My IVA ended on 28th June 2014 with Payplan. However, whilst in the IVA, Payplan advised me to use Equity Finance to do a PPI claim. I was advised that I would get 8% of any PPI refund. RBS one of my old creditors wrote to me directly and advised me that any PPI refund should be offset against my IVA, but they stated that as a gesture of goodwill, if I accept their offer, then the refund would be paid to be directly and not to Payplan/IVA. As my IVA has ended and RBS have informed me that they will not make any PP refunds into my IVA, do I have to send the cheque onto Payplan. Surely, if my IVA has ended any monies should now go to me. Equity Finance have told me that if I receive any cheques, I should let them know. Where do I stand on this / Kind regards.
The date in your post must be wrong as the date you refer to as "the end" of your IVA is in the future.
Assuming the date is wrong, have you actually received your completion certificate ?. If you haven't, then any PPI refunds should still go to your creditors rather than to yourself.
Hi Sue. PPI is a bit of a mess at the moment. If the PPI was payable into your IVA before you got the completion certificate (i.e captured under the terms of your IVA) then any further refunds, even after completion, are rightfully due to the IVA also -- they are still regarded as assets available during your IVA.
Now, Many, if not most IP's will want this money. A few are not bothered after completion (who is right and who is wrong has never been determined).
In any event Equity will want their fee ! I imagine RBS will eventually tell them they have paid you direct as Equity will still chase this up with them.
Bit of a gamble as to whether any of them will find out ... it's your choice as to whether you want to open the box or take the money !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy, but I do not understand why they wish to receive the PPI payment and the creditors have been paid in full and final. I have decided that I am not going to tell Equity or Payplan that I have received any cheques.
