l would like to thank you for taking the time to look at this and reply to me in email and to respond to this post.
I would like to ask a couple of clear questions that I would like an honest answer to.
1. Did I legally have to sign the authority forms for the claims company to make a claim on my behalf for miss sold ppi?
2. If I refused to sign these forms based on my own personal belief that I had not been miss sold ppi what would have happened to the IVA considering I had made payments into it for 72 months?
3. Why did the process of reclaiming miss sold ppi not start until April 2012 when the last payment of my IVA was in January 2012?
Many thanks in advance for your answers.
7 years after starting an IVA I finally received a completion certificate from ClearDebt
PPI is a very hot topic lately and I am sure it will be for a long time to come.
Everybody has their own personal view on the matter and personally I feel if I had any PPI outstanding then it is only fair that this money be paid into the IVA pot.
Hopefully Mike will be able to answer your 3 questions soon as only he can answer them however I can comment on question 2.
If you do not believe that PPI was ever miss sold how can anyone possibly claim that you were miss sold it? Surely this is wrong both morally and illegally even if you were to claim it yourself but thats just my view.
I believe some IVA companies are giving you this option by having you sign a document to confirm that you were not miss sold PPI if you believe this is the case but on the other hand I have read that some companies are giving their clients the first 500 pounds as a gesture of goodwill...(how is this getting the best possible return for creditors?)
I feel quite neutral on this subject as im not experiencing a PPI claim but just felt like putting my opinion across.
I would like to add another element to this; I have a number of creditors, one of which is Halifax.
I am being forced to claim against Halifax for miss sold PPI. I am supposedly doing this for the good of my creditors (including Halifax) as this money will go straight back to those creditors minus the 33.95% commission that the claims handling company are charging!
Am I missing something here?
Would it not be better to sign a document that said that you accept that you have no future claim for miss sold ppi and cut out the middle men?
Are Cleardebt truly chasing miss sold PPI because they have to? Or is there something more sinister happening with Cleardebt and others?
7 years after starting an IVA I finally received a completion certificate from ClearDebt
But surely it's better that 66.05% of the missold PPI goes to your creditors than nothing?
As Michael Peoples says there is no incentive for people in an IVA to claim and the IP isn't licensed to claim so I see no other alternatice than to use a company to do this.
They want to claim 100% of miss sold ppi from my creditors to give back 66.05% to the same creditors!
Which means the creditors are worse off!
Nothing has been achieved other than lining the pockets of those who are taking their cut for processing the claims and any additional charges the IP may add for administration.
7 years after starting an IVA I finally received a completion certificate from ClearDebt
No, I'm not missing the point. Yes, they will be claiming missold PPI from creditors but this will then be distributed between all creditors which surely is a fairer system.
I cannot see how Cleardebt are able to enforce this on their client legally?
If it is legally enforceable, why are all other IVA providers not bound by the same rules?
During the completion process of my IVA, I was never asked once about reclaiming PPI. So either my IVA provider was wrong not to pursue any possible claim, or Cleardebt are wrong trying to ride roughshod over its clients.
I know what course of action I would take if I was a Cleardebt client and was pressured into this position.
Last edited by oddbod on Fri Jun 22, 2012 9:23 am, edited 1 time in total.
It is at least a year old as far as Cleardebt are concerned as per link that I posted earlier:
here is a link to Cleardebt’s website dated May 2011 where they seem aware that the banks are no longer contesting claims for miss sold ppi and that any claims could go into benefitting the creditors of the IVA.
LINK: http://www.cleardebt.co.uk/blog/payment ... ivas_33322
7 years after starting an IVA I finally received a completion certificate from ClearDebt
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Harpic
I agree with Skippy - other companies are doing this, my own company is one of them.
It is unfair to just single that particular company out.
The PPI thing is something very recent.
But why are some not, if it's the Supervisors responsibility to pursue a claim?
Surely IPs of all IVA providers would be equally obliged to pursue PPI claims?
Why are some not doing this?
Maybe Cleardebt are being over zealous in their pursuit of these claims?
And it is perfectly fair to single out Cleardebt in this case as they are the provider of the original poster's IVA, and hence, a cruicial part of his original question.
Just because the experts/proffesionals who post on this forum may be nice people, doesn't place them above questioning.
From my understanding some IPs feel that they are duty bound to try and recover as much as they can in an IVA and they have to use 3rd parties to claim the PPI as they do not have the required MOJ license to do it themselves [hence the commission cut].
Cleardebt are not alone in this and are robust enough to answer any questions on her, however just a reminder that the ethos of this forum is "respect for all" and this includes the professional posters.
I completely agree with the 'respect to all' ethos of the forum, and I have personally valued the contibutions and advice given by Size5 and the other professional posters over the course of my IVA.
However, I reitirate my point that they shouldn't be above questioning over points raised on the forum or in this particular case, an understanding of policy/procedures within their company. As long as the questioning is done in an appropriate fashion.
I am still at a loss to understand how some IPs 'feel they are duty bound' to recover PPI, whereas some are obviously not duty bound.
Why is there a difference in obligations between IPs, and is this stance by Cleardebt (in this instance - there are obviously others) enforced legally?
If the original posters IP did fail the IVA due to non-pursual of PPI, could this be legally challenged?
