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Posted: Tue Jan 10, 2012 2:52 pm
by john c
Hi, just been awarded PPI I paid for a loan i took out 2003-2007, however the bank i took it out with are giving me the interest only and keeping the rest to pay off some of the debt i owe them, are they allowed to do this ? as i took the IVA out in 2010.
Posted: Tue Jan 10, 2012 2:57 pm
by ginger3232
John - sounds about right - sometimes they will offset if against the debt you owe them - check with your IP about the interest award though - as you may find this may also have to go into IVA pot (depending on amounts)
Posted: Tue Jan 10, 2012 3:04 pm
by plasticdaft
It does sound like standard practice.
Paul