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I have recently received an offer of over £4800 for mis-sold PPI which was sold to me amongst many consolidated loans from Natwest bank over the last 10 years, to fill in my background I was very naive and every year Natwest would invite me in for a "financial review" where I was subsequently sold a loan that had to include PPI as I didn't have any assets, As a result of the loans spiralling beyond my control and subsequently when I lost my job in 2009 I was then forced into an IVA this is where the help I seek is required. I have sent all the various forms back accepting the amounts that total the £4800 and RBS Natwests parent company have sent me a letter saying that this will be off set against my debt. Now I don't mind paying off my overall debt but Had it not been for the PPI repayments I would never have needed to go down the IVA route in the first place as £200 repayments are much more manageable than £400 repayments!!! I fully accept that I was never going to get the full amount back but I believe I should receive some compensation for them putting me in hardship it just feels like the whole reclaiming my PPI has been for nothing and that I will need to carry on paying the repayments on my IVA until it ends in 2014, my whole life is on hold until this ends!!!


I also am concerned about the fact that in Feb 2012 my IVA company sent me a letter informing me that I may have paid PPI and that they would get a company to look into getting this back, I sent back some forms but it got nowhere, I then decided to chase it up myself and at this stage am successful, does this also mean I will lose 30% of my claim?


I really am not very clued up on this kind of thing and would appreciate any good advise from people who have been through similar experiences

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It looks like they can




Whether they can just use it for their own debts, i wouldn't have thought so, the IVA company should administer this.


As for the claims management company, what do their t&c say if you decide to pursue the claim on your own once you have instructed them?

Edited by itstheone
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PPI refunds on account that were included as part of the IVA must be notified to the administrator of the Arrangement as the refund is an asset of the Arrangement.


Ask your administrator why they recommended using a fee paying CMC to handle your PPI reclaim when that was clearly not in your best interest.


What work did the CMC actually do for you? If you don't know then demand that they tell you.


What exactly did you do towards the claim? Did you simply chase up on what the CMC had done or did you submit claims yourself?


Ask the lender who's instructions they acted on, yours or the CMC.


Also get the bank to send you detailed workings as to how they arrived at the offer amount. Banks have been known to short change people on their PPI refunds.

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