Reclaiming PPI ?

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boychild

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Post by boychild » Mon Aug 16, 2010 8:29 am
Im thinking of trying to reclaim PPI on some Barclays loans I had prior to starting the IVA. Im 4 yrs into IVA so that gives me the 2 yrs prior to see if there is any chance of reclaiming. I always took the PPI, obviously Im not 100% at this stage if I was mis-sold or not, but its worth a try. I've decided to try one of these firms that reclaim it for you, the claim to take 20% of any funds recovered, and free of charge if nothing is recovered.
Whenever I receive letters from my IVA company they remind me that I must forward 50% of any bonus's, winderfalls or excessive overtime to them. So if I reclaimed say £2000 in PPI (im just going off what they say is the average claim) would I simply forward my IVA company half of that?

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MelanieGiles

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Post by MelanieGiles » Mon Aug 16, 2010 8:45 am
You will need to check with your own IP as to how they would view this. If the proposal provides for you only to pay over 50% of any windfalls, then this would appear to be the amount that you end up paying - however Barclays could also offset the sum against their outstanding loan, so you could end up receiving nothing.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Andrew Graveson

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Post by Andrew Graveson » Mon Aug 16, 2010 9:45 am
It could actually be worse than nothing.

If Barclays had to agree to a claim, but they offset it against outstanding sums, the claims company will consider it to be a claim that they have won.

That means that there will be a fee that they'll be looking for boychild to pay (without any cash having been received to help pay it).
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
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kallis3

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Post by kallis3 » Mon Aug 16, 2010 11:17 am
Good point Andrew, I hadn't thought of that happening.

He could potentially be worse off by having to cough up 20%.
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Isis Black

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Post by Isis Black » Mon Feb 25, 2013 7:11 pm
my IVa provider has sorted out someone to do these claims for us so we have no idea about.
turns out my hubby has 8 and i have 6 (think most are joint) no idea of how much is been looked at being owed for each yet.
but im wondering will we see any of it at all?? or will all of it go to pay off the IVA?
this time next year We'll be millionaires :-)
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