Hi, I was in a IVA from 22 Dec 2003 to 21 May 2009 completed and have my certificate. I claimed for PPI through a company although I never sent back any signed papers and today have received a cheque from Barclays Bank for PPI for two loans one ended 31 Dec 2003 and 13 Dec 1999. My IVA Company took 20% plus VAT after my IVA had ended will I have to pay back this PPI payment to them or can I keep it ? it was from one of my debitors so don't understand why they sent me this money ?
In theory it should go to former creditors,but it may be that your former IP either has no interest ( or may not even be practising any more ). There is every likelyhood that your records have been destroyed anyway after this time lag --- which might be why the bank sent you the cheques.
How you proceed it up to you, after weighing up the pros and cons. You could contact the IP and ask if he has any further interest (who was it ? Stepchange, for instance, don't seem at all bothered with PPI anyway) --- this risks losing the refund or keeping it with a clear conscience. Or, you could pop it aside in a savings account for a while and see if anything happens !
If the IP does want it ( for the benefit of former creditors ) I would insist on seeing a schedule of distribution (accounts) --- I am not entirely happy that these after completion refunds do get distributed correctly !
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
Hi, Thanks for your quick reply. My largest amount owed was to Barclays Bank Loan which ended in 1998 and another 31 Dec 2003 then my IVA started on 22nd Dec 2003 to May 2009. So I don't understand why Barclays sent me this cheque. Payplan was the company I had my IVA with.