Hi- our iva was completed last year, via f and f, and we recd our completion certificate last year. After receiving the certificate we put a a claim into NatWest for miss selling PPI (NatWest was where I had my current account at the time of starting the iva and where I had the majority of the debt). So our PPI was accepted and yesterday we recd chqs for the interest part of the claim, however the majority of the payout (£1800) was paid into the old NatWest current account. I went to the branch, and they refused to let me withdraw the money, they said on their system it still shows I owe them money. They where not interested in seeing the completion certificate, and said natwest will not give me any of the money, and will have to take up the issue with the PPI dept. Does anybody know where I stand regarding this, and if they think I will ever rec the money - thanks
Unfortunately this is a grey area but seemingly any PPI from debts pre IVA can still be classed as part of the IVA even after completion, although Natwest really should have sent the money to your IP for distribution amongst all your creditors rather than just deducting it from your old debt.
The interest element you get to keep. Sorry if this is not what you want to hear
To be honest, I am surprised, and you are lucky, to have even got your hands on the interest element, as many lenders will set off the lot against past debts.
As Lem says, this is a very grey area as none of it has yet been tested in the courts ( not many ex-IVA'ers can afford such an exercise!).
The alternative to them setting off the monies, as Lem says, would have been to pay this over to your ex-IP for distribution between all of your creditors, as PPI is deemed to be an asset of the IVA, in many ( not all) cases, depending upon how your proposal was worded.
Then there is the moral arguement .... how much did Nat West write off from your debt and how much interest did you not have to pay to them during your IVA ? Probably more than the PPI repayment, so you are still ahead of the game.
Personally, as things stand, I would let sleeping dogs lie. It's a gamble ... if you kick up you might ( but very unlikely ) get some back, but (more likely) you will stand to lose what you have been sent already.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I really do think its a bit like the Wild West the PPI issue and its really not good enough. How much more do we have to suffer, we paid are dues and yet people ages after completion are still being hounded-I find it very hard to understand the fact that we are all never free of the mistakes we made
I agree that the mis-selling of unwanted products to customers who neither asked for or needed these policies may appear a little out of the "Wild West", and that many of the aspects of recovering those monies may be confusing.
Bank's generally do have a right to set-off monies due to their customers against monies they lent, and so Nat West may be completely right about how they have treated your money - regardless of the fact that you are in any IVA - but legal advice sould be sought if you feel it is worthwhile.
