Hi Everyone
I have been told by GT that my mass variation meeting for PPI was held and agreed on the 23rd May. They have told me that I will receive the interest back on any PPI awarded after this date. I have 1 offer still bouncing around but have been offered a total in excess of £7000 by various creditors.
Now I'm not sure if the date that PPI is awarded means the day it was finally agreed and paid out or when the offer was made by creditors. I am hoping its the former or most of my claim will not count for the interest repayment if its offers before the 23rd May. Does anyone know? Has anyone received any interest payments back as yet? I would be most interested to know as any extra cash would be most welcome in the last year of my IVA [8D]
Last edited by ruetheday on Mon Jun 24, 2013 3:51 pm, edited 1 time in total.
Hi, I would guess that, as PPI investigations are already underway ( that is to say, you have already been co-operative ), you will get none of the interest. This bribe is being handed over ( in their owns words) "as an incentive for co-operating with the claims process".
You have already co-operated .. no need for them to pay you an incentive!
I might, of course, be wrong ......
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for the reply Foggy. It all seems a bit underhand to me... I will wait and see what happens and post any outcome on here. Still hope to hear from someone who has received this 'incentive'. But maybe there's no-one out there who has
I was assuming once you agreed via the spotty letter to those conditions it was binding regarding the interest, as hubby had just been awarded some and it states 8% interest added so I am hoping he will get that as we didn't start anything till we had the spotty letters. I know we have not be notified that we have been in any variation meeting yet.
If life is what you make it, I must have been in a strange mood when I made mine
Hi Peejayel
Yes I assumed the same but I contacted GT and they emailed back to say the mass variation had taken place but that the award date was important - that was why I was trying to clarify. I got the spotty letter too and agreed to new terms thinking I would get the interest but it seems its not so straight forward as that. Have asked for clarification from GT and still hoping someone out there will tell me they have had some interest back....
Will be interesting to see there reply then, as I emailed copies of the letters we received last Friday on Saturday on the days we got them.
All we have had so far is the standard acknowledgement from them.
Edited to add:-
I would have thought that EIC shouldn't have started the procedure if it hadn't been agreed, If I had known that I would have said no until the variation, seems like they (GT) are deliberately cheating or at best misleading and then twisting it all around so either way they win. Lets hope I and you are wrong.
Last edited by Pandy on Tue Jun 25, 2013 5:57 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
Just found out that £7500 PPI was paid in to my IVA 17th May. Mass variation meeting 23rd May so don't get a penny of the interest!! I feel so cheated. GT pushed me to claim the PPI and then made the payments into my IVA 4 working days before my meeting. Call me a cynic but couldn't they have waited a few days knowing my meeting was the next week?
I would say that this will only apply for monies which are actually received after the variation had been accepted by creditors - but best to check with your own IP to be sure.
Thanks Melanie. This was confirmed today by GT. If I hadn't signed the variation documentation I wouldn't have got my hopes up... Just a bit gutted as any extra cash would be so good nearly 4 years in...
Just out of interest, had you persued the PPI before you signed the variation or did you agree for them to do it after you'd signed?
If the latter is the case It's very underhand and I agree with Peejayel that they should have waited for the variation meeting so that they were clear as to who gets what.
Hi Leese
To be honest the claims were already being investigated as per GT's instructions. I signed the variation back in February. Therefore as Foggy says in this thread they had no need to pay me as I had complied completely with all requests. A combination of bad timing and not much good will I think. Still would be interested to hear if Anybody has had their interest - so far no response to the affirmative.
Hi, got a reply back to my email on Saturday from GT and yes we can have the interest, BUT if we recieve the full amount in the post via cheque from Lloyds TSB we have to send them it all, they will then send us the Interest NET COST after the PPI claim is completed. So again they are moving goal posts where did this Net Cost bit come in surely that was the 39% they are charging us... if they add extra costs on top, we will end up owing them
If life is what you make it, I must have been in a strange mood when I made mine
PJ --- HMRC will take the interest element and I gather GT will account to them for this, so you will get the interest after deduction of tax (and possibly a few other things --- like the claims company fee, for one)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks all for your replies. Peejayel hope you get a nice little sum back. It all seems a bit ifs and ands and no clear regulation. The government demanded the PPI be paid back - perhaps they should do a bit of regulating here... Good luck everyone who is waiting.
