PPI and IVA

[Consumer dude]

If some one enters into an IVA where amounts include PPI, can you still claim the return of the PPI ? Many thanks ?

[dj1971]

Hi Consumer,

 

Yes, if you have good reason to believe it was mis-sold you certainly can claim it back, regardless of your current circumstances.

 

DJ

[Consumer dude]

Hi Consumer,

 

Yes, if you have good reason to believe it was mis-sold you certainly can claim it back, regardless of your current circumstances.

 

DJ

 

 

 

 

 

 

Thanks for that, OH is considering an IVA with debts that have PPI on them, so this is good to know.

 

Would you know if there are any exemptions to the six year claim back on the PPI ?

[Consumer dude]

How does mis-selling of a ppi that was added to the loan affect the overall agreement ?

[dj1971]

Am not sure what you mean by exemptions to the 6 year claim back on the ppi consumer. You can claim back PPI at anytime within 6 years of realising there may have been a problem/mis-sell, if that's what you mean.

 

I believe that if the PPI is included in the amount outstanding, this would be included in any IVA you enter into. Then if successful with a claim for mis-sold ppi, the total amount outstanding could be reduced by the amount of refund. Depends on whether you want the refund paid directly to you, or used to reduce the debt.

 

DJ

[Consumer dude]

Am not sure what you mean by exemptions to the 6 year claim back on the ppi consumer. You can claim back PPI at anytime within 6 years of realising there may have been a problem/mis-sell, if that's what you mean.

 

I believe that if the PPI is included in the amount outstanding, this would be included in any IVA you enter into. Then if successful with a claim for mis-sold ppi, the total amount outstanding could be reduced by the amount of refund. Depends on whether you want the refund paid directly to you, or used to reduce the debt.

 

DJ

 

 

 

 

 

 

RBS has confirmed they are returning the PPI, but are not accepting liability, however IVA has not been set up yet.

 

OH would perfer PPI amount to be returned directly, do you think thats likely ?

[dj1971]

Dude,

 

Have you already done your calculations to check the amount they are refunding is correct?

 

RBS do have the right to reduce the refund by the amount of total arrears outstanding on the loan. This is called "the right of offset". But they are only allowed to keep the amount of arrears. The remaining balance should be paid in whatever way you choose.

 

Personally, I would write to RBS confirming receipt of their offer and outlining the amount of arrears which they may take from the refund and stipulate how you would like the remaining balance to be paid.

 

Would not put it past them to refund the whole amount to your loan, so best to outline how you expect any monies due to be refunded.

 

Good luck

 

DJ

[Shelley181146]

My sister has been repaying her IVA for eighteen months and we have just realised that we can claim back the PPI on her many c/c's. If successful, will the IVA organisation expect to have the money to reduce the debt or can my sister have it refunded directly to her? She is currently under going Cancer treatment and is having a rough time. Would she come under the hardship rule?

 

Any assistance in this field would be greatly appreciated.

 

Shelley

[b3ckford]

What about when a IVA is completed? Do you calculate from when you pay into the PPI scheme, right up until the IVA starts, or is the PPI payments included with in the IVA payment? I.E, say I was paying PPI payments for two years, then entered an IVA for five years, should my claim be for two years or seven?

[b3ckford]

Sorry for the thread hijack, Will start a new thread now