Gt/eic/ppi question

[Loujess123]

Hi, I am new here so I apologise if I have posted in the wrong part.

I am in year 5 with 13 month remaining (due to not having equity to release) and I am now embroiled in the whole ppi saga.

I will start by saying that I am happy to have the money be paid into the iva, it's money I never thought about. However gt have dangled a 8% interest carrot in front of me, so I am expecting something back.

First question - has anyone ever received this money??

I have recd a letter from citifinancial informing me that there is ppi and that they will be sending 1050 to Gt (inc 445 interest) I rung gt and they told me that they have to investigate all ppi before they send any money out. I asked what would happen. If the creditor didn't reply. Answer we keep trying - so in short it seems that the offer of interest payments may never happen.
Also, this morning I recd a letter from eic saying that they had recd confirmation from cap 1 and they also found ppi. However they decided to offset it to the debt rather than pay it into the iva - so no interest coming my way from that then!!

Sorry for the rant, it's just that I feel I have done everything I can with gt and been treated really badly throughout the years (including them not removing a land restriction so I had to delay my house sale)

If I being honest, I am of the opinion that I won't actually receive any money. But if in 13 months I never have to deal with them again then it's a small price to pay!

So, back t the q's - has anyone red any interest via gt? What success are people having with eic? Can anyone give me some hope??

Thanks for listening

[Foggy]

Hi -- if you do get any interest back --- and it's too early in the process for anybody to have been actually given this particular carrot -- it will be the gross amount less tax, which will go to HMRC, less the claims compnay fee ( typically 30% ) less the new fee agreed to in the variation letter ( if accepted by the creditors )-- so another 25% gone.

[MelanieGiles]

If this firm's policy is that they will allow all of the interest on these claims to be paid to their clients, then this should be done on an individual claim by claim basis, so I am not sure that the advice you have been given is correct and in line with their set policy.

It may be beneficial for you to escalate this point up the chain of command within GT to be sure you are being advised correctly.

[Loujess123]

Thanks for the reply

Just looked borough the info they sent and it doesn't really tell me how the interest will be paid, just that I will retain any payments of statutory interest (net of costs)

I find it all very very confusing, whenever I ring I don't get anywhere. I may try an email see if anyone can clarify it for me. Other than that I guess I just wait and see.

My main aim is to be done for sept 2014, then life can start again.

[MelanieGiles]

Good luck with all of that, and try and let us know how you get on eventually.

[viperboyz]

They taking thier costs directly out of the statutory intrest??? most intresting especailly as GT claim to not earn a single penny from PPI.

[Foggy]

Viper -- under the terms of most arrangements these days the IP gets 15% of all realisations -- PPI refunds are a realisation. If the GT MVM latter has been signed and agreed to by the creditors that increases to 25%.

[viperboyz]

I asked GT that question and an executive in recovery management said they get nothing for it which we all know has to be wrong.

[MelanieGiles]

IPs will see increased fee income where their fees are based on the level of realisations or time costs. If fees are fixed, them no additional money will be earned, unless creditors specifically agree a higher level of fee.