Should IP be able to provide breakdown of how PPI claim was split to creditors?

[Chrisdude]

Chris, whilst the majority of IP's are working fairly to the commonly agreed terms and conditions, I believe that there are a couple of large firms working to their own agenda and towards their own interests, as well as a few who seem to promote an IVA as the chosen solution without the debtor being fairly advised of the alternatives.

I am seeing things like the equity clause being re-interpreted from the historically accepted methods of calculation, to a method which (strangely) captures more in the release clause than I believe was intended.

I am seeing people owing five or six grand finding themselves in IVA's when a DMP could have worked, as well as so many who seem not to have had what they are signing up for properly explained at the outset.

I am seeing certain firms dictating terms and amounts of full and final / settlement offers and blatantly lying about what the debtor can and cannot do.

Unfortunately much of this is being fostered by the creditors themselves feeding the factories and, in turn, taking control of the market from the smaller independant firms. My theory is that, eventually, and not to far in the future IVA's will largely be controlled by a few large "IVA factories" who have been domesticated by the creditors themselves, thereby giving creditors actual control over the system, to the detriment of the debtors and to the detriment of the actual intentions of the IVA system as it was set up.

Well my friends, I will let you all know the outcome of the IPC, I just hope it comes out as I suspect and people no longer fear these companies.

[sam666]

I think I can agree am glad mine is over they seem to be changing so much recently cf seem to be the worse I hope it goes well for the poster I know when I went over to cf this year as they took Pareto which where fab they made me sign a new agreement to get more more money upto 125 per cent of the debt which I don’t recall agreeing that before

[Chrisdude]

IMPORTANT UPDATE!

Hi all, so as the FO have been in meltdown over the last few months due to late PPI claims I can now give you an update.
As I said, PPI claims after you receive a certificate IS being kept by the IPC for profit, nothing more, nothing less.

This morning I received an email from the Financial Ombudsman. It looks very positive and it looks like my complaint is being taken seriously. RIGHTLY SO!
I will keep you up to date with proceedings, however, if we win? It's landmark.

Dear Mr Johnson

Your complaint about Creditfix Limited

Thank you for sending us your complaint with regard to your IVA.
Could you please confirm if the money from Shop Direct was sent directly to the IVA or to had you and your wife received this payment before it going to Creditfix.
Once we know this situation, we can progress with your complaint accordingly.
Kind regards