PPI Insurance

[Foggy]

H, why should you sacrifice your principles just because others are doing so ? Do you shoplift because so many others get away with it ? I doubt it.

Every one has to be guided by their own conscience and their own circumstances.

[coachjambo]

i feel it is worth a shot, if i can get anything back at all...it means my new debt free life is off to a flying start! better to know rather than wonder!!

[lem]

I don't think it is a 'gift' to have a portion of your debt written off in an IVA, I personally see that it is purely a transaction between creditors and debtors whereby the creditors agree to write off a portion of debt but the trade off for that is 5 years of restrictions (and beyond) and paying across all your disposable income based on expenditure allowances set which are sometimes in certain cases quite unrealistic with the real world, whilst I am very happy with my IVA and please I have gone down this route, I certainly don't feel grateful, lucky etc etc, it is purely an agreed contract to which I have agreed to abide by.

On the other side of this, I do think that this whole PPI business has gone a bit mad, and I personally wouldn't feel comfortable once I was through my IVA then trying to reclaim PPI when I had already been able to complete an IVA and have a portion of debt written off, I think I would rather the funds go to people whose lives really would be affected by having their PPI refunded and just be happy that I was now debtfree and able to get on with my life, but I guess everyone feels differently.

[kallis3]

It may be that the creditors refuse to write it off anyway once an IVA is completed. It is a bit greedy but you can but try.

Thankfully will never apply to me.

[Foggy]

Sorry Lem. I used the word "gift" as in ability to offer or do. AS in "It is not within David Cameron's gift to distribute free milk ro school children". Not referring to the write off as the equivalent of a Christmas present.

[coachjambo]

thanks everyone for your comments, i am still going to try my luck at this, i will let you know how i get on, whether i get something or not!

[lem]

Sorry foggy, please don't apologise! I probably misread what you said anyway

[mollymunchkin]

Hi

After reading all your post, I have to say I was completely unaware of the posts on the PPI and all the problems associated with them. I have asked via this forum b4 re PPI and claiming whilst being in an IVA and was told by several IVA IPs here in this forum not to bother claiming whilst in the IVA as the money received would have to be declared to my IP and duly paid to the creditors.

My understanding of my own personal circumstances is that my creditors applied the full balance owing to them at the creditors meeting etc, in thoses balances where the costs of the PPI on quite a few loans and credit cards. I was in a DMP for 5 years b4 IVA and also had thousands added on to those accounts over the 5 years hence I owed considerably more after the DMP than what I did before going into it. One particular creditor had 3 months payments left on the account and the account would have been closed, but I couldnt get the money together to finish them before going into the DMP and that also included all the payments over the years to a PPI, that balance in my IVA has now quadrupled, even after the reduction of payments within the IVA I will have paid off that loan and all the PPI that was by the way compulsory no choice but to take it. I will of course be applying to get this money back after the IVA.

I look at it this way, we may be paying only a certain portion of the debt back, however, in a vast majority of cases the balances owing on the IVA at the start are vastly over the amount + normal interest borrowed, in some cases by thousands, why should we therefore not reclaim the PPI which in a vast majority of cases has now been judged to be illegal.

I have always paid my way even in the DMP always acknowledged my responsibility to my creditors to try and pay back all what I had borrowed, but they got greedy applying vastly over-rated charges, late fees, penalty fees, default notices etc, etc, etc, yes pay them back, but lets be fair in all this

[Foggy]

I quite understand your viewpoint Molly. In your case it is obvious that the PPI was mis-sold. However, in many cases it was not mis-sold and if that is the case then it shouldn't be reclaimed.

Each is entitled to their own views and to do as they see fit. As for my situation, it is a moot point as I do not have any mis-sold PPI on any of the debts in my IVA. However, in the fullness of time, as things keep coming out of the woodwork, there is something else I could claim for ... say, for the sake of arguement, they retropetively reduce the interest CC companies were allowed to charge, I would still let sleeping dogs lie. As I have said before, when my IVA is completed I wish to draw a line under the whole sorry episode of debt, put it all behind me and travel forwards.

But, that's just me.

[coachjambo]

Molly, great post....i know where you are coming from with that. The reason i am trying to claim for something back is exactly what you said..'is deemed to be illegal if mis-sold'....and i have no recollection of me saying 'oh yes i will add that to my loan'!

Plus the way that one particular bank tret me, i will try and get anything back from them, they were awful to me!
Anyway...i will upddate you as and when i find out more, i may end up with nothing....i may get a little something extra! who knows! Worth a try!

[plasticdaft]

Either I am just a really tight scotsman with short arms and deep pockets or the sales people were crap because we didn't ever end up with ppi,mis sold or otherwise.

I don't mind people claiming,what I do mind is companies getting rich off the back of it. What I mind even more is iva firms forcing clients to use set companies to reclaim,no doubt receiving a backhander in the process!

Paul

[coachjambo]

well said plastic!!

[plasticdaft]

I have difficulty accepting the lack of clarity often shown by many iva firms. I wonder how many people found sub prime remortgages a few ago via agents that insolvency firms recommended?

Conflict of interest? You bet!

Paul

[coachjambo]

Hello....ok so heres an update, I have so far had documents back from companies i had credit with before all my IVA stuff. Wow, i was shocked, i have 2 claims just gone in to them, first is with lloyds for a 4k loan which they added over 1k ontop as an upfront charge for PPI. The other is for a 9k loan with halifax they decided to slap a 3.5k upfront charge for PPI, b***** crazy, and now i feel like i was an idiot. for the 9k loan my full payment back to them was 16k!

So I have claimed for these 2 PPi's as i did not agree to these! Hoping to hear back soon! I am going through the claims process myself instead of these sponging companies trying to take £50 for every £250 you get back!

Will keep you all posted!!

[kallis3]

Fingers crossed that it goes through ok for you.