Court case on PPI

[Sharon.10]

I was the same I had to wait 14 months for my cc even though my case is closed gt are still chasing ppi they have been investigating my ppi for well over 3 years they told me there's no time scale on this on when it will finish.

[nonewdebt]

One up for the Iva debtors....that is positive with substance to back.
Just like the bankcharge case.If no one did anything we would not have put right a wrong.
Credit to the individual who had the nerve to take this up...wouldn't have been easy.

[thisusernameistaken]

I think from the other thread I just saw it's being appealed by the IP (unsurprisingly).

It pisses me off that IPs use PPI to delay issuing CCs.

[Foggy]

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

I think from the other thread I just saw it's being appealed by the IP (unsurprisingly).

It pisses me off that IPs use PPI to delay issuing CCs.

The question heading was wrong ( I think) --- I have amended it.

Not sure if an appeal has been launched or not, but the time runs out any day now. I have enquired of Stephensons, but don't know if they will respond.

[crazyjoe90]

Not being funny or anything but surely the banks are entitled to getting the PPI compensation back from those of us that have either been in an IVA or are in an IVA. We've spent their money and repaying less than we actually borrowed. In some cases a huge amount less. The other problem I can foresee is that the IP's will not issue a CC until all the PPI's have been done and dusted. I know that I would rather have my CC so I can restart my financial life again and move on.

[ashb]

Crazy


Your dead right this is what I have been saying, we borrowed the money so it should all be paid back rather than trying to use excuses to avoid paying this back- no morales !!!!

[Foggy]

Ash. Out of interest, did you pay your total outstanding debt, fees and statutory interest ? If not, are you arranging privately with your creditors to carry on payments until such time as you do ?

[thisusernameistaken]

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

Crazy


Your dead right this is what I have been saying, we borrowed the money so it should all be paid back rather than trying to use excuses to avoid paying this back- no morales !!!!

Read what I'm saying a little more carefully...

I'm not saying that debtors should keep it all. I'm saying that the issue of any 'assets' should be addressed within the term of the IVA.

Let us not forget that whilst the money we borrowed was borrowed legitimately and lawfully, the money taken from debtors for PPI was acquired illegally and hence them being made to pay it back. I don't see why creditors should, after the fact, benefit from their own illegal actions.

Where is the punitive element if they're simply allowed to take back what they stole in the first place (for that's what it is - obtaining money by deception).

I can see both sides of the argument; I also firmly believe that there are people in IVAs today who wouldn't be in one if they hadn't had tens of thousands of pounds of PPI money taken from them without their knowledge or consent.

I also think that the assumption of IPs that any PPI was taken without the debtors' knowledge needs to be addressed. Debtors are only entitled to a refund of the PPI if they were not aware it had been added on.

[Borneo]

Totally agree...and as I have said before PPI is an insurance whether miss sold or not and not what was used for credit.

A large percentage of our borrowings escalated due to extortionate interest that was added each month.

I am not making excuses on what should be paid back but most of us are doing/did our best to pay back as much as possible and have learnt a very valuable lesson in the process.

What is totally unfair after completing your obligations is the
unacceptable wait for the completion certificate because of the delays in PPI claims.

[size5]

Interesting debate, whichever side of the fence you are on.

My own personal opinion is that the decision is likely to be appealed, and with some justification I feel. After all, if you went Bankrupt then the PPI never ever belongs to you, it is always the property of the Trustee and to claim it afterwards without declaring it is potentially a criminal offence. As an IVA is an alternative to BR then it is logical to assume that the same applies. That said, it is also a valid point that 5 or 6 years is plenty enough time to sort the issue out. All IP's I know are now instigating investigations much earlier in the process, so delays in CC's due to PPI investigations should taper out over the course of time. Not much use to those at the wrong end of it now, but there you have it.

If any appeal is unsuccessful then I have to say that IP's will almost certainly react by NOT issuing CC's in these circumstances, which of course no one wants. I can only hope common sense prevails in the end.

Regards.

[Adam Davies]

Hi

I think most people have no problem with IPs collecting any PPI claims for the benefit of creditors, the main issue for me is the fact that many people have had their completion certificates withheld for an unreasonable amount of time whilst claims are made and this needs addressing

Regards

[crazyjoe90]

Hi,
Thisusernametaken (great user name by the way), I agree to a certain degree with what your saying, banks have a lot to answer for. Prior to the financial crisis they would throw credit at you constantly. It is true that some have been put into a bad position because of it, however, I think the vast majority of us just didn't control our spending, me included. The biggest problem that will occur if the appeal fails is that IP's just won't issue CC's at all until the PPI's are sorted which can take years. The knock on effect on some will be horrific as the IVA will remain on your credit file throughout and the chances of getting back to normal will drag on and on. It will be interesting to see what does in fact happen !!

[Foggy]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by crazyjoe90

Hi,
Thisusernametaken (great user name by the way), I agree to a certain degree with what your saying, banks have a lot to answer for. Prior to the financial crisis they would throw credit at you constantly. It is true that some have been put into a bad position because of it, however, I think the vast majority of us just didn't control our spending, me included. The biggest problem that will occur if the appeal fails is that IP's just won't issue CC's at all until the PPI's are sorted which can take years. The knock on effect on some will be horrific as the IVA will remain on your credit file throughout and the chances of getting back to normal will drag on and on. It will be interesting to see what does in fact happen !!

The simplest way around this is for the proposal to include an assignment of PPI.