I have received paperwork from Payplan regarding claming PPI

[David.64]

I have recieved paperwork from Payplan regarding claiming PPI's through Equity finance, to which Equity will take 40% if a successful claim is made. It also states that any compensation should be paid into your agreement although there is component that I will be able to keep.

So my questions are, Is this really worth it? What is the component likely to be? and for example if I paid £5000 to payplan from a claim does that total come off my total debt with payplan therefore reducing the time needed in agreement or is it simply swallowed up.

[kazzafunk]

Hi David - welcome to the forum.

The PPI issue is very hot at the moment. Did you take out PPI? And if so were you mis-sold this? If so then you have an obligation to allow a claim to be made.

PPI refunds are deemed to be an asset available (or potentially available) to the IVA pot. It will not reduce the time or the original amount repayable but can potentially increase the dividend to creditors. We had a refund which we were able to use as part of a full and final offer so it can work in our favour.

I think if you are 100% sure you were not mis-sold then I would be sending back a letter confirming this. However, you may get further enquiries as there are some aspects of PPI selling / claims that we may not be aware of, that could mean you were mis-sold.

[kallis3]

Hi and welcome.

I believe that Payplan are leaving it up to clients as to whether or not they claim. It will all depend upon whether you feel you have been missold.

If you do and you win then, unless the money is sufficient to pay your debts off in full then your IVA will continue either until the end or you pay off in full.

You will always owe 100% of your debts until the IVA is completed.

[David.64]

Thanks for the replies, I have been reading up more on this via payplan website and it seems all refunds go directly to Payplan and they will only give back an amount that would be owed to the taxman. Seems of no benefit to me whatsoever, unless I run the wrath of the taxman and dont pay him, which could get messy.

[pavel33]

I got the same letter and found the covering letter very unclear, some of the wording suggested it was optional and then other wording suggested it was mandatory (use of the words 'we require' etc.

I know I've never taken out PPI though so am just going to ignore it.

[TonyF]

I got the same paperwork. I thought it was clear that anything recovered goes to the creditors, bar fees, etc and other than 8% which we get to keep. I will complete the paperwork because I don't want this hanging over my head when the IVA finishes. I'm not sure what anyone has to lose by doing this - a few minutes spent filling in forms for a possible return and some off the total debt.

[kallis3]

I've yet to receive anything but won't be filling it in as I've never taken out PPI.

[David.64]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lukerules

I got the same paperwork. I thought it was clear that anything recovered goes to the creditors, bar fees, etc and other than 8% which we get to keep. I will complete the paperwork because I don't want this hanging over my head when the IVA finishes. I'm not sure what anyone has to lose by doing this - a few minutes spent filling in forms for a possible return and some off the total debt.

I dont think anything that gets given back gets taken off the total, just gets given to creditors.

[kallis3]

It will mean a better dividend for all creditors.

[back on track]

it does get taken off your original debt which in turn gives a bigger dividend to the creditors and may help in the future should you run into any difficulties and need to get a variation done.

[GilliB]

I received mine last week, and emailed EinF to say I won't be claiming PPI as mine wasn't mis-sold. I received a reply this morning acknowledging my email, and asked that I send all the paperwork back to them.

[nickjohn]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by GilliB

I received mine last week, and emailed EinF to say I won't be claiming PPI as mine wasn't mis-sold. I received a reply this morning acknowledging my email, and asked that I send all the paperwork back to them.

Wonder what would happen if you said the PPI was not miss sold, this gets the IP off your back etc etc and then after the end of your iva, assuming you were still within any time constraints for claiming, made a claim then.. Would all monies would be paid to you..

[GilliB]

Don't know nickjon, and I don't plan to find out!. Would assume though that the creditor wouldn't be best pleased! I think there was a previous thread where someone said you may have to declare that you do not intend to make a future claim.

[jmm78]

Hi David,

I also received this paperwork from EiF. I Have already made claims myself ( which is very simple to do, by the way) so I contacted my case officer at Payplan. She told me I was under no obligation to claim for mis-sold PPI and that it is always the clients prerogative. I would certainly recommend making the claim yourself rather than through a claims company who will charge 40% . I have also read on another forum (don't know if this is true or if anyone can confirm) that the full amount of compensation will be paid into your IVA and you have to pay the fee to the claims company yourself. I don't know how they are getting away with this, but it is worth noting a news article today which stated a meeting had been called between the main lenders to sort out the mess created by claims companies.

[kallis3]

If you use the company suggested by your IP then you won't have to stand any fees. If you use a fee charging company of your own choosing then you will be liable to pay the fees.