Our IVA failed in March 2014 after paying for 5 years. We chanced a PPI claim and received a letter upholding our claim but it said it would be paid to our IVA provider. We explained that we were not on an IVA but Payplan said they still had an interest in the money. We sent lots of letters to Payplan but received no replies. We received our insolvency letter in March 2015 and the IVA has disappeared from our file.
We contacted the company concerning the claim and they said that Payplan still had an interest. We were in discussions with PP and they agreed with lots of the points we were making and said they would meet with the IP to see if they could let us have the money. In the meantime the ppi was paid to PP, we received a letter which said that the cheques had been sent. On speaking to Firstplus they said that the legislation had changed and did not need our signature to be able to send this. Of course the meeting with the IP did not go in our favour as they already had the money. We are in the situation now that PP have our PPI and want to distribute to our creditors even though were not in an IVA and charge 15% to do it. All the creditors are dealing directly with us and we have set up repayment arrangements. The money would be able to get us out of debt if we made full and final settlements but we are not allowed to have it although they would have happy to give 40% to Equity in Finance if we had been on the IVA. Don't know what to do now, we have put in a formal complaint but whilst that is being investigated the money is sitting in Payplans account gaining interest!