PPI Reclaiming Discussion Part 5

dunstonh

Sinclair58 wrote: »

I have tried to claim PPI back in Ireland but have been told by the Irish Ombudsman that they can only go back 6 years and the Irish mortgage loan when I was unknowingly sold PPI by AIB was taken out in 2007. One of my arguments was that I would have been unable to claim when I live in the UK, and did then. If I could have claimed Irish PPI living in the UK can I then claim here for the mis-selling.

Thanks
Iris

PPi is largely an issue brought about by the UK regulator against UK regulated firms under UK rules. Rules in other countries would be different.

If the Irish regulator says you need to complain within 6 years then it doesnt matter if you feel you have grounds or not. If its outside the complaints period set by that regulator then its game over.

TUIT

I have a slightly complicated question and wonder whether anyone can help?

I recently completed an IVA and am in possession of the completion certificate. My insolvency practitioner stated that a company (one which shares common directors with the IP company!) had been engaged to investigate any PPI claims; at present I do not know whether they have done so. I can only deduce they they have not yet as I believe I would have had to have been made aware if any had been reclaimed in order to settle any tax due on interest with HMRC. I can also state that at no point did I sign anything agreeing to this, nor does the wording of my IVA mention anything to do with this.

Crucially I was never asked to sign a Deed of Assignment at the closure of my IVA prior to receiving the completion certificate. The CC essentially says that everything is now done and dusted - I owe nothing to creditors and the debts have been written off. As I understand it, the lack of a DoA means that there is technically no legitimate claim by the IP to any future realisations.

As far as I know I have not ever taken out any PPI, however that's not to say that it was not mis-sold to me and added to historical arrangements without me realising.

Based on current legal precedent (see Green v. Wright), I understand that any PPI refunds owed after the issuing of the CC should be returned to the individual, not to the IVA company. This precedent is currently being challenged in the courts so may well change in future.

If a Deed of Assignment were in place, this would overrule that and allow the IVA company to take the refund into the IVA for distribution to creditors, however I have never been asked to sign one.

Given the lack of DoA (and, perhaps, setting aside any possible moral implications), is there any risk to asking a PPI claims company to investigate on my behalf? I am aware they would charge based on any PPI recovered; my view is that 75% of something is better than 100% of nothing; without them I am certain I would not be able to find anything.

The reason I perceive a risk is this - if I engage a claims company and they find mis-sold PPI, the lender may well issue payment to my IP despite no DoA. I would then have to pay the claims company their cut and argue with the IP as to whether the money should be paid to me or to them. It may also clash with any activity being carried out by the PPI investigation company engaged by the IP although as outlined above, the legitimacy of this may well be questionable.

I've fully complied with the terms of my IVA and would kick myself for doing something which landed me in hot water at this stage. Would I be foolish to pursue any PPI claim based on my current circumstances as outlined above?

Insider101

TUIT wrote: »

I have a slightly complicated question and wonder whether anyone can help?

I recently completed an IVA and am in possession of the completion certificate. My insolvency practitioner stated that a company (one which shares common directors with the IP company!) had been engaged to investigate any PPI claims; at present I do not know whether they have done so. I can only deduce they they have not yet as I believe I would have had to have been made aware if any had been reclaimed in order to settle any tax due on interest with HMRC. I can also state that at no point did I sign anything agreeing to this, nor does the wording of my IVA mention anything to do with this.

It has been a while since I was involved in this field, but my understanding is that legally, whilst the IVA is in force at least, the IP does not need your permission to make a complaint regarding sale of PPI or any other issue prior to your entry into the IVA. However, in practice, a complaint of misselling relates to events that occurred at the time of sale. As they were not there, before making any such complaint, they should have asked you for your account of events. If they (or the CMC they have appointed) have made allegations without making a reasonable attempt to ascertain the truth of them then this is likely to be a breach of their regulator's code of conduct and/or potential fraud.

The use of a third party company owned by their directors is spurious in itself as if they were acting in your best interests they would have advised you that any such complaint could be made directly by you or them on your behalf and there was no need to involve any third party. As regards tax, basic rate is usually deducted by the bank at source and paid directly to HMRC, hence only if you were a higher rate taxpayer (I assume you are probably not) would you have to settle any further liability to HMRC. However, this seems a moot point if you never actually had any PPI.

Crucially I was never asked to sign a Deed of Assignment at the closure of my IVA prior to receiving the completion certificate. The CC essentially says that everything is now done and dusted - I owe nothing to creditors and the debts have been written off. As I understand it, the lack of a DoA means that there is technically no legitimate claim by the IP to any future realisations.

As far as I know I have not ever taken out any PPI, however that's not to say that it was not mis-sold to me and added to historical arrangements without me realising.

It is generally CMC nonsense to state that PPI could be added without your knowledge, whatever the borrowing it is on the paperwork in some shape or form.With some IVAs, the provider inserts a post IVA trust clause into the agreement which basically means that the ongoing right to any payments due to you from any complaint will vest in the IP even after the closure. If there is not one then it should not.

