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Posted: Mon May 21, 2012 2:22 pm
by Phil.3
im recently had ppi claim accepted from a bank on a credit card which we stopped in 2005, we had a iva completed in 2006 and paid out and concluded, the bank are now saying this money offsett the liability to them can they do that, even though its discharged over 6 years ago?
Posted: Mon May 21, 2012 2:51 pm
by Niobe
Hello,
I think they can but not 100% sure so hopefully one of the experts can help.
Posted: Mon May 21, 2012 2:57 pm
by Broke of London
Banks do often do this. The mis-sold ppi claim is an asset due to creditors at the time the iva was taken out so it is due to creditors. Having benefited from a write off already, I would just move on from this.
Posted: Mon May 21, 2012 3:05 pm
by Kelly O
Hello Phil and welcome to the forum
This situation is quite common and if you are not happy with the response from the bank you could consider complaining to the Financial Ombudsman Service.
You could inform the lender in writing of your intention to go to the FSO so that the lender may reconsider their position.
I have spoken to people recently where this has been succesful post IVA.
Posted: Mon May 21, 2012 3:18 pm
by Michael Peoples
It is possible this money belongs to the IVA anyway and your former IP would need to give permission for the money to be paid to you. If the PPI reclaim is an asset of the IVA then this would form a trust which could potentially survive the IVA. Satisfaction of the IVA does not necessarily break the trust.
Posted: Thu May 24, 2012 9:37 pm
by matty182
hi can i ask what bank you was with?