I received a letter from Citi Financial who I got loan with over 10 or so years ago about a month ago stating I might be eligible for a refund due to mis-sold PPI.
I replied back with all the details they wanted.
I today received a letter advising my claim was upheld and they were awarding me a refund which nearly £3000.
Now I am delighted with this but wanted to check something before I start dreaming of what I could buy [:)]
It stated on the letter that they noticed I was in an IVA and to send a letter of completion if finished or my IVA company details if still ongoing.
Now I have finished my IVA in Nov 2009 and dropped off my file November last year so wanted to check is it as easy as me sending in my Completion certificate and the money is transferred?
From their point of view, if you send them a copy of the certificate they should issue you with the cheque.
IF your ex IP gets wind of the payout he or she might decide that it should be paid into the IVA under the continuing trust provisions. However, they might also consider this more trouble than it is worth ( after all they will only be getting 15% for an awful lot of work, digging out old records and chasing old creditors).
No cut and dried answer, I am afraid.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It seems that that is all they need - but they may also write to your former IP to see if they would claim to have an interest in the funds. This is usual procedure these days.
Obviously this money would come in handy but I would rather not have any of it if it meant the IVA would get brought back up as would be worried this would affect my Mortgage application.
Also I am presuming if IP got involved they could not start investigating other savings and finances I had as I am in a much better place now than I was in my IVA days?
