Right firstly I didnt want the money in the first place i would like make that very clear as i feel some people are taking my intentions wrong....I said i didnt want to take ppi insurance from my creditors as it did not make sense as i hadnt paid them back the full money!! therefore when someone tells you its in your best interests to do so i agreed as i was mis sold it ...that seems fair then im told actually no one really benefits and my creditors have not had more back as they all had the same near enough amout taken from them!!! so with all the fees taken out for solicitors and company fee they have ended up with less!!!! so they have NOT benefited if this would of been put to me i would not of gone ahead....I would just like to point yes its great there are iva companies if you are a good person and want to pay ...but lets face it i could of taken bankruptcy and wouldnt of paid anything and would have had my life back now ....but i didnt!!!!
Tracey - PPI refund claims are absolutely fine when outside of an IVA, but whilst in an IVA the money will be distributed amongst your creditors to provide a higher dividend.
An IVA gives the opportunity for individuals to pay some money back, albeit, at a lesseer amount - afterall when we borrowed the money we expected to repay it - we didn't take it to not!
Bankruptcy is not an easy option either, and some people find that they have to pay the OR a similar amount of money back too
At the end of the IVA you will have comfort in knowing that you have repaid your creditors to the best of your ability, your life will be yours again, and at the end of the 6 years there will be no sign of your IVA on your credit file.... life in an IVA does not mean that you can't have a life ...it gives you opportunity to change your lifestyle and spending habits for the better - stay positive !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi Tracey - I understand how you feel hun. I am continuing with my PPI claim. It has taken me 18 months and it's been with the Financial Ombudsman for 6 months. I knew when I went into the IVA that is would be treated as a windfall, but in my view, the tactics that were used by HSBC were awful and after all this time I just may as well let them continue the case. At the end of the day it will reduce the debt to HSBC by about 4 or 5k with interest so that will just increase the dividend to my other creditors.
I have a feeling that it will be standard for IVA companies to make a claim for you where there is PPI on any debts now the floodgates have opened. Whish in my view is a shame as although you and I were mis-sold, I am sure there are thousands of people claiming it back that were not mis-sold.
