F&F offer accepted, CC not received. Got letter - i am due Plevin PPI refund

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jamesdee
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by jamesdee » Sat Feb 24, 2018 10:41 am
I completed my iva on 16 January 2018, early, through a " Full and Final Offer " . I am currently waiting for my completion certificate, which should arrive approx. 3 months from Jan 2018 ( i.e. April 16 2018 ).
I have received today, 24th February 2018 , a letter from a credit card company, which originally refused my PPi claim, saying I am due a Refund due to the " Plevin " PPi .
In this detailed 5 page letter, it says that I am due to the refund of £........ under the Plevin rule.
It also says that they ( the credit card company), understand that I am , or have been in an IVA, and are sending the cheque for the amount of refund due, directly to my IP (stepchange )
My question is, is this correct, that they are sending the cheque directly to my IP ( stepchange), given that my IVA finished in January, or should I be due this refund ?
Many Thanks.
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Foggy
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by Foggy » Sat Feb 24, 2018 10:44 am
It is correct that any and all PPI refunds belong to the IVA as this was an asset (albeit unknown) during the course of the arrangement. However, you might be lucky in that Stepchange doesn't usually seem to be concerned with PPI refunds, so thay may just return the funds to you. They do not actively seek out PPI -- but I don't know how they would react when handed it on a plate.
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kallis3
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by kallis3 » Sat Feb 24, 2018 10:46 am
It is due to your creditors.
jamesdee
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by jamesdee » Sat Feb 24, 2018 11:19 am
kallis3 wrote:
It is due to your creditors.

I am surprised by this response, given that it states on letter after the creditors meeting, where they accepted the FULL AND FINAL OFFER, " no further payments into the IVA will be required "
The refund amount is HIGHER than what is owed to this particular creditor, but not higher than the TOTAL amount due, to all 4 creditors.
So for example , in your opinion kallis3, if the refund is £2000, and i owe that particular creditor £1000, and another 3 creditors £1000 each, how does the money get shared between them ???
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kallis3
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by kallis3 » Sat Feb 24, 2018 11:30 am
You always owe the full amount of your debts and also, possibly, statutory interest. Anything left over will be yours.
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Foggy
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by Foggy » Sat Feb 24, 2018 11:31 am
jamesdee wrote:
kallis3 wrote:
It is due to your creditors.

I am surprised by this response, given that it states on letter after the creditors meeting, where they accepted the FULL AND FINAL OFFER, " no further payments into the IVA will be required "
The refund amount is HIGHER than what is owed to this particular creditor, but not higher than the TOTAL amount due, to all 4 creditors.
So for example , in your opinion kallis3, if the refund is £2000, and i owe that particular creditor £1000, and another 3 creditors £1000 each, how does the money get shared between them ???


The money gets shared between your creditors in the same way as your IVA payments were --- in proportion to the debt you owed to each. A full and final is neither full nor final in reality -- it means no further regular agreed payments are to be made -- but the PPI was due (again, albeit not known about) before the full and final.
jamesdee
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by jamesdee » Sat Feb 24, 2018 11:58 am
Many thanks for your obviously knowledgeable replies on this matter.
What is REALLY annoying then, is the wording of the letter after the FULL AND FINAL OFFER was accepted, I.E. " no further payments into the IVA will be required ".
They should say " no more payments by you will be required into your IVA " .
Also it seems a bit misleading calling it a FULL AND FINAL offer, as that obviously isn't what it REALLY is.

