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Posted: Wed Jan 06, 2016 3:45 pm
by Davidd7298
If I am successful in claiming PPI, do I have to pay 30% commission ?
Posted: Wed Jan 06, 2016 3:48 pm
by Shining
Hi and welcome, sorry I can't answer this but will keep this bumped up for another.
I do think it will be payable to your IP for your IVA
Posted: Wed Jan 06, 2016 4:23 pm
by kallis3
Hi David,
If you are in IVA then the PPI will have to be paid across but most IP firms will chase it for you rather than you having to pay any fees.
Posted: Fri Jan 08, 2016 4:42 pm
by NTF Financial Solutions
It depends on whether you claimed the PPI yourself or if you used a claims company. If you did yourself then there should be no fee (but you may have to pay all the funds to your IP less any allowance for tax on interest). If you used a claim company you will need to pay the fee you agreed (it could be 30% but it depends on the terms you signed).
If the funds go to you you should pay the claims company and then pay the rest to your IP (if requires), if the money goes straight to your IP they should pay the fee as a cost of realisation.
Posted: Fri Jan 08, 2016 4:53 pm
by lifenoteasy
It does depend on a variety of factors but it is high risk to use a PPI company separately from your IVA company.
30% is actually quite low for these companies.
If you were not in an IVA company the general recommendation would be to do it yourself because there should be no need for an intermediary.
IVA companies vary in terms of their approach with PPI with Aperture and Payplan as examples being the extreme opposites.
Unfortunately over the last few years it is an issue that has generated a lot of extra work and uncertainty in terms of getting that all important completion certificate.