Wording in Power of Attorney, News Story.

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MerlinL14
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by MerlinL14 » Wed Aug 16, 2017 7:54 pm
Now that a top QC has public spoken about the pitfalls of giving someone Power of Attorney over your financial affairs, and the resulting horror stories that it has sparked, are IP's going to have to reword how they present the power of attorney document that they 'demand' you sign during an IVA so that PPI etc can be claimed on your behalf? Is there going to have to be a stated date it lapses in Law?
Will it be accepted that someone in an IVA is going to refuse to sign it as it is worded so ambiguously that it leaves the door open for eternity for that IP? For them to then make a formal complaint, and it being upheld, to the FO and or the IP's governing body.
I personally claimed all the PPI and Bank Charges due to me and handed them over to my IVA company, so was never asked to have a power of attorney document signed prior to my Completion Certificate being issued, but I know people who were told that with out that signature a CC would never be issued.
Just opening a can of worms to gauge the responses and opinions :shock:
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Foggy
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by Foggy » Wed Aug 16, 2017 8:06 pm
The document most firms use (and all should) is not a Power of Attorney, which is whooly inappropriate. They should be using a Deed of Assignment, which only gives them ownershi of PPI refunds and those of a similar nature (if included).
redboxtree
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by redboxtree » Thu Aug 17, 2017 7:18 am
Agree with Foggy - they are 2 entirely different things.

The Deeds of Assignment are full of holes and would need to be demonstrated in court that they are enforceable in terms of requiring co-operation to submit applications once someone is out of an IVA.

The obligation is still there though if you receive PPI without going through a claims process - you need to tell your old IP and see what they say.

The IVA industry is tarnished, inconsistent and at times outright lies - I saw one advert recently saying that an IVA was a good way of paying back credit cards faster.
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Michael Peoples
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by Michael Peoples » Thu Aug 17, 2017 8:10 am
A deed of assignment allows the IP to continue pursuing financial irregularity claims and close the IVA down. It does not keep the client on some form of leash and there should be little or no need to subsequently chase the client. However, sometimes clients may have information which would be helpful to any claim and while their co-operation is appreciated, it is not mandatory. At no stage is their credit file affected or can they be penalised for not helping the IP so in my opinion the whole DoA issue is a non event.
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Foggy
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by Foggy » Thu Aug 17, 2017 8:36 am
With the deadline on PPI claims approaching the whole saga will son be closed and of no relevance.
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recovering
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by recovering » Thu Aug 17, 2017 6:56 pm
Foggy, the deadline is that for new claims or existing? I have a few that have been delayed just wondered if that is a tactic? I haven't heard a peep for months from the claims firm. After recovering about 12k already I think the amounts would be more than a few quid
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Foggy
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by Foggy » Thu Aug 17, 2017 8:18 pm
recovering wrote:
Foggy, the deadline is that for new claims or existing? I have a few that have been delayed just wondered if that is a tactic? I haven't heard a peep for months from the claims firm. After recovering about 12k already I think the amounts would be more than a few quid


Everyone has been pretty quite about it, but I would imagine it will be for new claims. The banks will probably just blanket refuse existing claims, knowing another can't be lodged, unless the F.O lays dfown some guidance (but why should they start doing that now ?!)
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