Hi guys I'm a year into my iva with Mccambridge duffy and everything was going fine so I thought I send my payslip in every month etc.i got a letter sent out saying I'm in breech of my iva due to a financial iregularity . Would this be to do with me ignoring two letters about ppi money ? The reason I didn't fill the letter in is because I k ow there is no ppi I'm really worried here any advice would be greatly appreciated
Even if you 100% believe there's no ppi, failure to comply with a request to search is a breach. Speak to them to confirm. If there's none, you have nothing to lose letting them check.
It's only when they find large amounts can they justify doing it.
Routinely very little money goes to the creditors and most gets eaten up in other costs e.g.
£1000 PPI found and reclaimed
PPI company takes 39% which is £390
IVA company takes 15% of the remainder £91.5
One IVA company has added on £200 to commission the searches
Amount to creditors is therefore £318.50
If £8k was found in reality the creditors would only get around £2548.
If IP's were to factor in their general mismanagement and lack of attention to timescales they would probably find it costs them more in the long run than they actually make.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
It is incumbent on us to investigate PPI but we need our clients to assist. If there is nothing to be reclaiumed it is of no cost to you anyway so give us a call and return the paperwork.
