IVA Provider appointing Firm to claim PPI on loans within the IVA

RuthnJasper

Howdy! I wonder if I might ask you knowledgeable good folks for a bit of advice?

I'm in an IVA, due to end in August 2013. On Friday I received a package sent via courier - it contained a letter and various forms from my IVA practitioner saying that, as my IVA providers, they were duty-bound to claim the PPI on all loans/cards/etc. within my IVA and they have appointed a firm called "Equity in Finance" (I have looked up their website, which does NOT inspire confidence; it consists of images of a stately home - presumably their place of business - and a contact address and nothing more!). I'm instructed to sign the forms provided to enable EiF to claim the PPI on everything relevant within the IVA, for the benefit of the IVA.

I did find a thread here: http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=41406 about this very thing, but I would really appreciate some advice from you here as to what I ought to do. Should I sign the forms or not? I probably would have a fairly strong claim for mis-selling, due to my medical history, but I'm concerned...

Very many thanks. x

Anondebtadvisor

Hi RuthnJasper

There is a lot of this PPI reclaiming in IVA's going on at the moment and i too have read that thread about equity in finance.

I do not believe you have a duty to appoint the firm if you do not believe you were mis sold the PPI in the first place?

Do you think you were Mis sold the PPI?

There was somewhere on a forum about EIF charging fees of 40% of the total recaimed - no doubt the IVA company will be taking a "cut" of this so i wonder for whos benefit it really is!!

A lot of firms are just simply asking those in an IVA if they have made a claim or if they expect to and if they believe they can make a claim on mis sold PPI. This will be classed as a windfall and claimed for the benefit of creditors.

If a debtor believes they can make a claim for PPI when in an IVA they can sign authority for their details to be passed to a claims company - but ultimatley if they were not mis sold there will be no claim

Some IVA firms seem to be taking this is to another level

magpiecottage

I do not think this sounds very satisfactory.

First, unless you have a genuine complaint then you should not be complaining at all - it is fraud. That said, ill health would seem to be a genuine complaint.

Second, if you do have a genuine complaint then you can make it, free, to the firms concerned yourself, directly. It is free. You can then also complain free to the Financial Ombudsman Service. Your IVA provider should (but by the sound of it doesn't) know all about this because it will have a consumer credit licence and therefore fall under the same rules which govern the operation of FOS.

Third - if you do win, then if you owe the firm concerned money (i.e. arrears) then it will use any award to reduce/clear the debt in the first instance. That is, from your point of view, a good thing. However, if you use an ambulance chaser then they will want to be paid - and you will have no money with which to do so!

That in turn makes me question the competence of both the ambulance chaser and the IVA firm.

If you think you have a genuine complaint, pursue it yourself and, once the outcome is known, report it to the IVA firm.

I suspect the stately home you saw is Hilton Hall in Staffordshire (it is about a mile from Hilton Park Services on the M6). It is the registered office but they trade from a house in Walsall.

jmm78

Hi, I too am in an IVA, which although I have finished paying I am not 'clear of it for another 7 months. I received a courier package from my IVA company too, urging me to use EIF to reclaim PPI. They will take a 40℅ cut of any money. At the very back of the pack was a small section that said you are also free to shop around and use another company, or try making a claim yourself. I would urge you to do this if you are considering making a claim. The forms are relatively easy to fill in and you may have a clause written into your IVA which would allow you to keep a portion of any money awarded.

lucieloo

Hi please can someone help with this? i have received same letter plus another telling me i have failed to return forms, however i never purchased any ppi bar one and it wasnt missold i took it on my own accord. Do i have to give equity in finance my authority to look into any of my business??

RuthnJasper

lucieloo wrote: »

Hi please can someone help with this? i have received same letter plus another telling me i have failed to return forms, however i never purchased any ppi bar one and it wasnt missold i took it on my own accord. Do i have to give equity in finance my authority to look into any of my business??

