Not sure of the date but it is sometime this year.
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
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
I doubt he is doing it for his own personal gain - if it's successful then it means the likes of us won't have a problem with PPI and completion letters.
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
In this instance PPI is almost a side issue - its about the nature of the agreement and what it actually means which is why the original court recognised that there were wider issues.
I'm not going to say on here what the obvious flaw is linked to PPI post IVA and what most companies have not realised.
Creditors as such will not care because on the whole it is their money (banks, credit cards companies etc.) that is being reclaimed back via claims management companies.
By the time anything gets repaid back to them via the IVA almost 60% plus will have been taken out in fees by various interested parties.
Also there is evidence that suggests that if PPI had been redressed before someone went into an IVA it might have stopped the need for some people do so and/or reduced the overall amount that was owing i.e. banks etc. should have checked their records and history with the customer to see if any potential claim could have been headed off and therefore keeping more money in their business.
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.
Also remember that when a lot of us entered an IVA there was no such thing as reclaiming PPI.
Be a good thing when 2018 comes and all of this finishes although I imagine something else will come along in it's place.
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
Mole.
The supervisor has a legal obligation to the creditors and we spent a lot of money on legal advice when this whole situation began. Our advice was that any PPI was an asset of the IVA, and thus the creditors, especially as we use the R3 standard terms and conditions rather than protocol.
James Green did not start the legal action as it was the debtor who tried to recover the money and we have been defending the position of creditors. To just hand over the money would have been potentially negligent and even though the case was lost in lower courts our advice was to go to the Appeal Court and thus get a proper ruling on which we could then rely. This will protect us, creditors and debtors alike.
We have not been backed by creditors and it is our firm who have been funding the costs. Win or lose we will not benefit financially but at least there will be legal precedent set and we can then deal with the rest of the funds we have on hand.
There are many arguments about the morality etc of PPI as to who should get it but we are only interested in the legalities. When the appeal was granted the previous judgment was stayed as there are merits and a reasonable chance of success. Therefore, without challenging the lower court decision, James would not be doing his job or carrying out his duties as supervisor.
It is supposed to be going ahead this month so hopefully we will hear something soon.
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
Just spoke to listings section at the Court of Appeal, they don't have a date for Green V Wright as yet and they are booked up until March next year. However in view of the circumstances of the case they will try and "squeeze it in somewhere".
