Should IP be able to provide breakdown of how PPI claim was split to creditors?

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Chrisdude

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Post by Chrisdude » Fri Aug 30, 2019 1:17 pm
Hi all.
I asked you about this before, however, I will not let this drop and things are proceeding.
We completed our IVA.
AFTER THIS we applied for and got 6k ppi. This was claimed by Creditfix. FINE, if that is the way things go, so be it.
Here is the interesting bit. I DEMANDED that Creditfix send me an exact breakdown of HOW this was broken down between creditors when all debts were settled and the case was closed.
They could only send me a six year breakdown which I already had. After 3 more mails and calls I got no information whatsoever.
This is going to get interesting, as, the only conclusion I can come to is that 6k was kept purely for profit.
An IVA is not for profit only. That money within IVA rules HAS TO BE split with creditors, but how can it be?

So, I have made a full complaint to the IPC (Insolvency Practitioners Complaint service) and am awaiting a reply.
Like I said, I will not let this drop. If they are just ripping people off for profit I will find out.

Now I have explained fully, what do you guys think?

kallis3

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Post by kallis3 » Fri Aug 30, 2019 1:48 pm
To be honest - I don't care. Money would have been paid to creditors anyway. I'd just let it lie now.
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

Foggy

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Post by Foggy » Fri Aug 30, 2019 1:53 pm
I have to say that I agree with you ---- I am post completion and my former IP is still pursuing PPI claims. I fully intend to ask and be informed of the destination of any further monies they might recover and, like you, I will complain to the regulatory body if required. I fully accept that the money is not mine, but, apart from the agreed fees, it is not my IP's either and any funds not correctly distributed do belong to me.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Chrisdude

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Post by Chrisdude » Fri Aug 30, 2019 1:58 pm
My apologies Foggy for my previous and argumentative replies. This was purely frustration as you know.
But after digging and seriously asking questions, this is not only against all the reasons the IVA system was set up for, this is pure greed.

I am NOT going to let this drop my friend, neither should you.

kallis3

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Post by kallis3 » Fri Aug 30, 2019 1:59 pm
My IP isn't pursuing anything and I was just glad to be on the other side.
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

Chrisdude

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Post by Chrisdude » Fri Aug 30, 2019 2:03 pm
Fri Aug 30, 2019 1:48 pmkallis3 wrote:
To be honest - I don't care. Money would have been paid to creditors anyway. I'd just let it lie now.
I would rather that than an IPC keeping the money for profit!!!

THAT is my point.
And be aware, PPI is gone, the next one is IVA companies. It will start soon. If I can do anything to kickstart that, I will, because I had no idea I had any other choice.

kallis3

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Post by kallis3 » Fri Aug 30, 2019 2:08 pm
I would not be doing anything against my IP - I had no problem with them.
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

Chrisdude

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Post by Chrisdude » Fri Aug 30, 2019 2:23 pm
Fri Aug 30, 2019 2:08 pmkallis3 wrote:
I would not be doing anything against my IP - I had no problem with them.
Neither did I. But honestly this is not about that, it's about fairness, not greed, that is my only problem with them.

kallis3

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Post by kallis3 » Fri Aug 30, 2019 2:26 pm
I'm just glad I came out the other side although I can see how people feel but I was just happy to let it go.
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

Chrisdude

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Post by Chrisdude » Fri Aug 30, 2019 2:28 pm
Fri Aug 30, 2019 2:26 pmkallis3 wrote:
I'm just glad I came out the other side although I can see how people feel but I was just happy to let it go.
Me too mate, many many people have failed and I congratulate all 3 of us for making it.

Lisa Thomas

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Post by Lisa Thomas » Fri Aug 30, 2019 2:49 pm
How long ago did the IP receive the £6k?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Fri Aug 30, 2019 2:51 pm
Chris, whilst the majority of IP's are working fairly to the commonly agreed terms and conditions, I believe that there are a couple of large firms working to their own agenda and towards their own interests, as well as a few who seem to promote an IVA as the chosen solution without the debtor being fairly advised of the alternatives.

I am seeing things like the equity clause being re-interpreted from the historically accepted methods of calculation, to a method which (strangely) captures more in the release clause than I believe was intended.

I am seeing people owing five or six grand finding themselves in IVA's when a DMP could have worked, as well as so many who seem not to have had what they are signing up for properly explained at the outset.

I am seeing certain firms dictating terms and amounts of full and final / settlement offers and blatantly lying about what the debtor can and cannot do.

Unfortunately much of this is being fostered by the creditors themselves feeding the factories and, in turn, taking control of the market from the smaller independant firms. My theory is that, eventually, and not to far in the future IVA's will largely be controlled by a few large "IVA factories" who have been domesticated by the creditors themselves, thereby giving creditors actual control over the system, to the detriment of the debtors and to the detriment of the actual intentions of the IVA system as it was set up.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Fri Aug 30, 2019 3:01 pm
I am just so glad I finished mine when I did.
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

Foggy

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Post by Foggy » Fri Aug 30, 2019 3:05 pm
Fri Aug 30, 2019 3:01 pmkallis3 wrote:
I am just so glad I finished mine when I did.
Yes ... me too !!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Fri Aug 30, 2019 3:08 pm
I do agree that some companies are greedy and some people could find a better solution than an IVA.
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
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