Hi we have a Certificate of completion dated May 2009. We were able to pay 42% of our debts with a lump sum payment taken out through a mortgage. Recently we were made aware of investigating the possibility of mis sold PPI. We have just been informed by RBS that there was PPI and that the refund of this will have to be used to pay off any outstanding amount owed at the time of completing the IVA in 2009. Can they do this?
They are not supposed to but have a history of doing so and, to date, have had no successful challenge that I know of. Most don't challenge this because, if they had paid the refund to you it would have to be paid into your former IVA anyway, under a recent court ruling.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Either way the PPI will not come to you (unless it is enough to pay off the remaining debt and costs and interest in full) so probably not worth worrying about.
Hi Mary, as the others have said, just let it be as it is. There are no circumstances where you would have benefited from any of this money less for paying back 100% of the debt plus Interest and IP fees. It isn't worth the effort to make a big deal out of it.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
