www.iva.co.uk

Please advise regarding a PPI
I have been refused this due to being in an IVA, but I paid this before starting the IVA.

Hi Mary. We need a little more information to be able to respond appropriately.
Have you been refused a PPI refund, or have the company refused a claim on the PPI policy?

Thank you for your reply. HSBC refused my PPI claim eventhough the loan was fully paid even before I went for IVA. Their resoning is that I have IVA that's why they will not give me the refund. I didn't use any claims company.
What will I do?

The fact that you have an IVA has absolutely nothing to do with the bank's right to compensate you if they have sold you a product that was neither needed nor wanted. If you have hit a barrier by trying to submit the claim yourself, it may well be time to consult a claims management company - and your own IP probably has one that they can recommend.

If I will be successful with my claim, will they give it to me directly or it will go to my IVA?

Depending upon the exact terms of your IVA, Mary, it is likely that it would be paid into the IVA.

Your company should be investigating PPI in any case, so I would allow them to do this and try to recover the money from HSBC.

Who are you with ?

Does it mean that even HSBC is not part of my creditor under IVA, THE FUNDS WILL STILl go to IVA? I'm with
debt free direct

In all probability, yes. Some proposals vary, but in general any lump sum payment you receive will go to the IVA. PPI payments are regarded as assets and as such are payable to the creditors. It matters not that they were not part of your IVA.

Hi Mary.73,

I too had a PPI claim against HSBC and they gave me the same excuse to deny the claim (and one of the loans was completed prior to the IVA). It appears to be their standard tactic now. I've sent my denied complaint to the Financial Ombudsman to resolve but it does take months, possibly longer than a year. My PPI claims versus other companies have been upheld by the those companies and I have received the payout.

You will need to establish from your IP whether or not the financial compensation that you could receive would fall into your IVA or whether you would be able to keep it - get a letter from them confirming either way, but like Foggy says any payout will probably fall into your IVA regardless of when the PPI occurred.

Hope that helps...somewhat...

Mrs S

DFD are using a claims management company. Have you also tried to get them to follow this up for you?

Are they going to charge me or the 30% the claims company is charging?

DFD should be making their own investigations in due course, but maybe they will get the ball rolling sooner rather than later. If they appoint the claims company to investigate in the course of the IVA then any fees will come from what they recover, but it would be wise to confirm this with DFD first.

Any cost will be met from the proceeds of the PPI reclaim - so you will not be out of pocket personally if a reputable claims management company are used.

If I'm going to close my IVA with a full and final payment and receive a certificate of completion, and apply for a PPI claim, will they give the refund to me?

The timing of the closure of your IVA has no relevance to the payment Mary. If the PPI reclaim is an asset of the arrangement it gets paid over regardless of whether the case is closed or not.