I made my final payment of my IVA on Oct 2nd. A week later I received a PPI refund, which got sent to the IVA administrators. I have been advised that this refund should not be included in the IVA because I had made the final payment so the I had kept to the agreement but they have taken over £700 from the refund. Are they allowed to do this?
Hi, yes they are allowed to take the refund, you are still under the terms of the iva until you recieve the CC, i would check the terms of your agreement to see if there is any clause in it regarding PPI but usually any refund goes to the administrator. It may help to contact your IP just to make sure though.
You are not out of an IVA until you have had the completion certificate - so if you win the lottery waiting for it etc. it has to go to the IVA.
That's one of the reasons for pushing companies to issue them in a timescale that makes sense (I'm not going to say a reasonable timescale because only a court can decide what is reasonable despite what IP's say).
PPI will always be different and will be regarded as part of the pre and post IVA until such time as there is a 100% return including IP fees etc.
The issue for you is getting your completion certificate.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Check your completion letter as well when it arrives as some companies are putting a caveat on there so that any PPI afterwards will still go across to the creditors.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Even if you had your CC I'm afraid the law is grey at the moment on PPI so you may still have had to pay it to your IP (subject to next years Court Hearing)
