Some interesting points raised on this thread as on most on this subject. I do not believe it would be fair to say the IPs reap rewards of PPI miselling, it has caused them an administrative nightmare and added to client upset which no good IP wants to happen. It is true that had you not been paying PPI unnecessarily you would have had slightly more money in your pocket but not enough to have contributed to needing an IVA so I doubt compensation would be forthcoming. It is a shame for those in an IVA that many do not see any reimbursement from miselling however let's remember an IVA is there to help repay money borrowed in the first place. All that said I find the fact that banks have been forced to repay, a good thing, but I hate how it is affecting you all in the delays and additional upset you are having to endure while it is sorted out.
As for endowments...who knows what could happen???!!
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
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But in a court case like this the ramifications can take months or years as lawyers seek to apply that ruling and filter down into all aspects of our lives I'm afraid.
Last edited by herbekj on Tue Oct 23, 2012 8:02 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
And if u didn't make yr payment on time you were Received a charge! If you miss too many payments the IVA fails, and to top it all if you don't make a claim for ppi your petitioned for bankruptcy !! But the terms and conditions can change at the drop of a hat!! Unsecured loans, extension of term and a never ending closure date!!!!
Tina, but how have the banks got away with all of their misdemeanours?? We are told constantly that we built up debt and that we have to pay back as much as we can etc etc! ( I'm not in disagreement with that) but the banks con people, take money for nothing and when it goes wrong we pay to put it right!!!
And if u didn't make yr payment on time you were Received a charge!
Really? Wouldn't have thought that was allowed?
If you miss too many payments the IVA fails,
Sorry but will have been in your proposal you agreed.
and to top it all if you don't make a claim for ppi your petitioned for bankruptcy !!
That is because you are percieved to be preventing a windfall.
But the terms and conditions can change at the drop of a hat!!
Nope, your IVA proposal can't just be changed.
Unsecured loans
? What's that.
, extension of term
Only if it is in your proposal you agreed.
and a never ending closure date!!!!
Caused by cirsumstances outside of you IP.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
The real problem and sore point is how late in the day that IPs started dealing with this, and why some IVA providers are not bothering to reclaim at all while others are.
What DOES annoy me with the banks ( sorry, not PPI related) is that they have had the biggest bail out in history from us --- would have gone broke ... bust ... INSOLVENT! Yet they treat us like we have just crawled out from under the nearest stone!
I alsi think that there should have been some sort of amnesty period, whereby, if PPI claims are not started by the beginning of year 4 they are left alone. This would alleviate the panic by IP's to get things done at this last hour and, going forward, if an IP is tardy getting this sorted then that is their look out and the debtor should not be made to suffer.
Such things, however, do need to be agreed and regulated and I am pleased that our own member IP's are trying to get a handle on the situation and sort something out.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Herbekj! Yr not preventing a windfall! Ppi is deemed as an asset! I meant late payment charges by the bank!! Some debtors knew nothing about secured loans (sorry)! Not blaming the IP! People agreed to ppi also!!!!!! So now why the mis selling fiasco?!!!!
Andy, I thought part of the problem was that some creditors after this ruling who had possible never given PPI to the debtor demanded PPI reclaims so that their dividend would be higher by having money refunded from other creditors and it took months for this ruling to really start to impact everyone as things like this do take time for legal departments to absorb.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
And you know Mel, she'll be like a dog with a tea towel on this one until some satisfactory conclusion can be reached. (Excuse the analogy Mel!!!)
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sponge
Experts -
I'm not going to winge the wrongs or right off PPI. It appears the banks are digging their heels in, with over 1000 cases being referred to the FOS for investigation every day. So the banks know it'll be sometime before a payout
The banks have to respond within 8 weeks (decision) as per current FSA guidelines.
Referal to FOS after bank referal upholds have dropped from about 80% to 15% depending on the bank.
So max for a payout from a bank is now around 10 weeks or heavy FSA fines.
I personally think that I have contributed enough on the raging PPI debate on this forum to last me a lifetime - to the extent that I am now exhausted.
All of your points raised recently, from a consumer perspective have been thoroughly taken on board, but the complaints from people who feel they are being badly treated by their IPs will not go away quickly. Unless a regulator states that IPs who have not dealt with this on a more timely basis, or those who have not bothered at all, is deemed to be negligent - and without proper guidance to date from the regulators is probably a non-starter, all that is going to happen is people are going to get more and more frustrated.
Personally, I think that many of the current moans could be alleviated by people remembering the positives of what led them to an IVA in the first place, and what the alternatives would have been if they have chosen against that option.
Bankruptcy - the OR and private sector Trustee's are only beginning to process claims - so no advantage there as the claims automatically vest, although I accept that credit files are automatically updated at the end of six years, whereas this may take longer in an IVA that cannot be closed within the same timescale.
DMP - uncertainty and openended repayment timescale?
In the cold light of day, do people genuinely wish that they had not entered into their IVA?
Never!!!! it has turned my life around. I can buy/replace/fix everything if it wears out or breaks when it happens paid in cash, my ISA is bulging with my ex-iva payments, the annual holiday was stress free with no worries of can I afford that treat for the kids.
The list goes on.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
