It is an interesting query as to why Stepchange do not try and collect PPI as it does hugely improve the dividend to creditors. Most debts in IVAs are sold by the banks to debt purchasers such as Max Recovery and increased dividends are then paid to these debt purchasers. However, the claims for misselling are made against the original creditor i.e the Bank who loaned the money so effectively the compensation for misselling is being taken from the banks and paid to the people to whom they sold their debts.
I can see why the banks do not want the PPI recovered but I cannot see why the debt purchasers are not more agressive in demanding its recovery.
Last edited by Michael Peoples on Tue Sep 01, 2015 5:29 pm, edited 1 time in total.
The posts below the article are also worth a read.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Well done on completing!! We was with stepchange and they were brilliant.
Our CC arrived 22 days after our full and final with payments made to date was accepted. Our PPI also wasn't investigated, which made things a lot quicker!!
Steve.
There's more to life than money....but it does help!!
64 payments made. Full and final with payments made to date accepted on 26/05/15 completion certificate received 17/06/15