So another question, what happens then, if say in 2 years time , which would still be within my Original IVA timescale, even though , by this time, I would have received my " Completion Certificate " , I get an unexpected windfall / PPi refund through this " Plevin rule" ? Would ALL of this have to go to my IP as well ?
jamesdee
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by jamesdee » Sat Feb 24, 2018 12:17 pm
Hello all,
what would happen, if say in 2 years time , which would still be within my Original IVA timescale, even though , by this time, I would have received my " Completion Certificate " , I get an unexpected windfall or PPi refund through this " Plevin rule" ?
Would ALL of this have to go to my IP , even though I would have my " Completion Certificate " ?
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Foggy
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by Foggy » Sat Feb 24, 2018 12:23 pm
jamesdee wrote:
Many thanks for your obviously knowledgeable replies on this matter.
What is REALLY annoying then, is the wording of the letter after the FULL AND FINAL OFFER was accepted, I.E. " no further payments into the IVA will be required ".
They should say " no more payments by you will be required into your IVA " .
Also it seems a bit misleading calling it a FULL AND FINAL offer, as that obviously isn't what it REALLY is.

So another question, what happens then, if say in 2 years time , which would still be within my Original IVA timescale, even though , by this time, I would have received my " Completion Certificate " , I get an unexpected windfall / PPi refund through this " Plevin rule" ? Would ALL of this have to go to my IP as well ?


At any time after the completion certificate is issued any windfall that didn't exist prior to the completion date: lottery win, inheritance (provided the benefactor didn't die before completion), that sort of thing is all yours and the IVA has no call on it. The crux of the matter is whatever existed during the IVA belongs to the IVA. In theory PPI on loans prior to the IVA would always belong to the IVA --- in reality however, claims will be stopping soon, so in two years time this will not arise.

Any payments into the IVA would stop once the amount paid in reached the sum total of the full original debt, fees and possible statutory interest at 8% simple per annum.

But, as I mentioned earlier, Stepchange take a very relaxed view of PPI. Any firm would also size up the ecomomics of digging out old files and trying to trace old creditors for, possibly, little return.

All is not lost -- you might still get it back.
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Foggy
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by Foggy » Sat Feb 24, 2018 12:25 pm
jamesdee wrote:
Hello all,
what would happen, if say in 2 years time , which would still be within my Original IVA timescale, even though , by this time, I would have received my " Completion Certificate " , I get an unexpected windfall or PPi refund through this " Plevin rule" ?
Would ALL of this have to go to my IP , even though I would have my " Completion Certificate " ?


Topics merged -- see my reply above.
jamesdee
Posts: 6
by jamesdee » Sat Feb 24, 2018 1:09 pm
Foggy wrote:
jamesdee wrote:
Hello all,
what would happen, if say in 2 years time , which would still be within my Original IVA timescale, even though , by this time, I would have received my " Completion Certificate " , I get an unexpected windfall or PPi refund through this " Plevin rule" ?
Would ALL of this have to go to my IP , even though I would have my " Completion Certificate " ?


Topics merged -- see my reply above.

Many thanks for your input Foggy
I was SO surprised when the letter arrived this morning, given also that it was such a Substantial unexpected refund, then only to have my hopes dashed when it said on the letter that the cheque will be going to stepchange.
The euphoria on first reading a refund of 5 figures, was quashed by dissapointment when seeing that the cheque would be going to stepchange.
The letter does say that " if you think that you should get the refund and not your IP, then contact them to discuss it "
So i shall be compiling a speach ready for first thing monday morning, but i dont hold out much hope - SAD SMILIE FACE.
To be honest, they have been Brilliant throughout my IVA so far, so here's hoping.
jamesdee
Posts: 6
by jamesdee » Fri Mar 16, 2018 7:29 am
Well I have a surprising update.
To cut a LONG story short, my creditors ruled that they were NOT interested in my unexpected ppi refund.
They ruled , in their meeting , that my particular case was closed at the time of the refund, and therefore I shall receive the ppi refund.
So the moral is, to NEVER give up hope, and if you explain EVERYTHING to your IP's , be honest with them, you might be as lucky as I was.
My gratitude goes out to all who have commented on my topic, especially foggy.
Many Thanks, and take care
Mick.
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kallis3
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by kallis3 » Fri Mar 16, 2018 7:33 am
Good news!
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Foggy
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by Foggy » Fri Mar 16, 2018 7:43 am
Well done. Step change do take a surprisingly relaxed view regarding PPI (which appears to be supported by the creditors they deal with).
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