Let us be frank, not all PPI insurance was miss-sold!
Many people have benifited where the insurance has paid out and many more felt reassured that there was insurance there if their circumstances changed.
Due to the greed of the ambulance chasing claims managment companies and some unscrupulous IVA companies not forgetting many individuals, the banks are having claims made against them for ppi insurance whether it was miss-sold or not and are paying out far more compensation than they initially made selling the insurance in the first place.
Last edited by Heretoday on Sun Sep 23, 2012 10:01 am, edited 1 time in total.
7 years after starting an IVA I finally received a completion certificate from ClearDebt
Sorry Niobe! I merely suggested that we could be accused of fraud not that we were fraudulent! Some people would accuse us of such! Barclaycard certainly did when they kept phoning me! Mis selling is a huge subjective debate that could go on forever! All I am saying is each to their own if they wish to claim and keep the money! Yes an IVA is good for getting your finances back on track but during that 5,6 or even 7 years life is very difficult for the majority! We had to give up our home, pension etc! If I had claimed back ppi which I wouldn't have needed due to my sickness policy and not paid IP fees of over £8000 plus more in costs then my debt would have been paid in full and I wouldn't have needed an IVA! By the way I was not made to claim ppi and completed some time ago!
I've never taken out PPI and have never been told that I had to have it.
Thankfully I was able to keep my house and able to continue paying into my pension scheme, I know that some people are a lot worse off than me and I consider myself very lucky to be in that position.
Grant Thornton have sought advice on the treatment of a successful PPI award. I would be grateful if you would contact my Customer Services team on 08448552166 or by email quoting "IVA Forum" in the subject line to ivacustomerservices@uk.gt.com and a member of my team would be happy to explain to you.
On the PPI subject I have recently put a claim in after completing my IVA over a year ago. After lots of phone calls and complaints finally got my completion paperwork last month. I put in a claim directly through the bank and found out I was going to get a substantial amount. However the bank wanted proof I had completed and wanted copies of the relevant documents which I sent as requested, however the bank still sent the cheque to GT. I phoned the bank and they told me that they would cancel the cheque and send it to me directly which they never did and GT cashed the cheque 2 weeks later. So after hundreds of phone calls to GT they told me that they've put a claim through for the cheque to be sent to me and was waiting for management to sign the amount off! Finally after asking to speak to management to find out why it was taking so long for me to receive my cheque I received a call from a supervisor informing me that I wasn't going to get a penny and it was being paid to my creditors even though I completed over a year ago. Not once was I told by any of the customer service personnel that I wasn't going to get my money, it really upset me and led me into false hope [:(] if I was told that weeks ago I would never have got my hopes up. In my opinion bad customer service!
So what does completion really mean? How long will our IVA's hang over us? Very disturbing and disconcerting as goalposts shift and arbitrary decisions being made - some can keep - some can't
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
I started this post and have asked Grant Thornton to supply legal evidence to support their actions, I have no documents supporting their claim that they can receive monies between me making the final payment and the day I receive my completion certificate
their opinion and those in a court of arbitration could be different
what happens if I win £10,000 on a scratchcard surely GT cannot believe I would hand it over if they could firms will and I repeat will deliberately delay the completion of IVA's in the hope of raising more funds
another scenario I could be made redundant at Christmas £15,000 rendundancy money due do they take this as well
where and when will they stop trying to get more money after the completions's of IVAs???? - perhaps the experts will answer this one
Goulda ... the point here (whether we agree with it or not) is that your entitlement to a PPI refund existed prior to and during the IVA --- by that reasoning it is viewed as an asset of the IVA.
Your scratchcard win or redundancy, coming after the IVA, are nothing to do with it and untouchable by the creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I accept what you say but this PPI claim dates back to the early 1990's long before we encountered debt problems.
Had we of received our completion certificate one month after the IVA finished the money would be ours anyway.
Grant Thornton did not start pursuing PPI claims until after we had completed our IVA not during it.Our IVA finished months ago.
I'm with you on this one. Whilst it is true that there needs some case-law legal precedent, there are other forums/experts out there that suggest that, once you have the completion cert, it's all yours.
Have you considered taking the cheque to one of these instant cashing places? Don't know what sort of commission they charge, but I guess at least you'll see most of the money.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
