This is unlikely to be applied retrospectively, and I think that the offer to pay statutory interest to clients is only being made to those clients where the IVA does not overtly include the PPI reclaim(s) as an asset of the arrangement. However, queries of this nature really need to be addressed to GT directly on an individual basis.
I am unsure why these companies need to offer any incentive if they are saying that the debtor has no choice!!! Sign the forms or no closure of the IVA!! Mmmmm why then are they offering smarties?!! Somebody somewhere needs to challenge these big companies! It's absolutely ridiculous and grossly unfair!!
I received this letter too. I've replied via the text option to agree to the variation but have had no reply. I may send an email to confirm receipt of my reply on Monday.
It does seem to me like they're offering a sweetener to get the variation accepted by most people without fuss. Otherwise, why wouldn't they keep the lot and pay it all into the pot?
Also, this 'mass variation' that's needed - as in my case, if they are allegedly allowed to chase you following the issue of a CC, why on earth do they even NEED this variation? THey can issue the CC's (as they did mine last summer) and then chase for PPI (as they are doing now)..can't they?! Or perhaps it's a 'grey' area and they actually can't.
It just doesn't make sense if everything we're been told individually is true - it all seems very fishy to me.
I'm going to find someone who specialises in this legal area to discuss what actually is and isn't allowed because I think GT are riding on the back of most people not knowing their rights in this area, and assuming that whatever they say is going to be taken as gospel. "We'll chuck them a bone and they'll think they're lucky to be getting that so will sign whatever we ask them to".
Last edited by kittyface on Sun Feb 24, 2013 5:39 pm, edited 1 time in total.
Hi Kitty -- I would be interested to hear what a legal eagle says.
As things currently stand the IP can "re-open" a case for PPI investigations and act as trustee, but would have to negotiate with the creditors regarding fees. So, it is possible, but, I am told, far easier to deal with the PPI on live cases.
There is so much conflicting opinion at the moment, even between IP's, and conflicting practice I don't believe even the industry itself really knows the answers and, to be frank, until any of it is tested in court, no-one will.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
