It's very likely that people on IVA were also missold PPI as there are many many conditions exist to define mis-selling. Creditors are unlikely to challenge as they have unequivocally accepted mis-selling of PPI. TSB has put aside 3 billion quid to pay out. Most submissions will of cliams will most likely succeed.
I am with DFD and have comply with the request. There is also the option to cancel within 14 days - cooling off period, the choice is still yours to not to pursue the claim by EF.
DFD are simply encouraging and not insisting cliams should be submitted.
The moneyexpertsavings website spear headed by Matthew Lewis provides a simple DIY approach to claim it yourself. Of course you can't cliam and keep it would be a windfall.
Last edited by nomoremoney on Mon Dec 05, 2011 12:27 am, edited 1 time in total.
Hi all
Just to answer some specific queries raised on this -
Point 1 Personal details –
We used Equity in Finance as an agent to act on our behalf. In addition, the original authority to act form that you signed allow us to pass your details to 3rd parties to assist with your financial affairs.
Point 2
The decision by the banks to put aside funds for mis-sold PPI policies coupled with less resistance to challenging claims presented us with an opportunity to help our clients reclaim such funds in a more manageable and less arduous way. As you know, in the past, challenging banks over mis-sold PPI could end up in a long drawn out battle often taking over a year to complete with no certainty of success and much of the reclaimed funds been swallowed up by legal costs. The various banks decision not to challenge much of the claims means success for our customers is imminently more achievable
Point 3
Whilst the decision was taken in May, we have to appreciate that we do have a large client base and prior to sending out such letters and packs, we need to ensure that we have reviewed those cases which we felt were suitable for a potential PPI reclaim. In doing so, it does take some time in carrying out these reviews and whilst it may have happened later on in your IVA, it was not intended to be seen as a scare tactic or something that could derail your IVA. In terms of any commercial element for DFD, I’m not involved in the PPI side of things and really cannot confirm either way.
Point 4
This is an interesting point, however I have to point out on this that we are not experts in the field of PPI and reclaiming it. Therefore the sensible approach form us was to ask a company who have the expertise and proven experience of PPI reclamation in the area of Insolvency to carry out this on our behalf
Thank you for clarifying DFD's stance on this and explaining the background - hopefully this will help many of our posters to understand why they have received the request from DFD and Equity in Finance
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Ive just sent this to DFD
Stressed is not the word - with just one payment left this is so unfair - if this delays getting my certificate i will be devastated and will just have to take it further;
I wonder if you can help me please, I was recently sent some forms to reclaim PPI, i returned these to you promptly with a covering letter as i was never actually mis sold PPI by any of the creditors.
I have not heard anything since sending this to you and am now as anxious as when i first entered into my IVA as i have only one payment remaining.
Also I had no contact about this just the forms from a 3rd party vis the post (you may note from my file that i have been contacted before by organisations telling me i have been wrongly entered into an IVA and to stop payments etc) therefore a call would have been appreciated.
Please advise where I stand on this, as stated in my letter to you I am actually committing fraud by signing the forms when I have not been mis sold the PPI.
Arrrggghhh!!!!!!
Let's see what they say Dawn. It seems to be a free for all now that the banks have set aside money. I dread to think what will hold my IVA up in 4.5 years time but there's bound to be something!
So Declan because the banks arent challenging it, people are being strong armed into allowing ppi reclaim companies to act on their behalf,gaining financially,clearly creditors benefit as well,which is positive.
Why not allow clients who have been mis-sold ppi to claim themselves(easily done nowadays)?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Probably as Bol said on one of the other PPI threads (can't remember which), they don't want people completing their IVA's then claiming the money themselves.
Then they should get a written statement from clients stating that they forgive there right to reclaim ppi as none was mis-sold.
The idea of people gaining from ppi reclaims where the ppi wasnt mis-sold is fraud,plain and simple and just because the banks arent contesting claims nowadays doesnt mean we should all claim,we shall all suffer in the end through increased bank charges and a reduction/removal of free banking.
Look at what whiplash claims have done to your car insurance costs!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Paul, to answer your questions specifically, there is nothing wrong with an individual seeking PPI themselves as many people have done. However, you must remember that a successful PPI reclaim will be treated as a windfall which falls into the terms of an IVA.
I know this is a particularly heated debate and trust me, its caused me some headaches! but we do have a duty to encourage people to seek a reclamation of PPI where it was mis-sold for the benefit of an IVA.
Dawn, please drop me a line and I will check out what is happening with your case.
Declan absolutely any ppi should go into the IVA pot for the benefit of creditors. What it should not do is line the pockets of an industry that has grown from greed,and just because banks arent contesting claims doesnt mean we should all decide we think the salesman was a naughty boy and ask for our ppi money back!!
Well done for taking the flack on behalf on DFD,and I am glad you realise how this is affecting many clients right now.
Still say that given how easy it is to claim now you should merely encourage clients to make claims,even if you produced an idiots guide to claiming.
Its the 20-40% going to equity in finance I have issues with!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Next question for you Declan. Are equity in finance and DFD financially linked in any way? How did DFD decide which 3rd party to use,and do DFD get any kind of fee for introducing clients?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I'm a little bit concerned that signing the 'authority to act' form allows our IP to pass on our details to third parties whom they want? I wasn't aware of this when I signed mine and it was never explained to me, or is this just with DFD?, as far as I was concerned I was giving permission for my IP to deal directly with my creditors regarding my debts and that is all??? or am I missing something????
Hi Paul
Any link between Equity in Finance and us is well above my pay grade I’m afraid. Reclaiming PPI isn’t as easy as it may appear - but I confess I am no expert in that area.
Lem - rest assured that your details are dealt with in the most appropriate way and we absolutely do not give your details out unless it is for a very specific purpose such as PPI. When data is shared with Equity in Finance, it is done so in absolute confidence.
You 1st answer doesn't fill me with any confidence. I assume that its something you could find out for the benefit of the forum!
You didn't answer whether DFD get any fee from equity in finance?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
