I was approved for IVA in December 2007 and finished payments in December 2012, received completion certificate in December 2013. Before I completed I gave authorisation for EIC to pursue PPI complaints on my behalf. They ended their investigation during the summer 2014 and passed all paperwork to Grant Thornton (who never informed me it was over until I chased them)
Since then 2 companies have contacted me directly, both of whom were part of my IVA and the investigation by EIC. They both paid compensation directly to me after they had spoken with Grant Thornton who confirmed they no longer had an interest in any PPI claims for me. One company withheld part of the compensation and awarded me an amount based on the money I had actually paid to them which was fair enough. I contacted a 3rd company who were not included in my IVA and who confirmed they had received no contact at all from EIC and in turn they awarded me compensation.
Out of the blue on 29th May I received correspondence from Grant Thornton who say they are now instructing a legal PPI claims management team to pursue PPI claims.
The list of creditors they have given me now include the other company who initially confirmed they had received no contact. The list does not include all creditors on the EIC list, but there are some crossovers.
I have 3 questions now:
1 - Do GT have a claim on the money that has been paid directly to me by the companies who said they had confirmed with GT they had no more interest?
2 - Do GT have a claim from the compensation paid by the company who confirmed that EIC hadn't contacted them?
3 - As there was previously an investigation where Grant Thornton were satisfied with the response from EIC do I have a legal obligation to allow this new company to re-investigate PPI claims?
I scanned the T&c's from this new company and it seems they want 41.9% of any successful claims.
You are under no obligation to complete these especially given that GT have confirmed previously that PPI can go to you.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
It is surprising that any companies paid you PPI money knowing about the IVA as these funds are usually an asset of the IVA. However it is a bit grey and can depend on which terms and conditions were used and what legal advice was sought. If GT said they had no interest in the funds and the banks confirmed this then you should be fine.
I would rely on the fact that GT stated they had no interest in the PPI as well as the declaration that they had no further interest contained in the completion certificate.
I doubt there is anything they can use to compel you to authorise the restart of PPI investigations. My cynical head tells me that they are merely attempting to head off an upcoming court ruling which might not go in their favour.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree - if GT said they had no interest in certain PPI's then they have no interest! By my understanding this will mean that the interest reverts to you...
