Where is the legal statement that allows an IP to take ownership of PPI's claim payments ?

[spla]

I had every sole intent on paying them back ,but I can also remember when I applied for a loan rejecting the offer of ppi and getting told , if you don't have it you won't get the loan , and explaining why I didn't need it as I got paid if I was sick from work , and wouldn't be able to claim it for that reason . so to me the money off ppi shouldn't have been there to put in the pot , that's why I think it's not a wind fall or a bonus

[in-a-mess-indeed]

I think the only time it may come and bite some on the bum are for those that might not have done the proper investigations Mel, I know from your posts over the last year or so your company have spent alot of time and money I am sure as you have posted many meetings with council and thefore have investigated, there are some out there it seems from posts that have just captured it because it has been deemed to be an asset, "full stop". only time will tell.

[Cairo]

Has any one actually written to the FSA or Financial Ombudsman on this subject? It would seem sensible for the IP's to have done so. This would put an end to all the speculation?

[Foggy]

Several IP's have taken high level legal advice -- which, as in all things legal, still isn't definitive. I am afraid here we rely on case law -- and, to date there is none to cover this situation.

[Cairo]

I'm surprised the IP's haven't been able to answer my question based on the advice they received, maybe we should start one of those government 'e-petitions'

[in-a-mess-indeed]

The advise IP's are getting Cairo is independent and each company is independent, there is I believe guidelines issued for all to use or choose to use i am not sure, of course in some cases information is shared but as we can see from the forum and all the different posts and different experiences there is different advise or different interpretation of the law or guidlines/ I for one do not envy the job the IP’s have to try and get round the minefield that is PPI, the next thing rearing its head will be those creditors that have offset against balances having to hand it over so that all creditors benefit. :-[

[MelanieGiles]

The advice I have received is specific to my firm and my clients, and with respect Cairo I am not going to share that on a public forum. This position is so as not to confuse people who are not clients of mine. Any client of mind who wants to query my stance with regard to any mis-sold PPI claims knows that they can contact me directly.

Please remember that the forum is for general guidance and comment only. If you feel strongly about the matter, go for your e-petition - or seek your own legal advice. I suggest that the latter option is likely to give you the answers you require.

[in-a-mess-indeed]

With the current delays the FSA or Financial Ombudsman have at the moment with receiving around 1000 PPI claim rejections per day (last time i spoke with them in Dec) I think any request you make Cairo will not be dealt with for a good 12-16 months. As Mel as posted, her company have looked into it, paid for and taken council on the issues/questions/concerns they have relating to their clients and to protect their company so that they and their cleints are protected. Not all IVA companies will have done as much "Perhaps" but if you feel unhappy about the way your company has dealt with the issue or indeed how they take ownership then your own IP should really answer your question before any online startup perhaps, the main issue is, it is all again down to each person's IVA and wording at the time of proposal and I think most are just happy to reduce what they owe from the overall balance I know I am. Do let us know how your company answer your question as it is a very hot topic as you can see and it is interesting the see so many different variations.

[moneyprobs]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy

In-a-mess ... I would be interested to know what wording you have in your proposal which your IP deemed not to capture PPI. Would you be so kind as to post it up?

My IVA was of a similar age and does not capture PPI either.
There is very little wording but here you go

D) Equity to be Released (£) Nil
E) Other Assets Released (£) Nil
Total Contribution (C+D+E) (£) £15,420

3 ASSETS
3.1 Appendix 1 contains full particulars of my assets with an estimate of their respective values as at the date of this proposal.

3.4 Any assets that would be exempt or excluded from my bankruptcy estate if I were declared bankrupt are also excluded from my IVA.
3.5 I do not own any assets other than those disclosed in the preceding paragraphs.
Windfall
3.6 Should I benefit from any windfall in the form of a legacy, lottery or pools win, or any other source of unexpected income, the windfall will be made available to the supervisor for the benefit of my creditors. This is to include my share of equity (that may be released by either re-finance or sale while the IVA is in force) in any property in which I may have either a present or future interest.
THIRD PARTY ASSETS
3.7 No assets other than those owned by me are to be included in my IVA.

It doesn't really got into any detail but just as in a mess my IP has confirmed they have no interest in any PPI monies re-claimed

[in-a-mess-indeed]

Thanks Money probs Interesting to see, I did post mine on Foggys other posting but this is mine and its very different as you can see but has the same resulting no capture, another example of why an IVA is called Individual....

Perhaps the "All Assets" wording is the key?

Excluded Assets
As my domestic assets are of only modest value and would be exempt in a bankruptcy, I propose they may be excluded from the IVA.
Assets offered by Third party
No property other than my own is to be included in the IVA.

The PPI perhaps is seen as a third party asset, it does say Asset's offered, not any assets offered. It could also be deemed to be a domestic asset and therfore not included within the IVA.

What may be listed for someone today in their IVA might be worded differently tomorrow but the reglatory Protocol is always included and of course as we have seen changes as things crop up so that there is always a "Same" scinario for most things.

One big can of worms this PPI thing i must say.

[Cairo]

Melanie, I have no problem whatsoever with the creditors receiving the monies if full - less any claims agency receiving there 25% - 33% commission if that's what I have agreed to. My issue is related to the IP taking 15%.

[Foggy]

Cairo -- that 15% has been agreed with the creditors -- technically it is their money and how they apportion it is up to them.

I will, however, repeat my usual moan, and that is that I find what is an effectively commission based fee system inequitable.

[Cairo]

i had no idea it had been agreed between the creditors and the IP, bet their sore

[MelanieGiles]

Why do you object to your IP being paid their rightful remuneration Cairo - when after all this is an agreed amount already accepted by your creditors?

[in-a-mess-indeed]

Although of course the IP is working for both the Creditors and the Debtors, I think 15% is not that bad at all Cairo, Claims companies might be a bit high but there is nothing stopping anyone doing it themselves as i did. The IP's job is to try and realise as much as they can for the IVA and any creditor's would be better off by any claim being made for the IVA Pot, The IP should therefore be paid for their efforts to realise the extra income. 40-50% after any deductions from claims companies and realisations is better than nothing after all and the creditors have had their situation increased.
The IP has to instigate things in selected cases and of course select the right company that can do the job for them in the right way & comply with their company structure and ethics, remember not all IP's use the same company and approach what might be right for one company might not be right for another. An interesting way to look at this would be If you were asked to research companies to find the best one and then work with them deal with admin and questions that are raised with ofsetting and for every IVA you were dealing with etc would you do it for 15% or more/less or would you do it for free?