I find it farcical that PPI money should be paid back to the bank that conned me out of it !

[Pauline.md]

My IVA has been running since September 2010, dute to end Sept 2015. My original debt was just over £31,000 and most owed to my biggest creditor, the bank. I was told by my IVA supervisor that I would be contacted by a claims company to recover PPI and that recovering PPI was obligatory under my IVA terms. To date, £9,000 has been recovered, but it's not being offset against my debt but is classed as a contingent asset. So I find that a company has been paid 38% of recovered costs, to claim back money that was conned out of me by the bank ( forming a big part of my original debt) to be paid back to the bank that conned me out of it in the first place! I find this farcical and would welcome any advice.

[Foggy]

Yes, it is farcical, but that is the current situation for all of us. At the end of the day, even with this situation, you will come out ahead as you have been spared paying interest on the £31k for 5 years. The money is due to the creditors and, if they have agreed, via the IP, that 38% goes to the claims company, that is up to them.

Yes, the bank that "conned you out of the money" in the first place will be getting some of it back ( but other creditors will get a share too), but, as I said before, they will have also foregone that interest income. Six of one and half a dozen of t'other.

[Pauline.md]

Thank you for your post Foggy - that's very helpful.
Does anybody else have any constructive advice?

[MelanieGiles]

It is not farcical at all, Pauline. Merely an even repatriation of assets to your creditors, in line with the fairness of the insolvency regime.

You don't have to engage the use of a claims management company at all. You could work through the claims directly with your lenders, and end up perhaps realising more money at the end of the day by saving on the fee - which does seem very high at 38% - however this means more work for you, with perhaps no benefit of any return to you directly, apart from the knowledge that your creditors have been repaid more money.

[Pauline.md]

Melanie Giles, thank you for your response. I do understand that my creditors should get the best deal possible which is why I went for an IVA and not bankruptcy. The fact that the bank is my biggest creditor and will therefore reap the lion's share of the PPI that they missold me and (no doubt contributed to my original debt) rankles enormously.

[No_Money]

I wanted to do my own and get my creditors an extra 30% , but was told not allowed! Surely not the best return for my creditors

[Til]

How was it that you were 'not allowed' No_money? I've never heard of that as yet?

[No_Money]

I offered and was told had to go with EIC , so wish I didn't have to as they are painfully slow

[MelanieGiles]

No-one can insist that you use one particular firm to process these claims. If you want to do the work yourself, then this is entirely your prerogative - however I would suggest that generally a better result is achieved when firms engage with one claims management company from a reporting and accountability basis.

[ashb]

Now we hear thatthe banks have under paid PPI, so does this mean again completion and certificates will be delayed even more-fed up with IVA firms, EIF and the banks

[ashb]

The IVA firms choose to do business with the PPI claim firms, mine choose EIF so I put my IVA firm in the same class as EIF=ZERO. Its not easy to not have to follow the IVA firm and they advise to go with EIF , the cover letters sway towards itimidation. The good news is all this will one day come out and we will be claiming against the IVA firms who are in my view thieves. I am in the middle of setting a question in Parliment about the who IVA issue and my MP is readying herself to table a question soon so watch this space---IVA FIRMS enjoy your legal freedom as it will change just wait.

[antm]

I will admit ive still got my head in the sand over PPI. I remember before going into my IVA asking the bank to drop my PPI payment as that was crippling my repayments. They refused and thus I entered my IVA period.

Luckily I completed my IVA a few years back and my IP said not to worry about PPI as part of my IVA completion.

I know I could claim some back from loans previous to the one I couldn't pay back, but part of me thinks its just not worth dragging old ground im debt free and have a clean record. I keep getting the letters to authorise Barclays to investigate my ppi but they go in the bin.

I do feel for you guys awaiting completion soley round PPI, you've done your time, they really need to find a way to resolve this issue.

[Gettingthere]

I understand your annoyance believe me.

I had originally claimed PPI pre-IVA on a loan and was offered and accepted £900, they have now offered near £5500 to be offset against the debt to EIF, I am going to be contacting the Building Society in question over this as to me this seems not only immoral but also illegal.

[llamedos]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

No-one can insist that you use one particular firm to process these claims. If you want to do the work yourself, then this is entirely your prerogative

Errr, I have been told in no uncertain terms that I had to use my IVA co's chosen PPI management company and that doing it myself was not an option. I have also been told, while going through the PPI process, that I can not do anything to expedite the process - if any of the creditors' PPI departments contact me, I am not allowed to speak to them and must refer them to the PPI company.

I was contacted a couple of months ago by 'my' PPI handler who wanted to know when, why etc I had taken out a loan so that he could ascertain my employment status at the time etc as part of my claim so they could go back to the creditor to claim the PPI bsck. He couldn't give me any information on: how much the loan was for, when it was taken out etc.

Without knowing when it was, I can't give my employement status - it could have been literally anything from full time employed, part time employed, unemployed, student, self employed or on maternity... he was grasping at straws "err, well is it within the last 5 years?" - no mate, but only because I have been in the IVA almost that long; it's also not more than 12 years ago... other than that, you have a 7 year window, feel free to narrow it down.

My partner, on the other hand, took a call from his former bank's PPI department who said when, how much and why his loan was taken out, he was able to answer the questions fully and factually and his PPI has now been processed! Yet my PPI handler is insisting that I can't speak to them yet can't give me the information needed to answer the questions!

As with so many people, the end of my IVA is in sight but my completion certificate is a distant dream because of the PPI which has so far taken 13 months with no end in sight!

[MelanieGiles]

Which IP are you using, and which PPI claims management firm are they insisting that you use, llamedos?