Fully agree BOL - i dont see how posting
8 month old comments on the forum helps ,apart from identifying this issue as an envolving process, subject to individual and professional interpretion.
I fear by the time a legal ruling has been made the PPI will be history (i hope)
Ginger , one of the many reasons changing and differing advice matters is underlined by a post today on the thread : 'PPI. Lots of language I don't understand.' Capital One has written to the individual threatening unknown repercussions for failing to declare in September 2006 his potential PPI claims as assets of the IVA ( now completed ). This is not an academic issue. Would Capital One's view affect you ?
Then perhaps it is up to the individual to seek legal advice via CAB or a solicitor about the threats. Not for you or the forum to jump on the bandwagon. which is exactly was some of these threads about PPI are turning into. The forum is here to offer support and advice(based on personal experience) not a personal vandetta again creditors/Banks/IVA companies or individuals
To a degree, Tiger ans Ginger, you are both correct. This issue has got to be addressed, and I know Tiger has disagreed with the oft given advice to complain to IP's or Regulators, but each of us affected must bring this to higher attention.
Debating the finer points on a support forum isn't always the right course to take, but, perhaps, the IP's or Andy could co-ordinate and "behind the scenes" group action, on the lines of the Register complaint, to feed the problem up through the ranks within the industry.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The value of a forum like this is that it allows questioners as well as those posting responses to share information and experiences. Where there is an industry-wide problem, a specialist forum is invaluable in assessing scale and demonstrating the variety of detriment it might be causing. In my experience , Regulators of all description respond best to 3 things : volume of complaints, collective complaints and public complaints.
Was thinking of an IVA till i started reading this topic. (got an ongoing claim against a certain well known bank who are also my major creditor)What wuold be the conseqences if i won and decided to go down the DMP route? Would like to hear Tiger Tiger's take on this, you are obvoiusly well up to speed on financial matters
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Broke of London
My stance on this has never changed as it is based on my moral code. A lot of professionals however cannot allow their personal thoughts to cloud their professional advice and it seems that changes in advice come from whether PPI is deemed a windfall or an asset. The former would not be payable to the iva after closure while the latter would as the asset in the case of ppi pre-existed the iva. I don't want to put words into anyone's mouths but that's how I see the change of heart. Quite simple really and the result of ongoing legal advice and clarification.
Obviously your moral code is nobody else's or any sort of official working practice.
You suggest that professionals let their personal thoughts cloud their professional advice, how reassuring !!!
lastly, you quote "Quite simple really and the result of ongoing legal advice and clarification".So to summarise, everyone in an IVA or having completed one however long ago can be safe in the knowledge that once they have received their completion certificate it means nothing. Your IP can advise you and you can act on that advice, and then six months later they can change that advice based on further clarification and you suffer any consequences as a result.
YOU COULDN'T MAKE IT UP, SEEMS TO SUIT 2 OF THE THREE PARTIES INVOLVED
iamfubb2 - would have thought the bank may offeset the PPI payout against the debt you owe them -
With a DMP - you have a formal agreement only - but creditors are still free to add interest /charges as they see fit,- you will always owe the full amount of debt.
Despite the PPI issue you should seek advice from a few companies about your best options and discuss the PPI in details with them - to ensure no suprises are in store, then its sitting down with your facts and numbers and making a decision
This PPI issue is becoming a minefield, especially if you are coming to the end of your arrangement and are hoping for closure.
My personal view is that if you have been in an IVA or are in an IVA then you wouldn't expect to benefit directly from any claim [unless you have repaid 100p in the £1] and should co-operate where you can.
My only issue is that people should not be stopped from closing one chapter of their life and moving on at the expected time, i;e five years or possibly six years if there is property involved. There is nothing worse than goalposts being moved and everyone dealing with IVAs should work in such a way that completion dates are not affected, afterall the PPI claims have been kicking around for years, it just seems that in the last 3-6 months it has become something of a norm for anyone in an IVA to have to start claiming.
Regards
Andy, so who is it making people claim ??
IP's or crediotors ??
Iamfubb, the mis-selling creditor will benefit more from you making a successful claim in a DMP rather than an IVA. This is because if you are in a DMP or in arrears to the creditor,they will simply reduce the balance you owe by the amount of the claim. However, it's unlikely you would receive any cash in hand to pay a claims company and MOJ advice is that you should handle the claim yourself. At present, if you go into an IVA , it seems most likely that the claim would be treated as an asset to go into the pot and be divided between all creditors. However, if your claim is already under way with a claims company , you should make sure before signing up to anything that the IP will pay out their fees. If you abandoned your claim to enter an IVA you should check that you don't still have a liability to the claims company. If you subsequently restart the claim, as you may be obliged to by your IP, and use the claims company they've contracted with, you may find the net amount going into the pot is reduced by commission to the claims company of anything up to 40%. There may also be a further 'take' by the IP in respect of their fees. The net reduction in what you owe in these circumstances, is important should your IVA fail and you are left owing perhaps a lot more than need have been the case. Hope that helps.
Iamfubb, just a quick PS to the answer I gave you. If your claim is settled before going into either solution, if you are in arrears with the creditor they may reduce the balance you owe by the full amount of the claim or may just clear the arrears and pay out the remaining amount to you. There is no claw-back if you subsequently go into a DMP or ( I think ! ) an IVA.
Agree with Tiger Tiger - however it has to be remembered that DMP cannot guarentee that charges/interest/default charges etc etc are stopped, that depends on individual creditors and how you DMP company presents the aurgument
Ginger, I think Iamfubb just wanted to know how PPI claims are treated in the different solutions - not the respective merits of the solutions themselves. It might be worth pointing out, however, in connection with a PPI strategy that it's always possible to move from a DMP to an IVA.
