Have received an offer from Halifax for a PPI settlement of approx £8100. As my debts were with Halifax I presumed this would pay off some of them. I also wanted to know how much I now owed and over what time scale. Firstly I went to the Halifax for the balance of my debts. They no longer have the loans! Where are they? In fact someone at Halifax told me they had been paid off and "not to worry about it". I still don't know what has happened to the PPI money and why the Halifax is no longer my creditor - who was represented at the initial meeting with creditors? When did the loans "disappear"? Next I tried Freeman Jones. Rang my customer relations manager who told me exactly the same as the above and I would have to wait for my annual review which was during this month. I asked for a statement showing what I owe and was told they don't do statements just "calculations". I asked for a "calculation". I was told that this was not possible. I said of course it was possible. They had all my documentation and I was not prepared to wait 4 to 5 weeks before I knew what my future financial position was going to be. I said I would go back to debt management to pay off the remainder of my debt. My lovely customer relations manager (or whatever he is called) said "I wouldn't do that" in threatening manner. I again asked for a "calculation". He eventually said he would do his best. Since then had a request for another payslip - are they delaying tactics? Have heard nothing more so don't know where my £8101 has gone and how this will affect my payments in future. Sorry this is so long but somehow all this just doesn't seem right to me. Will continue to investigate Freeman Jones.
Hi. First of all -- the disappearing debt ..... This has probably been sold on as toxic debt ( most of us have had one or more debts sold on and it has no effect on us as debtors -- the new owner will be bound, just as the original was.
The PPI refund has probably been paid to FJ as part of the IVA estate, where it will be shared out amongst all creditors pro-rata. It will merely add to the creditors dividend and will not affect your payments, unless the £8k brings your payments up to the total of the ORIGINAL debt, plus fees (and possibly statutory interest at 8% ).
Statements --- all they need do is push a button and a statement of affairs will be printed out --- kick up holy stink -- you are entitled to an update when YOU require it, not when they deem fit. Ask whoever you talk to for details of their complaints procedure and those of their regulators (hollow threats at this stage, but often gets attention).
Now ... cancelling the IVA and going back to DMP -- the chappie wasn't being threatening, just honest! If you cancel your creditors are likely to be falling over themselves in imposing back interest and late payment charges and the debt you are faced with in DMP will start out vastly over and above what you are currently deemed to "owe", which is fixed by the terms of the IVA at present.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for your reply Foggy. I did realise that the debts had probably been "sold" on but my point is that I would want to be informed of this and I appreciate you explaining where the money would go but surely this is something that they should explain. They are called your "personal relationship manager" and I can honestly say I spoke more to my money manager in debt management than I have had conversations with the people at Freeman Jones. I have kicked up holy stink but so far this hasn't resulted in a "calculation" being sent to me. He told me that each personal relationship manager took care of 450 cases. This means that each manager brings into the firm the management fee x 450. That is an awful lot of money x by however many personal relationship managers there are. I think we deserve a much better service than is offered. As for the threatening bit - I'm sorry but you were not on the other end of the phone - the whole conversation was held in a tone that was not acceptable to me. Thanks for the info anyway I do appreciate it.
This highlights one of the biggest bugbears with IVAs : We are trapped with the chosen ( or thrust upon us) provider (whereas they can, and do, move us on to other, unchosen, firms)and they are well aware of this. Consequently many firms do not bother with "customer service" as we are a captive clientele.
It won't do much good, or get any support from the industry, but we should lobby for the ability to move providers, at least once, and on reasonable grounds -- then the firms would give more care to retain their cash-cows.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Have had a similar problem with FJ but after posting on here Steve Hewitt intervened for us and now we are waiting for our cc. Contact Steve and I'm sure he will help.
