Just a point for all of you - if you knowingly and willingly signed up to take the PPI, then there is no misselling claim to get repaid and therefore no claim to make. Don't be pressurised if you know that it does not sit right to make a claim, Declan and his masters at DFD would I am sure be the first to agree.
Hello all
I have also received one of these packs from DFD and Equity in Finance.
First I'd like to say that I don't believe I was mis-sold PPI and in most if not all cases I asked for it to be added.
A few things I noticed in the terms and conditions by equity in finance.... 4. The risks of making a claim
4.1 The client acknowledges that they fully understand the risks of making a claim for compensation against a Third Party; these include but not limited to the following:
4.2 Appearing in Court to testify under oath that the information you have given is truthful in the event that legal action is taken to resolve your claim.
This is obviously in place for all customers and is just a standard terms and conditions statement, which is fine, if I approached this company myself and believed that i had a claim.
If I don't believe that I was mis-sold this PPI surely i cannot be forced to sign this if there is even a small chance that I may "under oath" have to attend court. I'm certainly not going to lie just so Equity in Finance and to a certain degree DFD can line there pockets.
I also have only 5 months left of my IVA and this is just headache I could do without.
Out of interest... is there any DFD customers who have received these packs that are just starting or halfway through their IVA?
Are perhaps DFD sending these to ppl who are so close and don't want to "rock the boat" and believe we will just sign it because we don't want to risk failing.
1 final point, on the documents i've been asked to sign, my Name, address, and loan agreement numbers are all on Equity in Finance headed paper. I was also called by Equity in Finance on my mobile. It is not against Data protection to give out my details to a third party without my authorisation???
I'm feeling a bit left out, we hopefully have 1 year left to run on our IVA - subject to equity release and haven't had one of these packs from DFD at all.
I posted this on another thread but thought it might be helpful here? ...
"not sure if this is relevant but recently my IVA firm put me in touch with a company that claims PPI back.
When I spoke to the company who were going to pursue the PPI for me (can't recall if it was Equity In Finance or not?) I told them I had no recollection at all if any of my debts had included PPI.
To this I was told that in that case there was no point in proceeding with a claim as even if there was PPI on the debts, in order to claim PPI back there would have to be a cause for saying it was mis-sold in the first place. Therefore if I had no memory of it I could not claim one way or the other if it was mis-sold or not!
I see their point I suppose and they said they would not pursue it due to this.
Not sure if this advice was correct or not but thought it might be relevant to this issue? x" ...
... so not sure if it helps anyone but perhaps before signing all the forms etc, might be worth speaking to the PPI claims company that your IVA company has put you in touch with as they may dismiss any action like they did with me - I was told to ignore the letter/form to sign and that nothing further would happen xx
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
I would definately recommend that all parties presented with these options definately speak with the claims company directly. Your contract will be with them, and you need to understand exactly what the process is in lodging and pursuing your claim. I am not against PPI reclaims where they are genuine - I am also receiving a few cheques at them moment which my clients have pursued of their own free will.
Thanks for your sound advice Melanie, i really don't want to sign these as i do believe that i was sold PPI because i asked for it but as John 123 has indicated i don't want to rock the boat because i'm hopefully so near to finishing, decisions, decisions and not easy ones either.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
If you genuinely believe that you were not missold then I don't think you should sign these forms.
Not everyone was missold and I think these companies should realise that.
Far better that you sign some sort of disclaimer to say that if you don't claim now, you won't put in a claim after the IVA has finished.
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 would gladly do that Jan and to be honest i think i shall be writing to my IP stating that i don't feel right doing this and that i won't be claiming anything once my IVA is over, i couldn't be bothered with the hassle in honesty. Infact i have already had several firms contact me over the last 9 months and have always turned them away. If my IP wants me to sign something then i would be more than happy to do. xx
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
I have just received this from customer care from DFD it would appear they have now put together a proforma email to answer this. Based on what has been said here i have sent in the signed details they wanted, if people want to waste time then let it be their own and not mine.
Further to your recent enquiry regarding the completion of paperwork from Equity in Finance, I would like to clarify our position.
The recent admission by a number of large lenders that they will not defend proper claims of PPI mis-selling has created 2 issues for Insolvency Practitioners (IP) of IVA’s.
1. The IP must satisfy themselves that they only admit creditor claims at the appropriate amount. To the extent that they are inflated by inappropriate policies this requires challenge.
2. To the extent that reclaims of premiums and associated interest is available the IP should pursue these as an asset in the IVA.
Because it's a specialist area we are working with PPI expert claims companies to ensure we optimise results.
Of course, we are only interested in pursuing genuine claims. However, it isn't necessary to demonstrate intent to mis-sell. The seller of a PPI policy needs to demonstrate that they followed the appropriate process to determine that the PPI policy was suitable and fit for purpose. For example, they must have explained any limiting factors to making a claim, the full costs (and the effect of interest accumulation in the event that the policy cost was added to the loan). They must have made it clear that the PPI policy was a separate transaction and not have implied that it was a condition of the loan.
The evidence of thousands of claims supports the observation that these processes were not routinely followed. The putting aside of billions of pounds by the big banks as provision for PPI claims further supports.
So, we recommend that our customers take the time to provide the information and allow the PPI experts to make their assessments.
Once you have completed this paperwork Equity in Finance will investigate your claims, this process will be carried out alongside your IVA. As part of EIF’s process, they have already written to some creditors, this has been done on an authority by the IP to commence the process.
If you have any objections to this process, can you please let us know your reasons to gain a better understanding.
Hi Orchid. Declan did post to this effect on another thread and I shal repeat my response to that post here:
Quote from your earlier post, Declan:
"The evidence of thousands of claims supports the assumption that these processes were not routinely followed. The putting aside of billions of pounds by the big banks as provision for PPI claims further supports."
I would hazard a guess that a high percentage of those thousands of claims have been "engineered" to fit the mis-selling criteria. Probably even more so since many claims are going undefended now. All the claimant needs is a "legitimate" excuse to lodge a claim, so they simply choose one of those reasons oft cited as causes of mis-selling.
For instance, "I thought the loan would be denied if I didn't take up the PPI" ... excellent choice of reason. Practiacally undefendable by the seller, if he chose to defend the claim.
The banks (and I am no friend of these institutions) have put aside the billions because they know they are on a hiding to nothing and it is less costly not to defend the cases and write off a smaller loss.
The premise that thousands are getting away with fraudulent claims does not give me , in all good conscience, the right to follow the herd.
I agree, however, if there is a "hand on heart" genuine claim, go for it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Orchid5
I just got the exact same e-mail from DFD customer services.
Didn't answer a single question I asked.
"if you have any objections to this process, can you please let us know your reasons to gain a better understanding."
So you want me to send the same questions again?
I've come to the same conclusion as you...
Signed the forms, sending them off, let them waste their own time if nothing comes of it.
To be honest, the thing that has annoyed me most is that DFD has sent all my details to a third party without even letting me know to expect a phone call or this pack.
Roll on 5 months and i'll be free
Hi John I echo your thoughts exactly, it would appear that because you are in an IVA all protection of datat protection goes out the window, look at the details on the insolvancy register as an example, i asked that question and apparently they do have the authorisation because i'm in an IVA however this company couldn't even get the details right so god knows what their customer service will be like, up to them i have now washed my hands of this, roll on the next god knows how many months as i still haven't got an answer to where i will be in July! Good luck though and god bless.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
