I wholly agree that it is better for our clients to deal directly and thus secure all of the monies rather than a percentage. So long as I don't get 20 questions every time the bank rings them up with queries or reasons not to pay, I don't mind!
It will be interesting to see how many people do calim back their PPI after being contacted from the banks and also if the banks hand that money over or if there will be a alot of "well we owe you a grand, you owe us £995 in your overdraft so heres a fiver"! i would assume so, as we know this sort of thing has already being reported here on the forums!
worryingly there has been a huge increase in people using one of the many PPI claim companies who take on average 20-30% of what your are allocated back but due to the banks swallowing the PPI claims back to service debts you have with them the original claimant are being billed by the PPI claims company for the work they have done as money never actually changes hands! One poor guy got a whacking amount of PPI back, the banks used it to pay off his loan with them leaving him nothing and the PPI company sent him a bill for just under 2K!!
If anything, its a right ruddy mess and it seems more and more people are jumping on the PPI band wagon without fully realising whats in store, all they see are £££££!!
IVA completion and certificate received 08/10/2012!!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I work with a legal firm who are pursuing PPI miss selling in IVA`s. We are finding that we gain far better results than a claims company resulting in larger pay outs and quicker response times. We also removed statuary limitations and have taken a PPI claim all the way back to 1991. To deal with the claims correctly it really isent just a case of sending a few letters. There is a lot more work than you think. To audit a file properly and find the PPI`s and process them to conclusion takes far more effort than you might think!
Also we have taken on claims purely to test the law. One parrticular case was a small claim of £2500 but we still invested £5000 in counsil from South Chambers and 20 hours of time just to test the law with regards to set off of the claim.
Its a can of worms!
All views expressed are my own personal views. Without prejudice
Hi Jamie, I certainly agree it is a can of worms. However, it isn't always difficult (depending upon the state of the debtors files and knowledge). Over the years preceeding my IVA I never, knowingly, took out PPI. For the hell of it, a few years back I thought I would check (this was before the PPI thing really took off, but banks had already stopped contesting many claims). Lo and Behold, one of my creditors had actually added PPI on at the beginning of the loan!
One letter and all of three weeks and the cheque for full repyament plus interest was in my hand. I might as well of been in an IVA at that time as I used the funds to repay debts in any case !!!!
I have checked all the rest and there is none to be had !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
