Should I have been entitled to PPI interest ? I was with DFD.

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dawn20

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Post by dawn20 » Fri May 29, 2015 9:25 am
sorry if this seems a dumb question what is the interest that a poster said they have had from ppi claims ? when I was in my iva I was with dfd and they used eif to claim ppi and they eif found around £13,000 . a lot went in fees to eif and dfd and a small amount to the creidtors but there was never any mention of any interst is this a new thing or should there have been any as I was never informed of any even though they dfd took nearly 18 mths to close my iva after my last payement in dec 2010 ive read about interst on here beofer but never with which company ppi was used to search for it . with my ppi I really didn't get much info from either dfd/eif they just said ppi claimed it was very begrudgely that they did say how much was found but nothing else not even the break down of fees abd divedends to my creidtors and their cuts when I received my paperwork with cc . would I have been entitled to any interst from ppi they recovered then?
 
 

Michael Peoples

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Post by Michael Peoples » Fri May 29, 2015 10:30 am
It seems some firms pay out interest and others do not. We will repay the tax liability incurred on the interest if not deducted at source by the lender or paid directly to HMRC by ourselves. I could never understand why the interest was rebated but then I am no expert on PPI.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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Foggy

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Post by Foggy » Fri May 29, 2015 4:20 pm
The financial ombudsman has shown an interest ( forgive the pun) in refunds and has come to the conclusion that, in some cases, interest was due, but not paid --- the banks do still appear to be trying to avoid paying the full amount due. So, as Michael says, some pay it, some don't ( and some are being requested to re-visit old claims).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

dawn20

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Post by dawn20 » Fri May 29, 2015 4:39 pm
thx foggy
even though I coympleted mt iva payments in dec2010 of course the dreaded ppi was a factor as u know in delaying most iva closures . looking back especially with dfd it was sign the forms and go away ur imput is over and no info passed on to people like myself . I think I found it eye watering when I finally saw how much ppi was there and how dfd and eif carved huge chunks for themselves before the creidtors were paid . I think now that there needed to be much more clarity with some ips as most ppis can bring forward large refunds and we should have been made aware of what the commission % rates were and what we were signing up to. at this time my car was on its kast legs and I did ask for a variation to help which was turned down by my biggest creditor hsbc and yet they didn't mind 55% of £13,500 going in commission to eif and dfd strange world we live in I just think a small amount of interst would have helped me get a better car for work as that was paying my iva payments . anyway if they are revisting this issue it will be interesting to see if iva companies and eif jump on the gravy train again!!!!!
 
 

Foggy

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Post by Foggy » Fri May 29, 2015 6:20 pm
To be honest, Dawn, it defies belief that some of these firms were engaged in the first place and then kept on when their incompetence became apparent ! However, as I said, the creditors are "happy" with it ( though, were I a creditor, I wouldn't have been).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

dawn20

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Post by dawn20 » Fri May 29, 2015 7:08 pm
my sentiments excacTly foggy if they did get away with under refunding ppi then they the banks would be satisfied with their dividend from iva companies with those extortionate fees lets hope it comes back to bite in the future !!!!!!!!!!
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