FSCS PPi claim. I have an ongoing ppi claim that may or may not award me a refund. i am in the middle of a 5 year IVA and as i understand it if i am awarded a PPi refund i must inform my IP and pay the relevant amount into my IVA. What i dont understand is that shouldn't the FSCS inform my IP directly if i am awarded a refund as in thereoy they would never know if i was refunded some PPi. I cant believe that this would be done on trust as a lot of people would surely just keep the PPi refund and hope the IP never find out ?
Some companies may inform your ip but it's up to you to do it really. I was forced to make a ppi claim by Grant Thornton or they would have seen it as a failed iva despite them telling me to do it 6 months after my last payment and me knowing I did not have a claim. Many ip companies are going the route of forcing us to claim ppi in an attempt to get more money paid to creditors. Personally I think if you have a ppi claim you should pay it in to the iva as in many cases your creditors are the same people you claim the ppi from. I don't agree with being forced to make a false claim like I was tho. Just be wary that you may get found out if you have a successful claim and don't declare it, it could well fail your iva.
I still find it hard to believe the FSCS are not obliged to inform your IP, seems a very poor process as you could in thereoy keep any money awarded and never tell your IP and they would probably never find out and you could carry on paying until you complete your IVA without them ever knowing. This surely wouldn't be looked upon favourably from the creditors point of view as PPi claims are not registered anywhere publicly as far as i am aware.
Of course they would find out!, if you are awarded a refund and don't declare it, what happens when your IP gets around to initiating investigating PPI refunds on your previous accounts and your creditor turns around and says 'oh we refunded them 2 years ago'
All IP's have or will be investigating PPI refunds for creditors at some point so there's no getting away from it really
