Hi
I have just received this letter and would like an opinion on it please.
We completed our IVA payments March 2012, unable to remortgage, we did a successful PPI claim ourselves which was accepted as a full and final and we received our Completion Certificate September 2013.
We agreed to EIC claiming any remaining PPI on behalf of GT (if there).
Dear xxxxx
I am aware that you have been awarded compensation in respect of missold Payment Protection Insurance. However, I am unable to progress your arrangement as I do not currently hold any information on the exact breakdown of the compensation.
PPI compensation normally consists of a refund of the premiums and interest that you had paid together with statutory interest - I require details on the statutory interest in order to be able to progress your IVA.
In an effort to obtain the necessary information and avoid further delay, I wrote to the Claims Management Company which handled the misselling claim on your behalf. Regrettably, it has not to date provided me with any further information. I am therefore writing to you to establish whether you are in possession of information showing whether statutory interest was contained in the compensation payment.
For the avoidance of doubt, only the letter which you should have received from the company which missold you the PPI and which sets out the statutory interest (if any) in the compensation payment will suffice.
In the event that I do not hear from you within 14 days from the date of this letter, I will assume that you do not hold such information and will proceed on the following basis:
that compensation received has, in the complete absence of any information to the contrary, been treated as not including statutory interest;
that accordingly, no refund of the interest element of the claims (net of costs) is due and therefore the debtor has no liability to income tax;
that distributions to creditors and finalisation of the case are being undertaken on that basis;
if statutory interest is subsequently received, attributed costs will be deducted and the balance will be paid across to the debtor who will account for any tax on the same to HM Revenue and Customs in accordance with the advice to debtors on its website entitled "Reclaiming or paying tax on interest on Payment Protection Insurance (PPI) compensation payments"; and
for the avoidance of doubt, where information pertaining to the statutory interest on any relevant claim is provided post-expiry of the defined period referred to above, the provision of such information will not invalidate the approach taken nor require any corrective or restitutionary action to be taken by the Supervisor.
If you have any queries in relation to your PPI claims, please direct those to the CMC which you engaged to pursue those claims.
The only query I have is why is GT writing to me to tell me they are aware of PPI that has been awarded yet are unable to get the information they need from their own claims company who should have this information as they have been doing these claims for over 12 months?
Also is the 8% interest, which we told would be returned, looking less likely now?
Hi Katy. I had the exact same letter a few days ago and rang them about it. I told them I had had no dealings whatsoever with the claims company and any records will be on their files. They told me to ignore the letter.
At the same time I received three other letters, addressed to three different people at my address, all with unique IVA reference numbers. The chap I was talking to told me to shred them -- he didn't even want to know who they were addressed to.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have the same letter,but eic are still dealing with my claims. i am going to ring GT today and kick off with them ,EIC ARE PAID ALOT OFF MONEY TO HAVE ALL THE INFORMATION
Yes exactly...both GT and EIC get a sizable amount fron the PPI before the creditors get their share. This was part of the agreement with signing the 'spotty letters', and so was receiving 8% interest back for allowing them to do it!
Personally having the Completion Certificate is enough for us but it does annoy me that they they are both making hard work of this for each other and still having to involve me!
I rang them last week about this and the advisor told me to ignore it as it was a ' badly worded letter' and does not mean as stated.It is just a letter meaning that if we recieve any letters from any creditos about anythingt o do with PPI to pass it ionto them, which I had done anyway. I did take his name so if anything comes up in the future about this I can quote him etc.
Last edited by Pandy on Fri Dec 19, 2014 7:26 am, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
The point is if we are receiving any letters about possible PPI refunds from the companies that EIC are contacting on our behalf, then EIC themselves should also be receiving the same letters. The successful PPI claim that we did ourselves, stated the amount, and all the relevant interest breakdown quite clearly...and also stated that because we were in an IVA the information would be passed to our IP at the time. This payment was accepted as a full and final.
So why is it now that this same information isn't getting through on all other possible claims?...especially when GT,s own claim's company are not only dealing with it but getting a tidy sum with GT if successful.
