Thread: Barclays PPI success & in an IVA, refund lost?

Hi,
A quick rundown of my situation, I have £25,000 of unsecured debt, I have been struggling with the repayments for the past few months, due to loss of hours at work and costs going up.

So decided to look into an iva or bankruptcy.
Rather than bankruptcy, the best option I felt was an iva, as I still wanted to try and repay my creditors.

The amounts are spread over credit cards, store cards and a barclayloan.

My meeting of creditors was set for the 6th november and my iva was approved at £207 per month for the five year term, i believe they get 0.49 in the pound back.

Rewind back to february 2009, I decided on claiming back my PPI barclayloan cost through a company(challengeyour.com ) not by myself, who charge 20% of the refund.

Today in the post i receive confirmation of my iva and a letter from barclayloan advising me that they upold my claim and have paid £7,774 into my Barclays account.
My barclays account was minus £1200 on an overdraft and £11,000 owing on the barclayloan, as barclays were notified i was entering into an iva they duly froze my current account, which was expected.

I have spoken to a supervisor at my Insolvency practioners and firstly they told me the money was lost and i had no chance of recovering it, then I told them the amount and they advised me that barclays should have sent me a cheque, which i then pass on to my I.P.

Firstly:
I intended to pay the money over to my I.P who would distribute it around my creditors, but as i cant access my barclays account, how do i go about this, if at all? as i believe barclays are allowed to take the amount and offset it against what i owe them.

Secondly:
Is my iva going to fail, or can i notify my I.P and include (challenge) as a new creditor, it wasnt an amount that i even thought i would get back, as i seriously dont have 20% of £7,774 to pay them.

Any help or advice appreciated.

Regards
craig/suthernspud

Barclays Banks £800 settled at prelim
Barclaycard Visa £351 settled at prelim
Barclaycard M/card £330 settled at prelim
Lloyds Tsb settled when filed MCOL £981

Have Barclaycard sold your debt on at all?

My debt with them was sold on to Max Recovery.

Not sure if this helps or anything but am pretty sure that if you didn't inform your IP of your Barclaycard debt in the first place then you are in default of your IVA terms? I just failed on an IVA at year 4 - goodluck it is a tough slog and Im about to be made bankrupt (in January). The IPs will take any money they can possibly lay their hands on - their fees primarily come from the first year or so's IVA contributions so Im suprirsed they dont seem keen to get their grubby mits on this money.

I would speak directly to Barclaycard in the first instance and if not get your IP to step in and sort it out - thats what you are paying them ££££s for!

R

Hi,
No it's the PPI on my Barclayloan that I had the claim with.
I banked with Barclays for loan and current account.

I decleared every debt that I had to my I.P.

As advised I had my wages paid into a new Natwest account, the beginning of November, and then Barclays stopped access to my current account, which was overdrawn, when they were notified about my IVA.
The money from the PPI claim has been paid into the Barclays current account, that I no longer have access to.

I guess my chances are slim to no chance

i am like you trying to investigate this off settingrule
current thinking is that if its not meantioned in the T&C they cannot do it.
this i have had confirmed by a member thats says its stated thus under FSA rules.
but i have yet find it.

dx

Originally Posted by dx100uk

i am like you trying to investigate this off settingrule
current thinking is that if its not meantioned in the T&C they cannot do it.
this i have had confirmed by a member thats says its stated thus under FSA rules.
but i have yet find it.

dx

dx,
I have found my loan agreement out from 2003, and in paragraph 5 of the terms and conditions I have,
'Set off - We may take any money owed under this agreement from any other account you have with us'

So I guess thats me done then , however on ibank Barclays website under the Site Terms & Conditions, It states the following,
8. SET OFF

8.1 If:

(a) we owe you money on a current, savings or other account under this agreement or another agreement with us; and

