www.iva.co.uk

Equity in Finance PPI and DFD

I completed my IVA a few months ago and had to apply for PPI as I am with DFD
I was given EIF as there co partners for PPI Claims and then sent the forms as I had been asked via DFD

From reading the forum the last day or so I would like to know what happens with any fees

Do DFD deal with EIF when they get any PPI back or nothing at all Do they pay the searching fee for example even if no PPI is found I had assumed that any money found they can claim 30% so is that correct ? If no PPI is found do they just leave it at that ?

Or is that down to me to pay EIF regardless as originally I said no but DFD asked me to persue and I have to abide by their rulings and nobody is sure what or if any PPI is on anything so you have to let them go ahead

I am now concerned that I will get charged for this if no money is found or get sent a bill to cover the costs from my own pockets and not from any IVA funds

Is this correct and do I just let DFD deal with the matter They told me 3 to 6 months to close my IVA when I finished months ago

I asked for an update this month and was told 8 to 12 months I know all the issues about PPI and vat and everybody who is waiting is in the same boat

HAs anybody completed their IVA with DFD and EIF and was everything ok

thanks

Hi and welcome.

In the normal course of events your IP firm will be responsible for all costs involved in investigation and recovering PPI.

If they find nothing thy will pay EIF whatever was agreed. If money is found, EIF will take their cut and pass the rest to DFD to be put into the IVA.

What does your contract with EIF actually say about fees, slushysnow? I guess the answer to the question lies within the small print - but hopefully they are acting for you on a "no-win/no-fee" basis.

I havent checked that
I just assumed all would be taken care of by DFD as they are in control of the IVA I said no then had to go through the process as you never know what has been taken out

I sent the forms back but all I can answer is no no no no cant remember as we are going back over 7 8 years

I just dont want a bill that says I owe them anything as I dont have any money even though my IVA is over I am only getting back to normal I cant pay out a sum of cash as and when its not possible

Hi slushysnow, having gone through this process with the exact same company as you:

DFD notify EIF of funds received.
EIF then invoice DFD for fee.
DFD will deal with the tax.

Hope that helps. x

Ah thank you thats what I wanted to know ty Orchid
reading what others post gets your mind racing and Melanie said check the small print which I did tyvm
just wait the certificate it will turn up one day
When you struggle to get to the end then another 6 plus months its like running the marathon then told to do a victory lap
I know its over and I get to keep my monthly payments but I need to move on fresh at the moment I and many others cant

Hi. Am exactly the same worried that i will have to pay a fee. Finished my iva two weeks ago!with the same company.Also received a letter today from one of my creditors saying they have transferred my account to be administered by IVA watch at Grant Thornton! Dont understand that when i have been with DFD.for the last 5 years.

Hi Monika -- your creditor has appointed another Grant Thornton Company to take over administration of the loan (probably with a sizeable block of others at all different stages). This is not the same part of the company that administers IVA's for us debtors.

Grant Thonrton act for creditors as well as debtors - so this is why you would have received the letter monika. They act as an agent to collect and distribute the monies paid over by IPs by way of dividends.

Thanks Melanie but still cant understand why they trasferred it to Grant Thornton and not DFD.After all my IVA is completed!

I also received a letter yesterdays about my old Egg card that was transferred to Barclays and now to IVA watch at GT.

what i don’t understand is it stated this debt was transferred in December 2012, yet my IVA was completed in October 2012....so why has this debt been moved to another company if in effect it no longer exists as it was settled two months prior?!?!

any ideas?!?1

Arty

I got the same thing yesterday too - two barclaycard balances transferred to PCO Holdco, Luxemburg C/O IVA Watch Grant Thornton. All seems odd to me but I guess they just bulk buy/transfer but as my final payment was almost 6 months ago and probably final or nr final divedends have been paid you cant see where they can make any money.

My only guess is someone has sussed that many PPI claims will be coming in and bought the balances which are about to be written off very cheaply in the hope of getting a future share of incoming PPI claims which may come to affect later down the line, possibly even after completion. (IE its been suggested before even post completion if a PPI claim has been paid it may still go to the IVA pot and shared between creditors).

I too got the letters regarding my old egg card being transferred and I was discharged in january last year!!

I have emailed the contact address Sandra.M.Deane@uk.gt.com to see if I get any response to this nonsense.

As yet barclaycard/egg/this new lot havent updated my credit files as account settled or satisfied so I have allowed them 28 days to do so before I contact the ICO for further advice.

Paul

Very prompt service from sandra who has emailed me to confirm its an error on their part and to inform me they have updated their records and will amend our credit files ASAP.

Well done GT. (Not often that line gets used).

Paul

With all of the adverse comments about GT at present, I am glad to see that Sandra - who is frankly one of the most diligent and commercial creditor representatives I have ever worked with - getting a little praise.