www.iva.co.uk

Hi
I am stumped at the moment and would really appreciate some advice. I recently contacted a company to help me reclaim back payment protection insurance on a few loans taken out over the years. They were able to reclaim £3,845.00, which unfortunately would be paid straight back into the debt owing to Abbey. I decided to contact the loan department to see whether or not abbey had used the amount stated to decrease my debt. My debt to date is £9817.45, with the refund being deducted from the total to date would leave me owing £5972.45. On speaking to someone within the loan department they informed me that one of my loans had been paid off, this would then leave me with 2. When I asked whether or not the refund had been placed against my debt he told me nothing was showing up on his system. I went half way round abbey national trying to find out where this money has gone and no one so far has been able to help me. I would really appreciate some advice.....

Hey ldx, I've no idea about this sort of stuff but I'll bump this thread up for the technical experts.

Are you in an IVA, DMP or bankrupt?

Hi Melanie

I am in an IVA....

Why not get your IP to intervene on this matter. After all it is their responsibility to ensure that the correct amounts are paid out to your creditors, so they will need to know if any adjustments have been made.

Hi Melanie,
Could I just ask, we have been paying payment protection on our 3 loans for a few years before we entered into our IVA is it worth looking into applying for a refund?? and how do you go about it?

Abi x

You could do Abi, but as any money will only reduce those claims, is there any benefit to you personally in pursuing this? There would of coure, be benefit to the other creditos, who would share a larger slice of your payments it the other creditors were reduced, but this is a decision you will have to consider to determine if you feel it is worth it.

Thanks Melanie,
I was thinking it might reduce the amount owed to the creditors but forgot about it sharing with all the others, will look to see how much it would be and as you say see if the trouble is worth it.
Regards Abi