Do i have to claim for mis-sold PPI whilst in an IVA ?

[loki270883]

Do i have to claim for mis-sold PPI whilst in an IVA? I'm currently 4 years into my IVA which was started with Ernst & Young but has recently gone over to Grant Thornton. I got a letter from GT at the beginning of March to say that i may be entitled to a refund due to mis-sold PPI and they had - conveniently i think - suggested a company to use in order to make a claim. I'd already assumed that i wouldn't get any money from a successful claim as any funds due to me would have to be paid to my creditors anyway so when i got a call from the claims company, i ignored it. I have now received another letter from GT with an application form for the claims company for me to complete and send to them to try claim back any mis-sold PPI. The letter doesn't say in so many words that i have to claim, but it appears to make out that i do have to. I feel that the claims company and GT are either the same or owned by the same company so the only one who stands to gain from any claim i make will be them. So do i have to make a PP claim? Just to add, once the IVA is done, i would not be making a claim for the PPI knowing that i would be "debt free" and able to keep the money as i think i have read somewhere that you aren't able to make a claim outside your IVA if you knew you could claim at some point during the IVA. It's just i don't see why another company should try make money from my situation when myself and my creditors stand to gain nothing.

[Shining]

Were you missold PPI? If so then you ought to complete the claim form as it will be for the benefit of your creditors.

[Pandy]

I am with GT also and when I received the letter around the same time as you beginning of March I rang the number and told them the truth I had never taken out PPI and although hubby had he had used it when he was ill so we have no claim to make.
We have heard nothing since, the letter did state that if they didn't hear anything they would proceed so it might be that you didn't let them know in March you have heard now.

[Grant Thornton]

loki270883 - as Supervisor of your IVA we need to ensure every effort is made to recover all assets that my abe due to your IVA for the benefit of your creditors, failure to disclose a PPI award would constitite a breach - by contacting Claims Broker, our preferred partner you can ensure you keep yourself right as they will be able to assist in determining whether or not any action is required from you,
Kind Regards
Karol

[nickjohn]

If reclaiming a PPI helps reduce your debt then you should jump at the chance,whilst you are in a payment schedule to clear part of the debt off within the term of the IVA you do have a duty to try your best to clear the whole balance..
There are stories everywhere about people holding back on PPI claims until after the IVA finishes only to be caught out and having to pay it over anyway..

[sponge]

I think the individual is of sound mind enough to detrmine if his or her PPI was misold in the sense did it suit your circumstance at that time, then there is no obligation for you to make a claim.

Also if GT are so creditor centric why go through a claims broker who will take a whopping chunk of it when you can fill a simple form and do it yourself to maximise the creditor return!

[Broke of London]

The creditors will benefit from claims in so far as refunds from mis-sold PPI correct the balance for future dividend payments. Those who mis-sold PPI get less and those who are innocent get more. If you don't reclaim you are paying towards clearing the mis-sold PPI debt.

[Sensible77]

I’m with PayPlan and I’ve received PPI claim forms from Equity in Finance. The covering letter from PayPlan only recommends that I complete and return them. I did have PPI with my creditors but it was taken out by me without pressure from them and I would have been able to claim on it for the circumstances it covered. I don’t consider that I was mis-sold it all. I actually cancelled all the PPI payments a few months before entering the IVA as a last resort to salvage my situation. In any case, I am considering completing and returning the forms but one part of the paperwork that I need to sign doesn’t sit right with me that states “I confirm that I want to make a complaint about the sale of PPI”, which I don’t. I’ll consider it over the weekend.

[GilliB]

Hi Sensible77. I'm in exactly the same boat as you, and also picked up on that wording too. I read all the info thoroughly yesterday and emailed EinF this morning to advise that though I had PPI with 1 creditor, I had opted for it, but cancelled it 6 months later to reduce outgoings. I didn't submit a claim myself as to do so, I would have had to lie and say it had been mis-sold to me, which I would never do. It does concern me that 3rd party companies are being used by IVA companies. Surely - for the benefit of our creditors, it would make more sense for them to prompt debtors to submit claims, and perhaps offer free guidance and/or signpost to useful websites i.e Martin Lewis. There are loads of free template letters on the internet too, and several of my friend's have made successful claims in this way. Good luck to all those who think they have a claim, which at least may go someway towards reducing their original debt