Good to see it being brought out into the open, at long last Andy, thanks for admitting that folks in an IVA are being forced to make a claim even if they had no PPI
If life is what you make it, I must have been in a strange mood when I made mine
Well done Andy, let's see what this now generates in relation to what can and can't be done, hopefully then getting some common ground with all IVA providers.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Well done Andy thank you. I think what IP's just don't see the total abject misery that they put their clients through at what should be the end of an IVA.
And for what so a greedy claims company taking a fat slice of the pie and then the IP company trousers a bit of commission for flogging their database of clients.
What an utter disgusting practice, just look at it for what it is, makes me feel sick and there's no suger coating it
All under the guise of "well we must explore all assets" Yeh right if the IP company had any moral compass to that effect then the default position should be that the client should explore and only if they refuse to do so, then a claims company can. Really it’s that simple.
However if the client signs a disclaimer that he has not been misold PPI that is the end of the matter, and it not happing is it
In the first instance people that are insolvent should not be allowed to make a claim, you can see why the lenders get shirty about it and I don’t blame them, they may get there revenge yet..
But as it is
A fair position I think would be as follows the client chases his/her claim if they think they have been misold PPI if successful they keep 40% of the claim fee only, for the work they have done. (work is work)
10% of the claims fee goes to the IVA company for distributing the received funds
Then the other 50% of what the claims company fee would have been, goes to the creditors along with the funds received.
Sorry if that sounds fair, but it’s more than that, it’s the right thing to do, simply because a win/win is classical best outcome and true today as it’s always been.
Hi. All thanks to Andy for utilising the press to highlight this. As stated on previous posts, I still believe that ministerial intervention is required. IVA's were initiated by the Government, and they need to take the power away from the financial industry and contract law, which is not clear enough to cover this issue, which wasn't around at the inception of IVA's. It is obvious that debtor's obligations towards claiming it and paying it in depends on who their IP works for. There have been numerous postings on here that are so varied it's mind-boggling. Some are told they can keep it; some don't have to pursue it; some use it as F & F's; and many are being pursued for it 1 - 6 years even after full completion of their arrangement. Clear, indisputable legal directives need to be put in place, so everyone's clear about it. x
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
Andy....great piece of supportive writing for the forum...PPI was not a focal point of my IVA which I am grateful for....I feel so sorry for those having to wait ridiculous amounts of time for closure....time spent in an IVA is not easy and having paid every month for five years the last thing anyone wants is to have to wait a further year...you really can't move forward with your lives until it is fully closed.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Completely agree with you Gill very succinctly put too, let's hope that because of this the financial legal eagles take note and give the guidance that is necessary so that everyone is singing from the same hymn sheet.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
well done andy
a very concise and to the point article.
i dont really blame all the ips for this mess but if somebody says they have not been missold ppi then you should just be able to sign to the fact and thats that.and why dont they chech themselfs instread of allowing an outside company,who lets face it have not even got to look for customers due to the data base held by iva companys and given free access to it.i know its a lot of work for ips to concider but surley its not right to withhold compleation certificates while they do the search.let them look into it even when your done.
cc received 6th January 2014 now upwards and onwards
what i was suggesting tho was the iva firms did the work and take some percentage for doing the xtra work without a third party being involved.that way at least more of the compo would go towards your debt.im not begrudging paying someone elser to do it,just that the third party gets the easy bit.how many iva companys actually take your word and signed letter that you were not"missold ppi" and let it be?
cc received 6th January 2014 now upwards and onwards
