www.iva.co.uk

I started an IVA in 2007, but by 2008 I had repaid the the whole of it off.

I recently had a letter from Santander stating that they believed I was misold PPI on a loan. I completed the necessary details and it was confirmed that £1040 was due back to me.

I sent my bank details to them and this morning looked in my bank account to see that only £240 has been refunded.

When I called Santander to ask where the other £800 was they confirmed that it was used to pay the arrears I had on the account.

I never went to arrears at any point prior to my IVA being created or concluded.

I paid off the IVA in 2008.

It was not stated in their letter to me that this was a possible outcome, so as you can imagine I was quite upset being £800 less off than anticipated!

The man I spoke to was not able to comment, and referred the matter to the claims processing team, however I doubt I willhear back before Xmas

Is it correct that I am penalised in this way?

Hope you can put my mind at rest!

Many Thanks

Nadine

I hope you get all the answers you need on this Nadine
Oscar
x

No idea on this one - hopefully one of the experts will be able go advise.

How did the IVA conclude,was it through a full and final? Did you repay your debts in full of was there a partial write off?

Paul

There was a small write off. I paid it off with a full and final settlement

Thanks for your reply!

Nadine

So you had a loan with Santander that you did not pay off, which was included in your IVA. And that loan had PPI element

I thought once your IVA is paid off that's it you are clear of any further claim on those debts.

So what they have done is some sort of retrospective set-off?

Set-off, it appears banks are allowed to do this, which considering it was outlawed by an act of parliament May 1986 for other industries, makes it a sham.

But set-off against a past debt, settled off in law, I'd like to think you'll have a case.

One for the experts I know nothing!

Lol - you know more than me!!

I had a loan with Santander that was included in my IVA, but I never defaulted on prior to the IVA being agreed.

I then paid off the IVA with a full and final settlement, which was obviously agreed by Santander too.

I would have thought that because they had agreed that my debt was paid off in full now that they would no longer be able to take any balance owing to me as payment of the debt - espeically as I never defaulted on the loan.

I really need to ascertain my exact position to proceed any further with them. They have said it's because I defaulted, but I don't think I have?

Thanks for your reply.

Nadine

Hi nadine - no idea but they may be trying it on! Hopefully this will be picked up later by an IP who may know more.

lets say you took a loan out for £100 pounds of which you paid £50 plus interest. Then took it say the remaining (£50) in to the IVA are you saying that you paid off the whole £50 pounds plus statutory interest. Or are we talking the divi requested by the creditors as a F&F keep it simple 50p in the pound? which is of course £25 which in Santanders mind a loss of £25.(forget the interest)

I’m a bit simple so forgive me if I’ve not read your post properly!

Or as horrid as banks can be was a little bit of interest left out between the proposal and the creditors meeting and just got lost in translation and then just accumulated. That caught me right out at the end of my IVA to the tune of 2k

Good luck

My agreement was £0.79p in the £1, and it was a £10K loan, so without interest I had atleast £2K "written off"

I think that is why I am concerned more so, as know there is a chance they could have a case on me.....only thing is I don't understand why they would give me any money at all if there was a balance of around £2K left on the account. I would have thought they would have taken the whole £1040 as a payment of any balance of the money that was written off.

Sooo confused!!

It is quite simple,the banks are thieves ,and they get away with what they do.The logic is their logic,the same perverse self forfilling logic as in PPI selling,bank charges,debit card usage charge abroad and the example you cited. Goodluck in getting the full amount back.Cos you wouldn't

Hopefully one of the experts can pick up on this.

It maybe that the PPI element was underwritten by an insurance company
so Santander very happy to claim, but as for the amounts beats me! But I'm fairly sure that once the IVA is completed, that's it game over for the creditors. They'd be after people who have inherited at any time in the future otherwise. One of the experts I'm sure can confirm my thoughts?

Thanks for that.

I hope an expert will pick up soon!

Nadine