IVA ended in 2009 - will IP still get PPI money?

Get expert opinion. This is the place for new questions to be posted.
9 posts Page 1 of 1

Kates

Posts: 4
Joined: Thu Jul 11, 2019 6:37 pm

Post by Kates » Thu Jul 11, 2019 6:46 pm
I entered into an IVA with McCambridge Duffy in 2004 until 2009 and fully completed it. I have recently claimed mis sold ppi and received letters saying I am owed monies around £6000. However today I have received letters saying that as I had previously been in an IVA the money will go to my supervisor.

My total debts at the time of the IVA was £20,350 and the agreed claim was £19,525 which I paid in full.

Will Mccambridge Duffy keep the total amount of PPI refund or will I get any of it ?

Any advice would be appreciated.

thank you

Kates

Foggy

User avatar
Forum Expert
Posts: 28931
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Jul 11, 2019 7:02 pm
If there is anything left after they have paid the balance of the debt in full, fees and possible statutory interest, they will return the remaining nalance to you.

Don't forget that the claims company will also want their share, which McCD usually sorts out.
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

Kates

Posts: 4
Joined: Thu Jul 11, 2019 6:37 pm

Post by Kates » Thu Jul 11, 2019 7:18 pm
Thu Jul 11, 2019 7:02 pmFoggy wrote:
If there is anything left after they have paid the balance of the debt in full, fees and possible statutory interest, they will return the remaining nalance to you.

Don't forget that the claims company will also want their share, which McCD usually sorts out.
Sorry Foggy when you say the claims company is that McCD? :oops:

Foggy

User avatar
Forum Expert
Posts: 28931
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Jul 11, 2019 7:26 pm
Thu Jul 11, 2019 7:18 pmKates wrote:
Thu Jul 11, 2019 7:02 pmFoggy wrote:
If there is anything left after they have paid the balance of the debt in full, fees and possible statutory interest, they will return the remaining nalance to you.

Don't forget that the claims company will also want their share, which McCD usually sorts out.
Sorry Foggy when you say the claims company is that McCD? :oops:
No, I was referring to the PPI refund claims company -- which won't be the case if you made the claim yourself. McCD will get the usual fee they have agreed with the creditors (typically 15% if not on a time spent basis).
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

Kates

Posts: 4
Joined: Thu Jul 11, 2019 6:37 pm

Post by Kates » Thu Jul 11, 2019 7:31 pm
Thanks for the prompt response, I suppose I will just have to sit it out now and see what happens?

Once again thank you.

luluj

User avatar
Forum Expert
Posts: 10509
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Fri Jul 12, 2019 1:12 am
Kates ..... it's a common belief that PPI after your iva end is yours to keep, sadly not the case as foggy explains. Really hope you get to see a little of it however personally don't hold your breath .... I fear your creditors will benefit from it rather than yourself.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Kates

Posts: 4
Joined: Thu Jul 11, 2019 6:37 pm

Post by Kates » Fri Jul 12, 2019 7:19 am
My Iva ended in 2009, I have since applied for PPI and been told I am entitled to a significant amount. However I have been told that this will go to Mc Cambridge Duffy even though I repaid everything that was agreed. Is this correct and will they get the full amount?

kallis3

User avatar
Forum Expert
Posts: 74588
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Jul 12, 2019 7:31 am
They will deduct the remaining debt up to 100% plus possible statutory interest and anything left will be returned to you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

kallis3

User avatar
Forum Expert
Posts: 74588
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Jul 12, 2019 7:34 am
Topics merged to avoid confusion.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
9 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”