My IVA is with DFD. I have been sent a letter asking me for various details so that they can reclaim mis-sold payment protection Insurance which will then be paid into my IVA.
My IVA was increased from 5 years to 6 years by Northern Rock. When my circumstances changed after the first year and my living expenses increased with my daughter coming to live with me full time, I was not allowed to reduce the amount I paid into the IVA so had to live off of less money. although manageble, with the additonal increase in living cost we are all experiencing it has not been easy.
Additional to this I have already over paid £5,000 into my IVA through bonuses, so it will generate more than the return origianlly agreed.
As there is no benefit to me, my creditors have played hard ball with me all the way along, and they are already getting much more back than agreed, I don't see why I should take time to do this for them. Is it just me or would I be wrong to ignore this request?
This is a bit of a hot potato at the moment on the forum.
Do you feel that any PPI was mis-sold to you? If you are 100% happy with the fact you took PPI I would write and tell DFD this. If there is any doubt I think you will have to provide the details. It will increase the dividend to the creditors. I understand your reasons for being reluctant to do this but it is creeping up in topics on here more and more.
If they are creditors in your IVA and you are already ahead of the original dividend why not have a chat with your IP and see if a PPI claim could be used as an F&F.
IVA finished June 2011
"If you listen to people who tell you what's impossible, they're usually the ones who failed" Paul Stanley
I agree with Kazza - you should consider whether you were misold in your own mind and then discuss with DFD. If you do not believe you were then it is wrong to make a claim and you should stand firm by your decision with DFD.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Your IP does have the obligation to maximise the return to your creditors and you have an obligation to co-operate. As such if they ask you to claim for PPI miss-selling you have little option other than agree. At the end of the day if you were not miss-sold no payment will be made. If you were and compensation is paid, your creditors as a whole will benefit. You must not ignor the request from DFD as it could be seen as non cooperation with your supervisor and a reason to fail your IVA.
Sorry James I disagree .... surely if you can say hand on heart that at the time of taking out the loan or credit card that PPI was fully explained and you fully understood it, then why would you sign your name to something that you know is wrong !
I totally agree about maximising the return to creditors but I do not agree with signing paperwork agreeing to something that you know is wrong !
My opinion and I may be in the minority !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Whilst I understand what you are saying luluj, I do agree with James that you have to co-operate with them. I am sure that one of the experts has posted recently to say that if you don't then it could lead to your IVA failing.
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 just feel very strongly that you should never sign something you don't agree with !
I do understand James reasoning as well, and if that is action that people have to take to have their IVA's concluded now, then so be it, but I do feel it is wrong still - as I said, just my opinion though !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I don't agree with it either - thankfully I never took out any PPI so it won't affect me.
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 am with luluj here! So, we are a minority of two [:)]
It's not a case of non-co-operation, it's a case of following your moral code.
I agree it's the IP's duty to maximise the return for the creditors, in which case these PPI obligations should be discussed at the outset and agreed (or not) then, as opposed to being unilaterally applied retrospectively.
Incidentally, if an IP has a sure fire tip on the grand national, should he coerce his clients to each put a fiver on ??? OK, I accept that's a little sarcastic [:D]
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I don't agree with it but if you are told that your IVA may fail because of this - what do you do?
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
Minority of three now foggy I'm with you and luluj, you should only make a claim if you were genuinely mis sold. I don't see how they could fail your iva for telling the truth.
Having worked in the industry for many years and dealing with endowment complaints I saw many claims management firms encouraging clients to forget or embellish details the onus is then on the firm to disprove which often they couldn't. Don't get me wrong many were mis sold with false promises but no where the number the industry paid out on.
Are Dfd encouraging you to claim against your creditors for ppi on cc's/un secured loans or for ppi on mortgages/secured loans?
My husband has also had one of these letters from DFD telling him he has to sign the authority over to a company called Equity Finance, who only charge 36% plus vat (albeit they claim the fees from the payout). The letter states that if the case is won, then the creditors will get more money and view his case more favorably????? let me get this right DFD, you wish him to claim against the people he owes money to??? the same people who are only getting 38 pence in the pound back for the debt??? and you think if action is then took against them to get money back to pay back to them, that they are owed in the first place??? so if I win then they are effectively paying themselves back ???? Dont really see how they is going to make them happier to be fair. It will make Equity Finance happy with their 36% plus vat charge. It will make DFD happy with the commission they will undoubtably receive. Mmmmmmm WONDER IF WE SHOULD LET THE PEOPLE WE OWE MONEY TO KNOW, THAT THESE COMPANYS WANT US TO SIGN FALSE DOCUMENTS TO CLAIM MONEY OFF THEM ???? Anyway, then we all wake up and see that this is wrong on every level of wrongness, but the ultimate level of wrongness is the fact that they want me, who is not in an IVA, to sign over my secured loan that pays me profit of £13k in 2014, to this company so they can deal with the ppi and pay it into an IVA that I dont owe???? Count us as 4 in, and rest assured I will seek legal advice over this and post the result. Anyone from DFD care to comment ???? maybe not, answer to above Why me, unsecured and secured and.......... debts not even belonging to the person in the IVA lol
scenario - car breaks down
cost to repair car £100
man repairs car but you only pay £38 because you cant afford to pay £100
Man not happy but accepts £38 because its better than getting nothing
Later, you sue man who accepted £38 instead of £100 and make him pay some of the £38 back
Is man looking at you favourably???? I think not, or am I over simplifying it all
