A refund after iva finished?

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Kathryn.07

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Post by Kathryn.07 » Sun Jun 09, 2019 10:57 am
I completed my IVA in April 2017. I have just made a successful claim against Quick Quid for an unaffordable loan. They have offered to write off my loan and compensate me with a cash payment but I thought the loan had already been written off as they were one of my creditors in my IVA? The company who have made the claim on my behalf have said they will charge their 30% fee on the loan amount as well as the cash settlement.

Foggy

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Post by Foggy » Sun Jun 09, 2019 11:29 am
Unfortunately I suspect that this refund falls under the camp of "PPI or similar refunds" and, as such, is actually due to be paid to your former IP and distributed amongst your former creditors.

No, Quick Quid are not supposed to offset against a loan written off in an IVA and are using this as an excuse to refund less than they should do. The claims company will still want their fee on the offset amount, just as they would on any amount paid to the former IVA provider. They will look to you for that fee unless your former IP can step in and a) convince Quick Quid of the error of their ways and b) is willing to cover the fees from whatever they get back (neither of which is a given).

Did you tell the claims company, at the outset, that you had been in an IVA ? Most firms would not proceed with this knowledge and, if they knew, I would consider this as grounds for a complaint against them to the Financial Ombudsman.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Radish

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Post by Radish » Sun Jun 09, 2019 1:02 pm
Those type of companies scare me, I went to one once and couldn't believe the terms, conditions and interest rates.
IVA complete March 2014 after 6 years.

plasticdaft

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Post by plasticdaft » Sun Jun 09, 2019 4:16 pm
There's a reason not to poke a sleeping bear with a stick.

I had a fair sized debt written off but wouldnt dream of pushing my luck with a claims company especially given that they may want a fee paid no matter what!!

I understand the temptation but I'm just glad to get through my insolvency.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.

Kathryn.07

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Post by Kathryn.07 » Mon Jun 10, 2019 12:40 pm
No Ingram Toft did not ask whether I had ever had an IVA at the outset !

I've decided I will not "rock the boat" and just accept the 30% fee they are charging then. Something is better than nothing :)

Out of interest, I have already received a small amount from My Jar (the loan had already been written off via IVA) and a claim against Payday Express is ongoing with the FOS

Many thanks for your help

Kathryn

kallis3

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Post by kallis3 » Mon Jun 10, 2019 1:40 pm
Chances are this money will be paid across to your IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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