we had several successful ppi claims which should have gone to our creditors via our IVA payments ,however looking at our last statement most of it seems to have gone in charges to the claims management and IVA managemnet companies surely this is wrong as we would much rather more of it went to our creditors
Charges etc are agreed between your creditors, the claims company and your IP
Unless the amount refunded, plus payments made by yourself would clear your original debts plus IP fees then it will not have any affect on your IVA payments/duration. However I do understand where you are coming from, the real winners are the claims companies
As Andy says, these charges are agreed by the creditors and if they are content to throw money at the claims companies, so be it.
Had the source of these funds not been due to the questionable activities of banks in the first place they might well have kicked up a fuss, but may be choosing to let this one pass.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
What I feel is wrong is that some people would have cleared there IVA 100% plus fees and finished earlier if the claims companies had not charged quite as much. That wouldn't have happened in my case but I am sure if you were due to pay 80p or 90p / £ it would be close with some of the PPI refunds running into thousand
If life is what you make it, I must have been in a strange mood when I made mine
hi all when I finshed my iva in 2011 my oreally would have been enough to pay it all back the original debt was £21,000 I paid £338 per month and had £15,000 ppi refunds yet my dividend at the end was only 66% add on the management fees from dfdwhich added up to just under £10,000 I was surprised when I saw there was so little thst went into the iva fund what a waste and really a con were trying to pay back and the iva companies and ppi companies just rip u off and the creidtors I find it amazing that the creiditors throw money away and are willing to accept so little from the ppi yet chase you when you owe them money it makes you think what planet their on and if anyone in business did what they do accepting loosses in huge commissions they would go bankrupt its about time something was done about this and help the people iin iva who struggle each month and this extra ppi money could reduce or even finsh their ivas with a posssilbe 100% plus fees a lot sooner thereby being fair to everyone not a bean feast for the greedy iva companies and the claims companies
What annoys me is the selling on of debts for pennies. A creditor might stand to get 30 p in the £ in the IVA and yet will sell the debt to another company for 10 p in the £ ---- why can't they offer it to the debtor first ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I refused the "offer" of a claims company playing the middle man and recovered a very tidy sum for my creditors without anyone else getting their fingers in the till. It took a fair few months and a ream or 2 of paper to accomplish but I felt that this was the best way to get the highest pp£ for those who had promised to write off a chunk of my debt. I did eventually sign some forms after constant pestering letters from my IVA company, unfortunately for the claims company I had already claimed and put he monies into my IVA pot.
I don't believe that you should be forced to go with a claims company when it takes but little effort to do it yourself.
Last edited by MerlinL14 on Fri Apr 24, 2015 8:07 pm, edited 1 time in total.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
