I completed my iva 3 years ago and I'm now in the process of claiming ppi back off of first direct they have made me an offer but they said the money they will give me will be setting this amount against my debt with them this surely cannot be right??
The debt doesn't exist if you have concluded, they could send it to your IP to be distributed between all your creditors but your case was closed some years ago.
I would let the Banking Ombudsman/FSA decide on where the payment should go
Hi! I agree with Andy! If they were included in yr IVA then they agreed to write off any outstanding debt! PPI is an insurance policy surely and not part of the debt! Also am I right in thinking that your proposal has to state after acquired assets in order for it to count towards your IVA? If I were you I would gently remind them that the IVA successfully concluded and if necessary send them a copy of your cc! I know another poster on here did exactly that and they then sent the money to her!
The debt does exist if the PPI relates to an asset which existed at the time the IVA was entered into, and was rightly payable into your IVA.
Andy's advice to let this be judged by the FO is good - we all could do with some clarity in the area of set-off, but I fear it may take some time as I gather they have an 18 month backlog of cases to adjudicate on.
My own barrister believes that cases where the FSO rules on cannot be set-off against existing debts, but this does not necessarily help you if the money has to be distributed to all of the old creditors instead.