Hi Lucieloo, after considering the advice from the helpful people above, I have decided NOT to complete and return the forms to use this company. I do believe that two of the credit agreements within my IVA are definite PPI mis-sells, but the other I am not sure about - I don't think it would apply in that case.

As Magpiecottage says, if you are aware that the PPI was definitely not mis-sold and you claim that it was then that is quite naughty. You are not, as far as I am aware, under any obligation to sign and return these forms.

I also tend to agree with what Magpie says about the actions of the IVA firm - I'm pretty hacked-off that my details were passed to a private company, who have been making regular telephone calls to my home and mobile (until I asked them to stop calling - but they'll be back, I'm sure) ever since I received the letter.

I am going to use the forms and the excellent advice on here to pursue a claim by myself against the PPI I believe to have been mis-sold - I don't see the point in paying someone else a whacking great thump of money that's pretty much for just filling out and sending a form that I can do on my own in less than an hour.

Best of luck to you Lucieloo - hope all turns out well. x

lucieloo

RuthnJasper wrote: »

Hi Lucieloo, after considering the advice from the helpful people above, I have decided NOT to complete and return the forms to use this company. I do believe that two of the credit agreements within my IVA are definite PPI mis-sells, but the other I am not sure about - I don't think it would apply in that case.

As Magpiecottage says, if you are aware that the PPI was definitely not mis-sold and you claim that it was then that is quite naughty. You are not, as far as I am aware, under any obligation to sign and return these forms.

I also tend to agree with what Magpie says about the actions of the IVA firm - I'm pretty hacked-off that my details were passed to a private company, who have been making regular telephone calls to my home and mobile (until I asked them to stop calling - but they'll be back, I'm sure) ever since I received the letter.

I am going to use the forms and the excellent advice on here to pursue a claim by myself against the PPI I believe to have been mis-sold - I don't see the point in paying someone else a whacking great thump of money that's pretty much for just filling out and sending a form that I can do on my own in less than an hour.

Best of luck to you Lucieloo - hope all turns out well. x

Hi many thanks for your reply, the second letter i have received is actually from my ip stating i have a duty to help with requests. i feel scared even though i have done nothing wrong. When i hear from my ip i worry that something has gone wrong and i feel i do everything im asked but i will not have another load of strangers looking through my personal details. Will my iva fail if i do not comply? many thanks for your help xx

immoral_angeluk

I would be willing to place money on the IVA companies receiving commission from EIF....

Of course I could be proved wrong. But until then....

lucieloo

can they actually fail your iva if you do not comply with this?

FoggyBrain_2

In theory, yes. One company has already threatened failure for non-compliance. However, as yet I don't think this has been tested.

RuthnJasper

lucieloo wrote: »

Hi many thanks for your reply, the second letter i have received is actually from my ip stating i have a duty to help with requests. i feel scared even though i have done nothing wrong. When i hear from my ip i worry that something has gone wrong and i feel i do everything im asked but i will not have another load of strangers looking through my personal details. Will my iva fail if i do not comply? many thanks for your help xx

Well - ok, they say you have a duty to help with requests. But, from what you say, your help consists of considering the issue and deciding not to proceed with a claim and that is that.

My suggestion would be to write back to your IP and explain why you do not feel the PPI was mis-sold to you. Maybe also mention how much distress this issue has caused you. But, if you contact them with an explanation as to why you're not interested in going ahead with their PPI suggestion they CANNOT accuse you of "failing in your duty to help".

I suspect that Immoral_Angel has a valid point and there might be something behind these letters. If there wasn't something dodgy, why would the IVA provider not write you a letter stating "We believe that you can claim mis-sold PPI on xyz Creditors, to the potential benefit of your IVA Agreement. You can do this yourself via (....link to online form...) or appoint (xyz... whichever firm they recommend...) to do this on your behalf for a fee..." ???! :think::think::think:

PLEASE don't worry yourself into a state about this Lucieloo, it isn't worth it. If it would help - take the letters and make an appointment with the Citizens' Advice Bureau to talk about them.

It will be alright. Honest. xx