Interest on PPI

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blair78

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Post by blair78 » Sun Jul 05, 2020 10:47 am
Hi, I hope some can help me with this. I completed my IVA around 2012 and was then contacted by my IP with regards to claiming PPI and this has been going on since. My understating is that i am entitled to interest that i had paid on the PPI. My IP has sent me a cheque through stating that it is statutory interest received to date. However there is no detail how they came to this figure or what it really means. Its not a lot and i know some of my claims have been in the thousands. I know my PPI claims are still ongoing. I have written to my and IP to provide more details about the cheque i also sent a complaint to them a couple of years ago, they didn't reply to either. I am not sure where i stand with anything. Communication has broken down with my IP, i think they might be acting unlawfully and am really not sure what do. Thanks in advance

Foggy

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Post by Foggy » Sun Jul 05, 2020 11:19 am
It is only discretionary that any interest on PPI is paid to you .. many IPs are keeping even this to be paid into the IVA. The interest is worked out at 8% per annum. I imagine that it would also be subject to claims company fees, so you would lose some 30 - 40 % right away.

I would suggest that you compile a formal complaint to your IP and address it to him / her directly, giving, say, 21 days for a substantive response. Failing a response you could then escalate the complaint to their regulatory body via the Government Gateway, here: https://www.gov.uk/complain-about-insol ... actitioner This will get you no recompense, but, if the complaint is upheld, the IP might be fined.
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
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