The Sun and PPI

[sponge]

It did cross my mind to why don't the IP’s do the reclaim. I mean it's not rocket science and they even take them on email.

At a total guess the creditors won’t agree to the claims fee form the IP. I have no idea why. Just a shot in the dark more of a question for the experts

[Adam Davies]

Hi

You need a Ministry of Justice license to reclaim PPI commercially, most IPs do not have this hence they use a third party

Regards

[sponge]

they seem to be giving them out like sweets, my only thought. And seeing it's such a good money, although see a gravey chain. Still it has to calm down in the next few years as PPI dies off as a product, a bit like the endowments I suppose

[elvinotintopete]

I have just finished my IVA and my Administrator was Grant Thornton, who were terrific. However they sent me a letter asking me to allow them to put me in touch with a company as this company could claim back this PPI compensation and I could put this towards my payments to creditors. AS my IVA was completed I ignored the letter. Later I was contacted by the company in question and I said that my IVA was complete so I did not need their services. They informed me that I could still apply for compensation, which if proven, would see any payment come back to me personally. If you are near the end of your IVA, and I were you, I would not even think about the option of getting PPI back as you will be bound until the process is complete, meaning your completion date will be held back. However if you keep paying your agreed amounts and not relying on a PPI payment to cover you, I think your IVA will be complete on the day stated on your contract. You may then be able to claim, not on behalf of your creditors, but for yourself. If you are in the early or mid stages it might well be worth considering, but no information seems to be at hand regarding as to whether any monies in compensation falls within the clause that if you receive money from any other means than the ones you state in your yearly agreement, these will be given to your creditors and your outstanding balance is not affected. I think more clarification is required
Good luck to all, believe me it is worth sticking to the course no MATTER HOW TOUGH IT GETS!. I have had my tough times but the feeling you get from receiving you certificate releasing you from your IVA is worth everything.

[Adam Davies]

Hi

I think we need clarification if PPI reclaimed post IVA has to be paid to the insolvency Practitioner or to the person directly for them to keep

Regards

[Mrs S]

Hi there,

Interesting article and forum. I completed my IVA in June of last year and have made a successful PPI claim/compliant against Egg (whom were very quick and efficient) and who were a creditor of mine during my IVA. The same cannot be said for HSBC who have just sent their latest letter not supporting my complaint as "they do not consider it right" that I am claiming PPI compensation now rather than at the beginning of IVA. Might send back a letter saying that my crystal ball wasn't functioning that well 6 and a half years ago and I neglected to check if they had added PPI to a credit card without me asking for it! This is just their latest "get out of jail free" letter....and now its on to the Financial Ombudsman for this complaint against HSBC....

[KM1512]

Thanks Andy from all of us in IVA's hopefully something will be decided on PPI's

[elvinotintopete]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Katec1979

Hi there,

Interesting article and forum. I completed my IVA in June of last year and have made a successful PPI claim/compliant against Egg (whom were very quick and efficient) and who were a creditor of mine during my IVA. The same cannot be said for HSBC who have just sent their latest letter not supporting my complaint as "they do not consider it right" that I am claiming PPI compensation now rather than at the beginning of IVA. Might send back a letter saying that my crystal ball wasn't functioning that well 6 and a half years ago and I neglected to check if they had added PPI to a credit card without me asking for it! This is just their latest "get out of jail free" letter....and now its on to the Financial Ombudsman for this complaint against HSBC....

[Muggins]

I agree Andy! I think this is the most important question which is being overlooked! I still strongly believe this is why IP's are pushing for claims as it raises their profits no end!! If it is not enforceable to make debtors claim should IPs leave it at that if it is not pursued?? I know they will have done a good job if claimed but who cares at the end of the day??? Oh yes the MD when looking at profit margins!!

[Muggins]

Were u able to keep the money from Egg, Elvinotintopete? Or were u made to pay it into yr closed IVA??

[elvinotintopete]

I think you are mistaking me from KayKay (see earlier blog)who has been given compensation by Egg. She has had compensation from Egg but is having problems with HSBC. I am still awaiting a decision on my PPI

[elvinotintopete]

Sorry my reply to Muggins should have stated the name of kaytec1979, not KayKay. It is a bit late!

[elvinotintopete]

Hi I am posting this message again as it seems my understanding of how to operate this blog is not clear. So if I can help anyone (now that i have sussed out how it works, please give comment.

I have just finished my IVA and my Administrator was Grant Thornton, who were terrific. However they sent me a letter asking me to allow them to put me in touch with a company as this company could claim back this PPI compensation and I could put this towards my payments to creditors. AS my IVA was completed I ignored the letter. Later I was contacted by the company in question and I said that my IVA was complete so I did not need their services. They informed me that I could still apply for compensation, which if proven, would see any payment come back to me personally. If you are near the end of your IVA, and I were you, I would not even think about the option of getting PPI back as you will be bound until the process is complete, meaning your completion date will be held back. However if you keep paying your agreed amounts and not relying on a PPI payment to cover you, I think your IVA will be complete on the day stated on your contract. You may then be able to claim, not on behalf of your creditors, but for yourself. If you are in the early or mid stages it might well be worth considering, but no information seems to be at hand regarding as to whether any monies in compensation falls within the clause that if you receive money from any other means than the ones you state in your yearly agreement, these will be given to your creditors and your outstanding balance is not affected. I think more clarification is required
Good luck to all, believe me it is worth sticking to the course no MATTER HOW TOUGH IT GETS!. I have had my tough times but the feeling you get from receiving you certificate releasing you from your IVA is worth everything.

[Heretoday]

If you believe that you have been missold PPI then yes you should make a claim. Check with your IP/ IVA company if any money from a successful claim should go into the IVA pot for the benifit of the creditors or if you are entitled to keep some or all of it.

Depending on the wording of your IVA and your IP/IVA companies interpretation of that, you may find that any compensation recieved from ppi claims, even after you have recieved a completion certificate, may have to be paid into the IVA pot.

[elvinotintopete]

This is what I mean about no one knows the rules. Legislation laid down in the Thatcher years allowed (thankfully) for all of us to be able to do what we are doing now. The only problem is, after 25 years nobody seems to have made any kind of headway in ensuring that we know what we should do. From the Banking system, I would expect it, all they wanted to do was lend, lend, lend. The people who should have done something (politicians of all parties) don't care, and why should they, they are all Millionaires. So the system will go unchecked and lenders will still be able to make their own rules.