Today, I have received a letter from Grant Thornton in respect of a variation in terms and conditions and regarding PPI claims. Can anybody explain what this exactly means. I am just about to enter the 6th year of our IVA due to not being able to release equity.
A couple of weeks ago we sent the forms back to EIC authorising them to reclaim PPI on our behalf. I don't understand the form that Grant Thornton have now sent.
We would therefore like to harminise the terms and conditions of your arrangement to bring it into line ith GT arrangements - this will be at no direct cost to you. In summary, the effect of the variations will be:
To enable you to retain any payments of statutory interest(net of costs) that may be included in any PPI compensation paid out or similar claim that is received into the arrangement. This is not currently the position under your IVA's existing terms and conditions:
To enable me, as supervisor, to issue a completion certificate in respect of your IVA where all contributions and assets(other than mis-sold PPI compensation or similar claim and VAT refund) have been realised;
To facilitate me in returning any PPI compensation or similar claim to you, where creditors have been charged in full in accordance with the terms of your arrangement, and
to make your arrangement more straight forward and easier for my team to administer when dealing with any PPI compensation or sinilar claim due.
Seems reasonable - if they are going to allow you to keep the statutory interest element, and the PPI monies are rightfully an asset of the IVA, then they will need creditor agreement to this - as strictly speaking creditors would be entitled to receive the interest as well.
i too was under the impression stat int was added to the pot , some conflicting information here foggy perhaps Karol could shed some light and this bunny will not be too happy either
