Hi all Newbie here. Long time watcher first time poster.
Will try to keep this simple.
My IVA completed in 2017.
I submitted a claim fo PPI earlier this year and it was found I was owed just shy of £1,000. Months have passed so I contacted the bank(RBS) and was put through to their insolvency team. They stated as there was an outstanding balance I would not receive the PPI compensation, it would be used to off set the outstanding balance. On my final creditor report and completion certificate it stated that 100 pence in the pound had been issued. It also showed an "excluded" creditor which is the bank in question. It stated they returned payments and had been excluded from the final distributions as they failed to provide a revised claim in the arrangement.
As far as I'm aware from going through the final process of completion process I had paid back 100 pence in the pound. I also received a refund from the IVA company as I had overpaid massively.
How can there still be an outstanding amount and are RBS legally allowed to hold back the PPI monies?
Any help would be great, this goes straight over my head!
RBS appear to be one of the banks more inclined to dodge their responsibilities in refunding missappropriated PPI payments. I would suggest getting the ombudsman to deal with this.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
