Firstly I would like to ask all of us who have entered into an Iva truthfully read and understood what they were signing into. Because we were all at our lowest sat in citizens advice embarrassed waiting for appointment with G/T advisor. These advisor new what to say to you. Everything a blur you just wanted help. I thought sat in citizens advice signing Into government/financial scheme with a company recommended by them this can only be the way forward. The first few months went well and my finally had the financial pressure released.
This was until things within the family household start to break down. You realise then its going to be a long 5yrs.
Then you start reading the small print especially the fees these companies charge and at least your first 24 monthly payments would just cover their fees, before creditors got a sniff. That's wen the penny drops. I take my hat off to all those who successfully completed the 5yrs. I was lucky in a way had a pension drop in the bank and used some t negotiate an early settltement. Original debt was approx 48k, with what I'd already paid in 15k and 22k lump sum. The 37k was accepted and 6 monts later revived my paperwork and certificate and a final paragraph from my I/P concluding our business was complete and if I had any further issues with G/T it was customer services.
This brings me t my PPI whilst in the IVA I was dealing with EIC. Throughout there search I was always complient with there requests for information I realise now I was a bit naive by doing work them . Originally I was led to believe any monies recovered EIC would take there 30% and I would get the rest.
But has the Cheques from successful reclaims came in after a phone call to G/T I was swiftly brought down to planet earth and all that money which I had paid in would be lost.
EIc was successful on 4 occasions totally approx 40k these were during and after completion of Iva .it was especially a gut wrenching feeling seeing that a cheque from a well known credit card for 20k being moved from EIC to GT especially when this was after I had finished my IVA.
Approx 8mts after completion EIC wrote to me saying they had exhausted there PPI search and they would inform GT of this.
So by I realised GT had recived a total approx 75k .original debt 48 k.all this happened a year ago. I finally finally gave up trying to contact GT who mysterious had changed to aperture same names and address. They just kept saying your figures are being worked out. Then out of the blue I started receiving letters to sign from a company called shl who were working on behalf aperture..like others I have just ignored them.one of the accounts they wanted me to sign was from the company that had already paid out 20k.
After looking on this website and others there are thousands of us that Gt and other Iva companies are holding onto. It must be millions they are holding in bank accounts (bearing in mind GT revived my first secess reclaim for 8k 4yrs.
I also understand that with there extortionate fees I don't expe t any back but surely my creditors should be paid.
At the end of day this still our money until it is divided out.
I reckon in a few years it wont be companies rining you up mis- selling ppi it will be Mis- Sold IVAs
"I also understand that with there extortionate fees I don't expe t any back but surely my creditors should be paid."
At the end of the day it was the creditors who negotiated and agreed the fees and, effectively them who paid them. You have still paid a lot less that you would have done to cleat your debt plus contractual interest.
Yes, many are in a bad place at the start and don't take in what they are being told --- this is why we all advocate speaking to several firms --- at the start you don't even know what questions to ask ! However, many of us researched first .. then jumped .... still the same issues, but at least we could fight our corners.
Yes, some IVA's were / are still being mis-sold --- so, as said above --- SHOP AROUND.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy
You hit the nail on th head my sole intention is to makke sure my creditors get there money back. I don't expect anything. But how can they justify holding on to the first PPI payment for 4yrs and not dividing out to my creditors. The excuse they gave me was they have to wait until PPI search has finished. But I'm sure ccharge fees for dividing them up to creditors individualy.
And regarding my biggest reclaim of approx 20k was paid by one of my creditors to whom I owed roughly the same ammont.
Advice taken Foggy I have been doing alot digging and reading and was shocked how G/T (aperture) have dealt with debtors.
Especially two of their i/p s one which was mine and this I/P had been disciplined for his lack of due care and treatment of debtors resulting in fines.
I havnt heard a thing from apeerture for 8 months now last letter they sent me said had wrongly calcuted my PPI and would receive £200 within 10 wks nearly year gone and nothing. Because I suffer a serious illness this has been put on the back-burner I was just happy to Finnish Iva 3 yrs. That's why to some I seem to be going over well trodden ground.
Just bear with me....
My intentions are honest and want to make sure my reclaims to the right people (creditors). I think 3 of the debts and been sold on and I'm sure GT bought one of them....
So I finally get to my question ?
I am interending to start up communications with aperture again regarding this missing £200 and of course PPI refunds approx £40k bearing in mind one of which was after completion would I be better waiting until after the court case in November and then start ?
And for foggy I will eventually get upto speed lol x
I don't believe the outcome of the court case (if we get the promised announcement this time) will make much difference overall to anyone still in an IVA. As for those out of it and with completion certificates in hand any assignments we have made will nullify the court case anyway. However ... those that have made no assignment of PPI and have completed might (MIGHT) be able to hang on to any new PPI. I say "might" as this case revolves around arrangements using R3 T&Cs and it might take another court battle to get them to apply to Protocol cases if the "Protocol IPs" decide to fight.
That all said --- if the court case goes in the debtors favour it will, at the very least, give them the balance of doubt and more leverage in any dispute.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
