Are Natwest allowed to keep my PPI now IVA has completed?

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ShazOR
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by ShazOR » Mon May 14, 2018 3:58 pm
Hi there, I was in an IVA which was settled in full and final payment in April 2011. I have now successfully claimed PPI from Natwest, one of my creditors and they have now informed me that they will be keeping the money as I was in an IVA and they did not receive all their money so I am not due any payment. Are they allowed to do this? They accepted full and final payment and they illegally took money from me through PPI. Surely I am entitled to the refund?
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Foggy
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by Foggy » Mon May 14, 2018 4:06 pm
ShazOR wrote:
Hi there, I was in an IVA which was settled in full and final payment in April 2011. I have now successfully claimed PPI from Natwest, one of my creditors and they have now informed me that they will be keeping the money as I was in an IVA and they did not receive all their money so I am not due any payment. Are they allowed to do this? They accepted full and final payment and they illegally took money from me through PPI. Surely I am entitled to the refund?


You are not entitled to the refund, however, nor is Nat West! The money should be divided, pro-rata, between your former creditors. I would suggest taking this up with the Financial Ombudsman.
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kallis3
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by kallis3 » Mon May 14, 2018 4:26 pm
Agree with Foggy - it should be shared between all of your creditors.
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MerlinL14
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by MerlinL14 » Mon May 14, 2018 5:51 pm
Because of the IVA you are not 'entitled' to any PPI even if it was from loans before the IVA started. As foggy says, neither are NetWest. You can just leave it and let NatWest have the refund or write to them stating the refund is not theirs to keep and you will be letting your ex IP know that this refund is available as an asset of the IVA for distribution to all your ex creditors. Makes no difference to you as you will see not 1p of it.
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