Payment protection redress?

[rob418]

Hi,

I recently applied for an IVA which was rejected by a number of creditors. The company I used to apply for the IVA informed me of the decision. I have subsequently received a cheque from the company informing me that a creditor introduced Payment Protection Redress into the meeting and that they are now on the rejection returning the funds to me.

Can anyone explain what this means as I have no idea? Thanks in advance

[kallis3]

Sorry - I have no idea on this - hopefully one of the other experts can help.

[luluj]

Sounds to me like a PPI refund possibly done by the creditor automatically during the iva consideration. The fact the iva was not agreed, suggests the payment is yours to keep.

What are you doing to now address your debt issues - are you attempting a iva proposal again with a different provider ...if so I would be tempted to gain their advice on this

[rob418]

Thanks for the replies thus far. I am going back to dealing with the creditors on an individual basis. The cheque is for a substantial amount which would help clear some of my debt. It was just rather unexpected. With thanks.

[Foggy]

Thanks for the replies thus far. I am going back to dealing with the creditors on an individual basis. The cheque is for a substantial amount which would help clear some of my debt. It was just rather unexpected. With thanks.

Depending on the figures, using it to reduce the debt might make going forward without an IVA, or somesuch, easier. If an IVA might still be needed, maybe look at paying off the earlier dissenters. If you can get through this without a formal debt solution on record, so much the better.