fortunately I was in the position to offer a full and final settlement of my IVA and completion certificate was issued by G/T in 2012...A full breakdown of all payments by myself and to creditors and G/T charges (These are extortunate but they have us in debt over a barrel you can only accept). I was pleased as punch when the certificate came through the post. Even though my iva was complete and on the certificate there was no mention of PPI. There was still ongoing PPI going through, 2 and half years later and approx. 45k recovered by G/Ts PPI firm. EIC wrote to me saying they had finalised their search and there bisuness was done and they would inform GT who had changed to APERTURE by that time, that all PPI searches had been exhausted and was now complete. With being G/T customer and I new how long it takes them to settle things. Bearing in in mind with the PPI refund being approx. 45k this was itself close to my original Debt and with Payments I had paid in and the Lump Sum agreed this was at least 40k what I originally was in Debt. I did write to customer services and received a letter that my information was still with the PPI department. Then six months out of the blue in started to receive these envelopes from a firm called SHL (wanting 41%) wanting me to sign forms for PPI search these were for accounts that EIC had already been successful one to the tune of 24k, I kept ignoring these then after the 4th uncussesful attempt they got the message and a letter came informing me they were informing G/T of my none return of these letters. 8 months down the line still have heard nothing from GT-APERTURE. I have attempted to contact customer services but my file is still with their PPI department 6 Months and still nothing. 45K is a large sum of money obviusley that EIC would be paid 33%. And I believe GT-APERTURE will take their cut for doing what I don't know but I still believe I have paid enough money in to well cover my original debt. As has funny has it sounds if I hadn't been paying PPi in the first place would I have been in debt. It seems to me that these IVA companies are a licence to print money, and seem to make the rules up as they go along. (Can anyone who signed upto an IVA hold there hand up and say they understood what we were getting into we were happy for the help at that time, in the end they were were recommended by citizens advice). As or is anyone in a similar situation and could it be something to do this appeal in November. 45K is a lot of money sat in there bank account surely there are time limits they can hold onto this. And finally I believe in the not to distant future the adverts will not be PPI Miss-selling but this will be replaced with IVA.
Have to say that I found your post a bit hard to follow!
I can honestly say that I was happy with my IVA company and our agreement and I had nothing to do with CAB.
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
If you received your CC then the PPI issue shouldn't affect you too much. If the IP receives sufficient funds from any PPI refund that enables the balance of the estate debts to be paid back in full, together with statutory interest and the costs in full then any surplus should be paid back to you.
If you think this will be the case write to Aperture and ask them for an update.
Thanks for your reply...I was probably a bit harsh with the way I worded my initial post....but you read daily on this site and others......yes at the end of the day us the debtors are the one's at fault......but yet there's a lot of getting very rich quick through debtors poor judgement ( and most would have not been in that position if for paying all that ppi).the main reason for the post is my original total debt was approx £50k....taking into account payments made/ final lump sum and ppi Payments Aperture / GT have received approx £75k so my question is why would they employ SHL solicitors to ask me to sign forms to sign to claim against for example MBNA who have already paid out....Can't Aperture just get me settled up and give me a breakdown because (they should be interest on the money are holding) and my final figures on receiving my C/C said 0zero owed to creditors x
On a £50k debt you would have to pay into the IVA a sum close to £80,000 to cover the original debt, fees, disbursements and statutory interest. That is not including the 30% PPI claims company fees. So, if you have paid over £75k ( less those PPI fees) there is still some money outstanding that they will want to try to recover from any PPI that might be left.
Now -- why are they going over old ground and resubmitting old claims? Basically, because the banks keep trying to dodge refunding --- they have been ordered to revisit old claims on at least three occasions by the ombudsman and previously refused claims are being paid.
All a regular PITA and, yes, they have us over a barrel! It is rich ( forgive the pun)that those lording over us in debt are the worst villians of the piece !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The commissions paid to the PPI companies will also have reduced the amount into the 'pot'. I do hope there is something left for you at the end so ask for an up to date receipts and payments account. This would show who claimed what, who was paid and what funds are left in the bank. It would at least give you an idea of where you stand and maybe any extra money found will be to your benefit.
Foggy I understand and for many years.....the stress and anxiety we have all gone through.. ..and i was led to believe that when i settled my IVA and and received That C/C. You write to all the the credit ratings agencies only to be told by them that even though you have settled early you still have all the gunk on your file for the remaining years. All these years with availability of credit to zero embarrassed to discus with anybody.......i take my hat off to myself everybody who has successfully come through an IVA. Because at first your led to believe you will only pay back a fraction of your original debt.... I have no problem paying back everything I owed its all these hidden charger's you were signing up for.....because when you sign up the agent is telling you everything you want here ........this is what grips me they get you at your lowest and all you want to do sign up and it will all go away its bee along 5/6 years x
Defaults have to be removed back to the original IVA date so after six years they will fall off, as will the IVA. That's nothing to do with the IP company or the creditors, it's the credit reference agencies that do that.
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
it's like one of my PPI successes' was in early 2011 for approx £15k.... So I have put this to my aiVA company will the interst they have made with all this PPI sat in their bank accounts ....they will have cashed the cheques to pay EIC ....will this interest show on the final breakdown.... And I presume this should be added to the total pot.....that's what I'm trying to say last PPI was approx a couple of years ago so they have ha £40k ish gaining interest somewhere these PPI should be distributed to the creditors as Ana when you recive them..... .
Any interest in the client account will be applied to the IVA -- such as it is --- the rate has been 0.5% since 2008 ( I believe, without looking it up), so any interest will be negligible.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
going into my IVA was the best thing i've done. am now debt free, have my live back as I dont just live to work now. can put money away each month. All this with a job that pays a lot less then I can before taking out the iva and I no longer work silly hours.
IVA now over with and it was worth it.
now starting my life again,
