I received notification from PayPlan today that my PPI claims have been completed. They received a payment from one credit card out of a total of the 10 I used to have, (gulp!), and I will receive the interest on it paid into my bank account this week. I know I have to tell the tax man about it, but I’ll still end up with something worth having. I only have 7 payments left to make until the end and I’m very pleased that it’s sorted now especially as there are many posters having difficulty with PPI at the moment.
It's great that some IP's are allowing you to keep the interest element -- however this isn't the case for all. Some consistency is really needed as soon as possible.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I completely agree and will be interested to understand the argument being used here that deems the interest element is not an asset. In my view income earned from an asset is equally caught under the assets clause.
This is what is so frustrating Melanie, one firm are doing one thing and another is doing something else, i totally agree with you Foggy there definately needs to be some clarity and consistency!
For me personally i just want my IVA finshed, i don't care about the PPI, interest or otherwise i just want this saga over and done with but it is becoming more of a mindfield everyday and something new crops up!
Last edited by orchid5 on Wed Nov 07, 2012 8:51 am, edited 1 time in total.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
I agree. Even though the arrangement itself is individual I feel that there should be certain things, such as PPI, that are standard. Even though PPI wasn't thought of at the time my IVA started, it would be good if any new issues could be agreed upon by the regulatory bodies. When I read of some people’s hassle in getting a completion certificate, it just seems so unfair.
Yes thats a fair point for the interest earned
I also think that as when you complete the IVA all the money you send in and is not paid on the date you complete who gets that interest>??
If an IVA company holds the money for months and months as happens now then its earning money for somebody
PPI should be sorted now and every IVA should be dealt with in the same way regards who gets it or not
Peoples hopes are built up thinking they may get something and then dashed coz they dont and then see somebody else getting theirs
I think what you agree to pay is all you should pay and anything else that arises is yours the windfall is not fair and some people keep and others do not In my own IVA I had leeway on issues and I read others have not
I am grateful to my IVA company and the banks for allowing me the IVA
my problem I dealt with it
Interest payable on funds held in an IVA bank account belongs to the creditors.
It is absolutely not possible to treat every IVA in the same way as no IVA is the same - and creditor attitude to claims is also different across the board. Why are people's hope built up in thinking they are going to get something back, when their creditors have often written off enormous sums of money?
And why should those creditors who have agreed to write off those substantial sums of money not benefit from an improvement in their former customer's circumstances. Would you be happy to accept a quarter of the money you had lent in good faith, and then see someone landing a £10,000 settlement from PPI and being able to keep it all?
The fairness of the issue boils down to the nature of the contracts entered into at the time the proposals were prepared and agreed. I don't suppose there were too many debtors, who genuinely sought an IVA to seek sanctuary away from pressurising creditors, thinking that their proposed IVA was unfair at the time.
Hopefully by the time I get to completing my IVA - assuming it's approved - crikey creditor meeting only 6 days away now - all these PPI issues will have been settled but reading from the numerous posts I think more than anything many of the complaints seem to be about people not being able to get their Completion Certificates. I do not believe that I had PPI on any of my unsecured debts but I would have no concerns if any PPI that was identified went straight to my creditors. What would be unfair is if the process to investigate was left until near to the end of my IVA and was still ongoing at the end. Then to be told you cannot complete until PPI resolved.
Peoples hopes are built up as they see somebody get a payout so wouldnt you be disappointed to be turned down > ?
Also when you are told that its 5 years 60 payments and then its changed to a further plus 6 months I think that also counts as hopes being dashed
YOU agree to pay the 60 months and thats what I did As for not paying so much back uhmm in my case I could have and should have gone BR and was told to do so But I went IVA as I thought that the fair option
I could have paid very very little and been out in a year or 2
so fair play works both ways
The PPI will be paid out but in a years time their will be counter claims against that and also the IVAs for forcing people to persue it or have that done for them on the quiet as happens in a lot of cases in this forum
I said no then told to send then told this reason or that reason
So ok Banks pressure you into taking the PPI but as is happening now IVA companies are pressuring you to persue or make you wait for months on end until you do so and saying no does not count I did and was told to reapply ! If I had been accepted as saying no PPI I would get my certificate back a lot quicker but as I was pressured to re apply I am now being made to wait
Notwithstanding the benefit of hindsight, which I accept colours all of our views as to decisions we made long ago which we felt were right for us at the time, I personally will only act for people who genuinely convince me that they want to repsy their creditors to the best of their ability. And we help them to achieve their goals as best we can, based on the contracts they entered into in the first place.
This takes me back to remembering where we were as a profession before the IVA Protocol was introduced, when the idea of Simple IVA's or SIVA's was being suggested. The SIVA was only going to be available to consumer debt cases, did not involve any ongoing reviews, and would only include the assets disclosed by the debtor (so long as an honest declaration was made). If the SIVA was to be 60 months at £200 and nothing else, then this is the offer that creditors would have had to consider and vote accordingly.
Many IPs supported this idea, and were sad when the government shelved the plans for their introduction in favour of the IVA Protocol. Personally I would have been happy with either - but the key to a successful IVA so far as I am concerned as an IP is clear explanation right from the start - so my clients know what they are committing to. If this has not happened in your case Donkeyass, and you were not made aware of the possibility of an extension of terms for the IP to conclude necessary work, then this is unfortunate - and I am saddened to see that the individual experience you have encountered has now made you feel that bankruptcy would have been a better option.
Hindsight is all part of human nature, and I wholly respect you for sharing an honest overview of your thoughts with us. This will help other posters, perhaps considering whether an IVA is the right solution for them, to consider the commitment required to ensure a successful outcome for all parties.
The unfortunate thing here is that all IP's (even the reputable ones Melanie!) are suffering horrendously as a result of this PPI shambles. I too have told my IP (DFD) that I was not mis-sold PPI and that I do not want to pursue any claims. I have put this in black and white terms and have asked if this will lead to any delay in my Completion (due in 9 months - well, my final payment is anyway!!). The only response I got was that Completion would not be granted until the pursuit of all possible available claims is completed.
I can see, in years to come, a back lash to all of what amounts to the delay of completion of our IVA's. We enter into IVA agreements not only to try and pay back as much as we can, but also so that we can rebuild our lives following Completion. Delay after delay and pursuit of PPI claims against the wishes of the Debtor is something that one day needs to be challenged. It will only take one case to open the flood gates. We enter into legal agreements and expect to be protected by IPs that are supposed to be impartial. Willingly delaying the Completion of IVA agreements, when the Debtor has expressly informed the IP that there is no PPI mis-selling that they wish to pursue, doesn't feel very impatial to me.
mouldymuffin, are you certain there is no PPI monies to come ?
I was in the "I have no PPI" camp, but let my IP investigate ... and they found over £7000 that had been rolled into a current loan from years back and hidden in the consolidation process.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
