as you can imagine!
My complaint to the FO went in on the 4th of October and after some to and throwing of the information they require, the investigation started on 5th of December.
The FO state that it csn take anywhere from 3 months to over year for the more complicated cases.
A point worth noting is that the FO came back and asked for a letter of confirmation from my IP for the following items:
Confirmation that they are not handling my complaint
Confirmation that of where if any monies should be paid to.
I've asked my IP for a letter confirming the above and I'm waiting for it now. I would suggest that you get a letter from your IP stating the same - at the very least it will speed up your case with the bank/FO if you choose to go down that route. Although the FO takes time, it is a free service for us the great British Public.
No I haven't from HSBC or the FO - however I don't expect to until March/April time and then I'll give them a chase. The complaints procedure does take a fair amount of time.
l wrote to Payplan and asked for a copy of my original agreement to check on the clauses for claimbacks etc.
My plan was once l got this to ask for what you've mentioned.
They have sent me a std letter but haven't sent me what l asked for, so another letter to try and find out my T&C's, and will ask for what you've said.
I do remember reading that post, but can't remember all the circumstances. It is possible that the actually "PPI" part was used to offset against debt that the company still has incurred despite the IVA being completed.
I made a successful PPI compliant against Egg, and was more than happy to let them taking part of the compensation against the debt that they still had. My IVA was already completed, at quite a high 82p in the pound, so even after the amount taken by Egg there was still a nice sum to receive.
I think if you get the letter from your IP then it should be a catch all situation, however there is a possibility that part of the compensation might be used to offset any "debt". I was happy with paying Egg, I might not be so happy paying HSBC.
I think that they are still running at a backlog of at least a year - so you may need to be a little more patient Mrs S and hopefully you will get the decision you desire in due course.
