What we have here is an organisation Payplan bankrolled by the credit Industry, the very Industry Payplan are claiming millions of pounds in PPI where 25% plus a bit for the chancellor, can be siphoned off to another organisation, Equity in Finance who are entering into a no risk venture whatsoever but rewarded better than finding oil in the North Sea. I wonder was this business tendered for by Equity in Finance along with many other organisations including your average infants school, who would also be more than capable of claiming this with a standard letter.
To be fair to Payplan in this case the poster implies they did not know about the letter but this begs the question of how Equity in Finance found out the IVA was almost complete.
I agree that these people stand to make fortunes for a relatively simple job and perhaps there is a better way. What annoys me as a taxpayer is that we own most of the banks anyway so it is our money that is going to these companies.
I don't think IPs are waiting for clients to near completion before initiating claims, rather that now banks are refunding ppi without any argument they have initiated this policy and some people happen to be near completion. I've already had a claim through and I'm only halfway. My own firm wouldn't entertain the idea of me reclaiming ppi myself for the benefit of creditors; and if I used another firm they wouldn't allow fees to be drawn from the claim!!! Absolutely screams KICK BACK to me!!!
An update on Payplan PPI. Having spoken to a case worker again today I am told that Payplan are 'working with' Equity in Finance but that I am under no obligation to sign the forms and that it will not affect the closing of my IVA. I asked the representative to send me a brief email to this effect which she was happy to do.
I wish I had found this site five years ago rather than struggling with numerous worries regarding my IVA. Just reading a few threads here has made me realise that help was a few trackpad clicks away.
Thanks all.
Mistakes are part of life, not learning from them is part of stupidity
Hi everyone, I have looked into the post made earlier about the letter from Equity in Finance... We are working with them by referring our clients in IVA's who may have PPI. They are sending infomation out to our clients offering their services in reclaiming missold PPI. They work on a no win no fee basis and this isn't compulsary for our clients, which means if they do not want to pursue a claim they can choose not to.
I hope that this answers your queries, if you have any questions, please do not hesitate to contact me directly.
Many Thanks
Gemma
Payplan Representative
Payplan offer a range of solutions including IVAs and free DMPs. To find out more and to contact us please visit www.payplan.com
There is certainly pressure from the regulators to look into PPI for all firms and many including ourselves would rather not. There is no huge pot of gold for IP firms in these PPI cases which I suppose is why most will use firms such as Equity in Finance. It covers the obligation without leading to excess work which IP firms are not qualified or licenced to do.
Are you first asking your clients permission before sending clients personal details to a company who are going to charge 25% plus vat to do something anyone can do themselves, have you any idea of the value of this data to a claims management company who would normally have to pay many thousands of pounds taking full page adverts in National newspapers,
Last edited by Daniel Griffiths on Wed Mar 28, 2012 7:11 pm, edited 1 time in total.
Hi I have just received a letter from Payplan/Equity in Finance about PPI claims,Like everybody else on here it's put a cloud on the horizon as I have just finished my IVA and feeling pretty good awaiting my completion certificate,I have taken PPI out but did not think I was misold it, Do I have to send it back and if I don't will this delay my IVA?
Phil
If someone refuses to agree for Equity in Finance to reclaim misold PPI and the IVA closes will the debtor [now non debtor !] be free to make a claim themselves and benefit financially ?
Thanks Gemma just read your earlier post ( doh ! ).
Andy from my point of view I am prepared to sign a legal document of some kind to waive all claims,Can this be done ?
Phil
I guess if you agree for a claim to be made it could delay the closure of your IVA. Given the fact that you are waiting for your completion certificate I would personally not agree to any claim.
Thanks Andy, I have emailed my case officer and await her response hope coincides with Gemmas, I will not proceed as you say as I knew what I was signing up for so have no interest in claiming in the future as I want to start afresh and as said in a previous post I am prepared to sign some sort of legal document to back that up.
Thanks Phil
Andy is being very polite Phil, I would tell them to stuff it. As Daniel has raised on this thread, why are payplan passing on personal details of their clients to third parties?
