I am due to make my last IVA payment in February 2013 (& am overjoyed at the prospect!) however today I received a letter regarding VAT & PPI. I have no problem with my supervisor claiming VAT & distributing it to my creditors as it will not affect the conclusion of my arrangement - however they have how stated that unless I have completed the PPI forms that they sent me several months ago this will not happen. The company that Payplan chose to administer PPI claims are called Equity in Finance & their method, fees & general behaviour led me to change my telephone number & throw away all paperwork that they had sent to me - (they sent registered letters to my home address & harassed my continually by telephone). I spoke to my case officer regarding Equity in Finance & PPI & she told me that it was my choice whether or not to pursue a PPI claim and I told her that I chose not to.
Can Payplan now insist that I do claim PPI & delay the conclusion of my IVA? This was never part of my arrangement & I do not accept this variation to my IVA - Can anyone advise please?
Hi, well done on almost being at the end. I'm not sure if they can insist but I do think depending on the wording of your proposal it could be an asset and it may delay the closure of your IVA if you do not give authority to act to Payplan.
However, all that said I'm a mere person in an IVA and there is so many posts about this that I do get confused. Do speak directly with your IP and get their take on it is my best advice
you don't want anything holding up closure I'm sure.
x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I`m with Payplan too and probably got the identical letter about the VAT and PPI. It seems sensible to have these variations as a lot of the grief posted on here is to do with closure delays. The VAT issue may well be resolved once and for all soon, but if there`s an outstanding PPI claim relating to an arrangement then as it stands it could delay things down the line - this is what the variation seeks to guard against.
If I were you I`d complete the forms and get them in the post.
I had email from Payplan today stating that it's still my choice whether I wish to apply or not and no mention of it affecting closure although this is still at least a couple of years away for me!
If the PPI claim - assuming that you have one to make - is deemed to be an asset of the IVA, then it is your duty to co-operate with your IP in its recovery. So if a policy has been mis-sold to you, it is not your choice whether to pursue it or not.
Melanie is right. All Payplan are doing is their obligation to creditors. And I think they are being proactive in getting the issue sorted.
When I first got the EIF forms I had a mind to not sign them as I never agreed to any PPI in any of our loans or credit.
However having considered the arguments I did sign and send back. To my surprise I later got a cheque off Payplan for mis-sold PPI.
I can honestly say I have no idea why, or where from. The only possible reason being the PPI was a hidden charge somewhere.
It would appear that I have been given me some inaccurate information regarding my ability to "opt out" of the whole PPI derbarcle & seeing as I certainly don't want to drag my agreement out any longer than is necessary I will contact my IP ASAP to clarify the situation!
Hi - back again! I've been thinking about the whole PPI claim again & I appreciate that any monies secured under a PPI claim would be paid to my creditors but does that mean that I have to use the company that Payplan have told me to? They would be taking at least 30% of the rebate (& as far as I can tell are a subsidiary or affiliated company of Payplan's) so surely it would be more beneficial to my agreement to claim PPI myself seeing as I can't charge a penny?!
No you don't - you are perfectly entitled to make the claims directly to the banks concerned, and if successful this will provide even more money for the pot. I also know a reputable claims management company who will only charge 15% of recoveries in the event that you do feel you need external assistance.
Hi Hyperdrive
I have just gone through the very same process and been told i have been refunded 10k from 2 claims every time i ask will i get anything they fob me off, say you need to speak to EIF but i can never get through have emailed them no reply, also how much would i get and how long does it take to come through.
thanks Special One
I am not quite understanding your posting Special One - are you actually looking for advice about the way your PPI claims are being dealt with - of so could you ask specific questions so we can try and help.
If you have successfully reclaim PPI through EIF then you will need to contact them directly as they are the ones who are handling the claim and not us. Once the claim has been processed we will be able to give you a clearer indication of how much will go into your IVA and then you will receive the 8% statutory interest.
Gemma
Many Thanks
Gemma
Payplan Representative
Payplan offer a range of solutions including IVAs and free DMPs. To find out more and to contact us please visit www.payplan.com
If you have successfully reclaim PPI through EIF then you will need to contact them directly as they are the ones who are handling the claim and not us. Once the claim has been processed we will be able to give you a clearer indication of how much will go into your IVA and then you will receive the 8% statutory interest.
