I have recently completed a successful PPI reclaim with a creditor in my IVA. Previous PPI reclaims have resulted in me being allowed to keep the 8% interest (or the whole sum if the creditor was not in the IVA). This recent PPI has been paid directly to my IVA company.
I rang and informed them of the refund and was told by a relationship manager that again I was entitled to the 8% interest and may be entitled to the full refund as it appeared the creditor had sold the debt on to a 3rd party.
I rang to today to check on the progress of the refund and was told it was with the PPI dept of my IVA company who would investigate if I was due to ANY refund and regardless would take 'several months' to be reviewed as they were 'very busy'!!
How can this conflicting advice from the representatives of the same company and ludicrous timescale be fair??
Benny ... nothing about PPI is consistent ! To be honest I would be grateful that your firm is allowing you to keep interest AND PPI from loans outside your IVA, or sold on. Many ( if not most) companies will hang on to every last penny and you get nothing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Benny
I think I may be in the same boat..sort of.
I have 5 PPI claims currently being dealt with, there at the 4 week point, whilst they all started as creditors in my IVA, 3 of them sold there debts, I was told on the phone that I may receive all the money as they are not creditors, nothing in writing though.
I also have 2 being dealt with that are not creditors, which again I was told I might get to keep, again nothing in writing.
I was even told about the 8% statutory interest.
As of this moment I have had no news, but I think it's early as the 8 week period is not up.
I am curious about what to expect........hopefully not delays though.
It's interesting how different IP's approach PPI and interest.I successfully reclaimed PPI on my secured loan on my house a few years before I went into my IVA. However, they refused 8% statutory interest at the time. I subsequently found out that they were obliged to pay it and reclaimed it a couple of months ago. I was successful but my IP has said it will have to go to the IVA fund and it looks like it will be paid direct to my IP. Shame would have done nicely for a new boiler but that's life.
Last edited by MikeyM on Tue Feb 25, 2014 8:13 pm, edited 1 time in total.
That's what I am finding as I look around the forums and various websites, there are a lot of fuzzy areas where one will do one thing, while another will do something diffrent, and a third will do diffrent again.
I know if I just bide my time I will find out one way or another, but I like to be informed of what to expect.......good of bad.
