Despite completing my IVA 15 months ago, Barclays sent PPI compensation to my IVA company totalling over £8,000.00. The IVA company tell me they are keeping it to distribute to my creditors. I have asked them to tell me when and how the money has been distributed and they have not replied to me. They also told me they keep 15% of the PPI money themselves. I have 2 questions
1) Is there a timescale for IVA companies to distribute the money?
2) How do these people sleep at night?
I have no idea how long it takes to distribute funds. Did you get your completion letter?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
1) No, there is no timescale
2) Quite easily I imagine ---- the 15% is the agreed fee you signed up for, so they are doing nothing untoward and will incur costs in getting everything sorted out.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have no idea how long it takes to distribute funds. Did you get your completion letter?
Hi,
Yes I did, 15 months ago. It galls me that they take the PPi money and give it straight back to the banks that caused problems inthe firts place. During the iVA they also tried to introduce me to a secured loan to raise £5k they considered as equity in my house. As I alreday had a secured loan they wanted me to pay off the existing loan by raising a new one with their 'partner' secured loan company. Believe me these pleople are all about the money they can make from you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The IP may be waiting for more money in before they distribute but it does not matter to you anyway. Your IVA is done and dusted and probably off your credit files so any PPI funds would be between the IP and creditors unless you repaid the debts in full.
Yes Michael and you can keep your 15% and distribute money to the people who caused financial difficulty in the first place. The IP could have at least allowed us to keep the interest element.
Also, don't tell me it has nothing to do with me, it was my money and I have a right to know who it is distributed to and how much.
My wife applied for this PPI through the Resolver website at no cost - at least the creditors get a better return than the deal your partners Equity in Finance were offering them?
I have nothing to do with PPI and was only answering the question. I assume you must have been one of our clients and if so you will have received a full receipts and payments account with the final report. Any further distributions will be made exacting in line with the previous ones and the 15% is a fee agreed at the very beginning between debtor, creditors and IP alike.
We do use EiF for PPI investigations as it is not our forte and in addition they have recovered money from very old accounts and know exactly how the process works. We are not licensed to do so anyway but if your wife reduced the costs then this will be a benefit to the creditors.
Finally, we cannot refund the interest element as our advice has been that this money also belongs to creditors. We do however ensure that there is no tax implications for our clients as this money is taxable and needs to be accounted for to HMRC.
Barclays (the source of the PPI from Egg Card protection) informed me when questioned that they have no interest in where the PPI refund goes but they had to send it to your organisation as I was still showing as being in an IVA (dspite a completion cert being issued over 14 months ago). Hopefully someone else will challenge the recent court ruling that you (the IP) are entitled to PPi money forever at some point in the future. Unfortunately organisations such as McCambridge Duffy have the resources and money on their side.
Prenderhorse wrote:Yes Michael and you can keep your 15% and distribute money to the people who caused financial difficulty in the first place. The IP could have at least allowed us to keep the interest element.
Also, don't tell me it has nothing to do with me, it was my money and I have a right to know who it is distributed to and how much.
My wife applied for this PPI through the Resolver website at no cost - at least the creditors get a better return than the deal your partners Equity in Finance were offering them?
A
Prenderhorse, could we remember the forum ethos of respect for all, please?
Your arguement is between yourself and your IP, not with us. We on this site are merely trying to assist and support.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Foggy, I don't believe I've been disrespectful? - I do take exception to Mr People's slightly dismissive comment though- "The IP may be waiting for more money in before they distribute but it does not matter to you anyway."
It does matter to me, I have an interest in when and how the money is distributed to my creditors.
I am sorry if you felt I was dismissive but I did not know if the money has been distributed or not. I did not know you were a former client of ours and was only guessing the reason why a distribution had not taken place. I was trying to point out that financially you would be unaffected as would your credit file unless you had repaid in full. In this instance there could be money due back to you so that would matter a lot.
There was also the Appeal Court case to factor in as we could not pay out PPI monies to debtors or creditors until this case was resolved. There is always a possibility of a further appeal so until all legal issues have been concluded I would suspect that PPI money will still be held. I am not the IP nor am I am a lawyer but if you want me to look into your particular case I am happy to do so and my contact details are on this site.
