Why not let your clients explore their PPI claims and keep 40% of the commission that the claims company would have charged if they are successful and the IP gets 10% (i've no idea why IP's should get anything but set that aside for now) And the creditors get the other 50% of the claims fee a win situation all round
Come on IP's most of your clients are on the flippin bread line give them a break
Good idea sponge, but I think some of the IPs - especially those using threatening tactics- think that we are only claiming back "some" of the ppi's and saving the rest for our own pockets!! They don't seem to trust us to do the job properly! Can't seem to think of any other reason they are so adamant we go through a claims company!
Kerren.mg is that what they think, I hope not, we trusted them and by extension they should do that for us.
I don't mind the IP's getting a bit, they still have to administer the distribution
If a claims company gets to pocket £0000 and we do the same work, but the creditors get an even better deal, then by flippin heck we should keep 40% of the commission fee. It's about being fair and having a sense of decency
The reasons why IPs "get something" out of the realisation of an asset sponge is that is the very basis of how we are remunerated - exactly the same in bankruptcy and any other insolvency process.
I actively encourage all of my clients to make their own claims if that is what they wish to do, and would not entertain takimg a commission as this is against my ethical guide - however I do expect to be paid my fees in the usual manner, and this is to no detriment of my clients.
I implicitly trust my clients to treat their claims in whatever way they see fit, but as a responsible IP to the creditors I will be checking the position on all of their balances, where a mis-selling claim would form an asset of the IP.
It is not fair for a debtor to keep 40$ of any claim, when they have the privilege of debt write off in an IVA.
I agree with you. I see why the banks are cheesed off with insolvents claiming, it's not the fact where it goes, it's the fact we've had the debt write off as you say. I actually side with the creditors which is a bit perverse
That said work is work and we are only talking about a % of the reclaim fee, not the reclaim itself and if it benefits the creditors to boot, then it's the classic win/win situation. Or rather in this case a win/win/win situation!
The way I saw it when I had to do the ppi was do I want the hassle? I certainly didn't agree the company chosen by DFD took a fair percentage, intact I think 35% is astronomical but it's either that or the hassle of me doing all the work when I wouldn't see any of the rewards personal, sure it would yield a slightly higher dividend in the pot but it seemed a lot of work for a few hundred quid, certainly hassle I could do without!
Arty
IVA completion and certificate received 08/10/2012!!!
I expect in may cases it's on the £000's end, pay for a nice holiday and we could all do with one of them in an IVA but each to their own!
I had to budget on £250 a week all in, even £300+ would have been a gift from heaven.
To Sponge - I don't believe that any banks are fed up that insolvent customers are claiming mis-sold PPI. Why would they - they are in the wrong?
To Chezza - there is no confusion. Anyone who has been mis-sold PPI can claim compensation from the lender.
To artemischild - understand your point, but many of my clients say they don't want the hassle either, especially when they have nothing to gain from making the claims directly.
The key factors to lodging a PPI claim whilst your are in an IVA must be:
1 Was PPI sold to me as condition of me taking out the loan, or pushed onto me for any other reason?
2 Do I believe that this was mis-sold?
3 Does my lender have the right to offset the compensation directly against the outstanding loan/balance
4 Is my IP entitled to claim the compensation as an asset?
I suspect that once the above questions are answered will enable most of you to determine whether to co-operate with your IP and to appoint a Claims Management Company to act on your behalf.
Last edited by MelanieGiles on Tue Oct 02, 2012 10:38 pm, edited 1 time in total.
I've just had PPI claim refused from lloyds tsb they said it wasn't mis sold, but how can they justify that when they gave me the card after a review over the phone, no mention of PPI as the person conducting the review knew I wasn't working, I think lloyds had their own agenda in offering out credit and it didn't matter whether you were in employment or not, it was down to how the current account was managed! In the same post was a letter from eversheds to say that my lloyds account had been sold to max recovery at the end of August! So I think this is a clear case of we are not receiving money from you so,vice versa!!