Based on current legal precedent (see Green v. Wright), I understand that any PPI refunds owed after the issuing of the CC should be returned to the individual, not to the IVA company. This precedent is currently being challenged in the courts so may well change in future.

If a Deed of Assignment were in place, this would overrule that and allow the IVA company to take the refund into the IVA for distribution to creditors, however I have never been asked to sign one.

Given the lack of DoA (and, perhaps, setting aside any possible moral implications), is there any risk to asking a PPI claims company to investigate on my behalf? I am aware they would charge based on any PPI recovered; my view is that 75% of something is better than 100% of nothing; without them I am certain I would not be able to find anything.

PPI companies do not "investigate on your behalf". All they do is send a letter outlining your complaint (and usually several fabrications on top). You would still need to tell them who you had credit/PPI with and give any reasons for complaint.

The reason I perceive a risk is this - if I engage a claims company and they find mis-sold PPI, the lender may well issue payment to my IP despite no DoA. I would then have to pay the claims company their cut and argue with the IP as to whether the money should be paid to me or to them. It may also clash with any activity being carried out by the PPI investigation company engaged by the IP although as outlined above, the legitimacy of this may well be questionable.

I've fully complied with the terms of my IVA and would kick myself for doing something which landed me in hot water at this stage. Would I be foolish to pursue any PPI claim based on my current circumstances as outlined above?

This is a risk you take. Each bank has their own policy with regards to this. If they know about the IVA then they will generally contact the IP and ask them if they consider that they have a claim to the funds. If they do then many will pay to the IP and let you argue the toss between yourselves. Which would leave you in the awkward position of needing to take legal action if you considered yourself entitled to them and obviously owing the CMC money in the meantime. You are best off asking the IP to clarify the position on this. At the moment we are just guessing.

Having said that, the likely position is that you have never had any PPI anyway, in which case the whole thing is a moot point.

TUIT

Thanks for taking the time to reply, Insider. I'll probably just let sleeping dogs lie and look to the future rather than the past.

Have a good Christmas and a Happy New Year.

Fergy72

I'm new to this so forgives for asking stupid questions!
I had an Egg credit card some years ago and can't remember if I had PPI.
I heard that they were taken over by Barclaycard so I wrote to them requesting a SAR with a cheque made payable to Egg for £10.
The replies I've had back all mention my Barclaycard not my Egg card.
Does anyone know the correct address to write to for Egg SARS?
Thanks

Nasqueron

Fergy72 wrote: »

I'm new to this so forgives for asking stupid questions!
I had an Egg credit card some years ago and can't remember if I had PPI.
I heard that they were taken over by Barclaycard so I wrote to them requesting a SAR with a cheque made payable to Egg for £10.
The replies I've had back all mention my Barclaycard not my Egg card.
Does anyone know the correct address to write to for Egg SARS?
Thanks

If your account was closed before Barclays bought egg then the records won't be moved over - did you have an egg card that became a Barclaycard or 2 independent cards applied for separately?

Santander_fighter

Would anyone be able to help me with any advice on what to do ?

My case:
Took out a loan with First Plus on 16th March 2007.
Amount £25100. ( I only needed £22k but for some reason they advised me to borrow over £25k?
Monthly payment £199
Loan term 25 years, secured on my home.
Settled loan in Dec 2011 ( which still cost roughly £ 23000 to settle )

I have no idea if the loan had PPI with it, I would have declined PPI if it was offered to me, but I would not be aware if they had loaded it into the loan. I applied for the loan over the phone. My requirement at the time was to borrow that much money and could only afford £199 per month repayment.
I phoned First Plus a few years ago but it felt like they just fobbed me off, so I left it.
Unfortunately I threw out all of loan paperwork after I paid it off, I always hated that loan but it was necessary at the time.
I'm unsure what is the best thing to do, as I don't want to phone them again.
Any recommendations welcome ?
Many thanks.

[Deleted User]

Santander_fighter wrote: »

Would anyone be able to help me with any advice on what to do ?

Answers on your duplicate post here:
https://forums.moneysavingexpert.com/discussion/comment/69830978#Comment_69830978

Kratos666

Hello all,
I decided to pursue a PPI claim last year after reading the advice posted on MSE and the forums.
Numerous loans were taken out covering a 2 year time span, including several consolidation loans. At the end of this period I was in extreme financial difficulty from the large loan repayments and entered into a debt management plan, which I am still in today several years later...
The bank have offered the statutory repayment of the PPI payments, plus 8% interest, but I feel that I am entitled to compensation as the money was taken when I could least afford it and contributed to the financial problems I entered into (plus adding to the mental health issues I was also suffering at the time). Has anybody any experience of a similar case / situation?
Basically, I feel that it is not fair that they just repay the PPI payments, without any compensation.
Thanks

[Deleted User]

Mark_Nichols wrote: »

The bank have offered the statutory repayment of the PPI payments, plus 8% interest, but I feel that I am entitled to compensation

The 8% interest is the only "compensation" you will ever receive. Sorry.