Just received a letter from GT regarding PPI claims. Basically asking if I was happy to let them forward my details on to a company called Claimsbroker for which they are an agent.
One line in the accompanying letter from Claimsbroker states "We can help you with your potential PPI and unfair charges claims, and help you obtain any refund owed to you and to improve your financial situation" Which could be misleading as even though I have made my last payment into my IVA last month and currently awaiting my completion certificate. I gather from reading this forum that any PPI refund would go back to my creditors.
Yet that line could imply that any PPI refund would be paid back to me and not my creditors.
I think you'll find that it will go back to your creditors - it's a bit of an ambiguous statement.
Did you take out PPI?
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
why are GT leaving it so late to do this?? Other than to ensure they keep their claws in you for an extra 6 months(for any windfalls,as no normal payments would be required),I see no need whatsoever to leave it so late.
And any ppi will go into the pot,less fees for claimsbroker and whatever cut GT get(which I would love to know about as clearly this wont be in any chairmans report alongside all other fees!!!).
Give it 2 years and people will be going to claims companies over how IP's dealt with ppi reclaims!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I think that letter is generic to all potential victims -- err ... clients! No -- strike that, anybody who uses a claims company IS a victim !!! It's a con! Banks are routinely accepting liability and not contesting claims -- all it requires at the moment is ONE letter. And for that one letter the claims company are getting up to a third of the repayment.
I cannot, for the life of me, understand why reputable companies such as DFD and GT are so happy to throw money at Highwaymen !!!
IF (Emphasis on IF) there is a claim to be made, ask the debtor to make it ... sweeten the pot by allowing THEM to keep the third -- or increase the dividend by allowing the lot to be paid into the IVA. DO NOT pay highwaymen.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I cant for the life of me work out why the big IVA firms didnt just employ a chimpanzee to work in the newly formed ppi reclaim department,and pay him peanuts to write the required letters!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I think that you are all being a little unfair here.
IP firms use claims firms because the claims firm can handle and manage the umpteen queries from clients that the claiming of PPI will bring. It is our duty to realise the debtor's assets, such as the extent of the terms of the IVA permit us to do so. We are not experts in claims management, and do not have the time to do this.
My own firm has engaged a claims management company and we will be shortly writing to all of our clients to encourage them to claim any PPI that they feel was incorrectly sold to them. I have fully checked out the reputation of the firm I have chosed to work with, and am happy that they will work with my clients best interests in mind and also those of the general body of creditors, and that no-one will be forced into making a claim that they do not feel is legitimate.
My clients will be given the option of making the claims themselves if they so wish, but given that there is likely to be no personal gain to them - IPs cannot sanction the witholding of funds for the debtor, as this would constitute a windfall which would have to be paid into the IVA in any case - then it is better for a claims management company to do the hard work - and for that they deserve to be paid.
I saw on the BBC yesterday that the banks are going to be writing directly to customers who are entitled to make claims, so that they can claim directly themselves to avoid paying fees to the claims management companies. The link is below:
Not sure how this works in an IVA situation - Melanie will no doubt be able to advise, but I would assume IPs would encourage this route as it would result in a higher return for the creditors.
I presume it will be pretty much the same as now when some IP companies are asking clients to claim. If you were missold then it will have to go to the IVA pot.
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
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
I think that you are all being a little unfair here.
IP firms use claims firms because the claims firm can handle and manage the umpteen queries from clients that the claiming of PPI will bring. It is our duty to realise the debtor's assets, such as the extent of the terms of the IVA permit us to do so. We are not experts in claims management, and do not have the time to do this.
My own firm has engaged a claims management company and we will be shortly writing to all of our clients to encourage them to claim any PPI that they feel was incorrectly sold to them. I have fully checked out the reputation of the firm I have chosed to work with, and am happy that they will work with my clients best interests in mind and also those of the general body of creditors, and that no-one will be forced into making a claim that they do not feel is legitimate.
My clients will be given the option of making the claims themselves if they so wish, but given that there is likely to be no personal gain to them - IPs cannot sanction the witholding of funds for the debtor, as this would constitute a windfall which would have to be paid into the IVA in any case - then it is better for a claims management company to do the hard work - and for that they deserve to be paid.
I stand by what I have said. There is no hard work involved -- for the claims comapny it is easy money that is then lost to the creditors. To be honest, even though I am not getting a personal gain, I would be more likely to co-operate knowing the whole repayment was going to my creditors ( as the reason I am in an IVA rather than BR is to maximise the return). Knowing a claims comapny was going to benefit from my misfortune for sending one letter would not make me co-operative at all.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
