Hi All
Having been away for a few days, im still catching up on everything and going through the forum I see a number of postings relating to PPI and what we are doing in respect to missold policies / IVAs.
Instead of indiviudally responding to each post, i thought it best to start a new thread and answer as best i can comments or queries.
From going through the postings, the issue of PPI is quite "hot" right with strong opinions and open debates - the essence of what this forum is about.
Now, im going to be honest, i am no expert on PPI. But what i can do is facillate queries, questions and comments relating to DFD and PPI and where I cannot answer something, i will find someone who can.
With that said, i do welcome debate and I will do whatever in providing our viewpoint / answering questions.
I think the idea of claiming PPI for paying back into the IVA is basically sound. However, many companies jumping on this bandwagon should bear in mind that many of these policies were NOT mis-sold, and, in this instance, a claim amounts to fraud.
Secondly, the subject of a PPI claim should be brought up at the beginning of the IVA, not tacked on (especially at the last hour). It was NOT part of the original agreement and should not be "forced" on the debtor mid-term.
Discuss .....
Last edited by Foggy on Thu Nov 17, 2011 11:07 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I've no PPI thankfully, but do appreciate that there are differing opinions on it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Declan
Many thanks for taking the time to set this post up, i'm sure there will be a few people with questions.
I have a few questions that I raised by e-mail to DFD after I couldn't get through to an advisor.
These questions were ignored and I was sent a generic response that at least 1 other forum member received.
I personally do not think I was mis-sold PPI but have sent back the forms as I do not want to fail my IVA with only 4 payments left.
1. Can you tell me why my personal details were sent to Equity in Finance without prior discussion? Is it not against the Data Protection Act to pass my details to a third party without my consent? Not only do EiF have my name and address and bank account numbers, they also have my mobile phone number and have contacted me twice to ask where the forms are after a couple of days. I realise that EiF need all of this information to carry out the claim, and if I had approached this company myself I would be prepared to provide it.
Do you not think that DFD could have first sent a letter (or phone call) to say that this was what they were proposing to do and did I have any questions or objections before sending all my details to EiF?
2. I noticed in a post by yourself a few weeks ago you state that (and please correct me if I get this wrong) DFD are now pursuing these claims after the banks decided in May 2011 not fight them. If I was mis-sold PPI why would it not be suitable to pursue this claim prior to May 2011? My policies haven't changed since May, if there was a possibility to maximise the IVA fund to the creditors then surely the banks reluctance to fight these claims should not be an issue.
3. If this decision to pursue these claims was decided in May, why have I just been sent these documents? DFD have had 6 months to send this out, at that time I would have had nearly a year left and plenty of time to get the claims sorted (if found to have been mis-sold) and would not affect my completion date.
The way it looks to me is that either DFD are using the last minute approach to scare people like me to sign the documents or are scared that I will claim after my IVA completes and they will not get a percentage.
On that note, could you clear up if DFD stand to make any money out of these claims?
And finally.... sorry long post I know
If this is about maximising the IVA fund for creditors why are DFD using a third party who charge 33% of the amount recovered?
Would it not be in the creditors interest to get 100% of the amount recovered.
From what i've seen on watchdog and moneysavingexpert etc it is very easy to claim this yourself and they consider companies like EiF to be a waste of money.
I believe that this whole issue could have been dealt with differently and more communication with the customer would have cleared this up and not just dumped out of the blue.
I would like to say though, this is the only time I have had an issue with DFD. They were very helpful when i needed them in year 3 in organising a payment break and from the posts I've read on the forum you look like you are doing a great job helping your customers Declan.
Sorry,
Forgot to ask my main and probable the most important question, went off on one with the others
As a customer of DFD, do we have the right not to pursue these claims if we believe we were not mis-sold PPI?
And if we did not give permission to pursue these claims would it affect our IVA i.e. deemed as not complying and failing?
The Insolvency Service are also pursuing PPI on mass from past bankruptcy petitions I wonder if they are paying anyone 33% just for collecting it in, I dont think so.
Hi John
You raise a number of valid and good questions which i will answer a best I can. Before doing so, I want to sit down with some of the people closer to PPI here at DFD to ensure that we answer your queries correctly.
I'm sure Declan will be able to help you all out with your queries.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I too have been dumped with this as the last possible moment with just a few payments left and constant calls from EIF to boot.. I was looking forward to a smooth and stress free closure but reading up on the closure process which can take time and last minute things thrown in the pot such as this which can potentially put a spanner in the works it feels more stressful and worrying than at any other time of the IVA having gone through so far and made all the payments faithfully... ( .. Need some re-assuring with all the questions that John raises please.
I suggest that DFD would be on a very sticky wicket with iva regulators if they tried to fail an IVA due to clients not wanting to sign up to 3rd parties trying to reclaim ppi that was sold or missold!!!
Paul
Glad to see you on the case though Declan.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
( .. Need some re-assuring with all the questions that John raises please.