(b) you have failed to pay us any amount you owe us on an overdraft,Personal Reserve, credit card, personal loan (including a mortgage) or any other credit agreement you have with us,
we may use the money we owe you to reduce or repay the amount you owe us.
This is called a right of "set off". We can use our set off right without telling you in advance if we reasonably think you will do something to prevent us from obtaining repayment by set off. If you have told us that money you hold on an account in your name is not yours, but someone else’s, we will not use the set off rights we have under this agreement against the money in that account.
8.2 We can use our set off right where you have accounts which are only in your name as well as joint accounts as shown in the example below:

Money held on account for: A A A and B A and B
Can be set off against money owed by: A A and B A and B A


8.3 We can also set off amounts we owe you against amounts you owe other companies in the Barclays Group and set off amounts other companies in the Barclays Group owe you against amounts you owe us.

8.4 If we are legally required to hold money in an account in your name for someone else, or pay it to someone else, then unless otherwise required by law we will only hold for, or pay to, that person what is left after we have used our set off rights to repay what you owe us.


I am going to go down this route with them, as they agreed to the terms of the IVA, am going to see if they accept my complaint against them offsetting the refund purely against the amount I owe them or whether it should be paid to my I P and distributed amongst my creditors.

:-|

Rewind back to february 2009, I decided on claiming back my PPI barclayloan cost through a company(challengeyour.com ) not by myself, who charge 20% of the refund.

Is this a case then of an independent recovery company fighting your corner taking a 20% cut for themselves and then leaving you to partially pay off the bank????? ie barclayloan ??

So much for the independent recovery companies getting your money back and leaving you in a position that you should have been in without PPI. The Financial Ombudsman Service would IMO have been a better option.

The rules in the terms and conditions put the consumer at a distinct disadvantage with regard to PPI.

My own view is....This product was massively mis-sold to thousands of consumers using various devious methods of mis-selling. This has been borne out by the multiple massive fines for mis-selling and the findings of the Competition Commissioner who have now banned the sale of Single Premium PPI and also the sale of any PPI at the point of any loan agreement.

aa

Originally Posted by suthernspud

dx,
I have found my loan agreement out from 2003, and in paragraph 5 of the terms and conditions I have,
'Set off - We may take any money owed under this agreement from any other account you have with us'

So I guess thats me done then , however on ibank Barclays website under the Site Terms & Conditions, It states the following,
8. SET OFF

8.1 If:

(a) we owe you money on a current, savings or other account under this agreement or another agreement with us; and

(b) you have failed to pay us any amount you owe us on an overdraft,Personal Reserve, credit card, personal loan (including a mortgage) or any other credit agreement you have with us,
we may use the money we owe you to reduce or repay the amount you owe us.
This is called a right of "set off". We can use our set off right without telling you in advance if we reasonably think you will do something to prevent us from obtaining repayment by set off. If you have told us that money you hold on an account in your name is not yours, but someone else’s, we will not use the set off rights we have under this agreement against the money in that account.
8.2 We can use our set off right where you have accounts which are only in your name as well as joint accounts as shown in the example below:

Money held on account for: A A A and B A and B
Can be set off against money owed by: A A and B A and B A


8.3 We can also set off amounts we owe you against amounts you owe other companies in the Barclays Group and set off amounts other companies in the Barclays Group owe you against amounts you owe us.

8.4 If we are legally required to hold money in an account in your name for someone else, or pay it to someone else, then unless otherwise required by law we will only hold for, or pay to, that person what is left after we have used our set off rights to repay what you owe us.


I am going to go down this route with them, as they agreed to the terms of the IVA, am going to see if they accept my complaint against them offsetting the refund purely against the amount I owe them or whether it should be paid to my I P and distributed amongst my creditors.

:-|

well in my case there is NOTHING in the T&C of the HFC loan this apertains too, so my thoughs are they cannot do this.

EDIT: i stand corrected, it IS mentioned in the T&C just found it, though why they put in 6pt font in a tiny box that cannot be viewed very well amazes me.


dx