In 2009 we had to fail the IVA. Now received an offer of refund of PPI

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harrime
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by harrime » Fri Nov 24, 2017 9:43 pm
Our Bank recently sent some forms to claim for PPI as they said we had been missold an overdraft arrangement. This was indeed correct as my husband is self employed and as such should not have been sold PPI. This week we heard that the claim had been successful and a refund was being made. However, we had in the past an IVA but in 2009 we had to fail the IVA as we could not afford the repayments. Since then we have been paying to DrydensFairfax nominal sums each month. They have since sold the debts on to Max Recovery.

In the letter from our Bank it says that "Our Records should that you are or have been subject to an IVA. The refund of £.......... will be made by way of a cheque payable in the name of Begbies Traynor Group PLC.

Does this mean that we will still get the cheque and then we have to contact DrydensFairfax to make a payment (the sum is less than the amount of the refund) or is the cheque being sent to our old IVA practioner. They say that if we are no longer subject to the IVA or that the IVA should not receive these funds we should contact the practioner.

We are just a bit confused as to whether the cheque is coming to us or if we wont see anything.

Thanks.
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Foggy
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by Foggy » Fri Nov 24, 2017 9:47 pm
They will, most likely, send the cheque to your former IP. He might pay it to your old creditors or cash it and return the money to you, depending on the economics of digging out old files and his own personal policy regarding PPI refunds.
harrime
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by harrime » Fri Nov 24, 2017 10:29 pm
Thanks for your response. Shall wait and see what happens.
harrime
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by harrime » Tue Nov 28, 2017 11:54 pm
harrime wrote:
Thanks for your response. Shall wait and see what happens.


Just another thought the amount of the PPI claim is more than owed. Will I get the balance of that? Also my old IVA Practioner looks like it’s been taken over by another company no idea how long ago as the IVA was closed in 2009. I’m guessing this will delay the process of paying off this amount. How long do I give this before chasing to see if this amount has been cleared?
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Foggy
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by Foggy » Wed Nov 29, 2017 7:48 am
If the refund brings the amount paid to the IVA, including your payments, above the total debt, plus fees and statutory interest, you will get the balance returned.
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