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

RuthnJasper

KoollK wrote: »

I too have had contact from a third party via my IVA provider asking me to complete numerous forms to allow them to claim PPI on my behalf.

I am furious that my details have been passed to these people without my permission. Equally the IVA also meant that I had no contact with creditors and thats how I want that to stay.

I am halfway through my IVA now...mine is for 6 years, not the usual 5 and I have never missed a payment. So this letter is going in the bin. I feel like they are already getting their pound of flesh from me...not the best attitude but there you go.

Here is a brilliant idea for the IVA companies; make contact with me yourself. Send me some illustrations as to how much my IVA could reduce by. So "reclaim £y and reduce your IVA payment by £x...or your term by x months" maybe then I would think about it. But
to receive this letter via a courier is a disgrace and its made me feel threatened to be honest.

Surely they cannot force me to do this? I dont care about any payout I just want to pay my IVA and be done with it. Can they really fail me for refusing to do this??

Any thoughts appreciated!!

This is precisely what I think! I doubt that they can fail you, though they ought to be ashamed of themselves for referring you to the grasping little Fagin of a claims company.

The response that I got from my IVA provider was that they are "working in partnership with" EquityinFinance and that "most people cannot be bothered to fill in such tiresome forms as Mis-sold PPI claim forms for themselves, so we are just making things easier for the majority of customers". They also mentioned that, when I signed the IVA agreement, I "effectively appointed them to deal with whichever financial service they deemed fit on my behalf...". The more I listened to the corporate guff being spouted at me, the more I think that Immoral_Angel_UK has a valid point in Post #8 in this thread...

Anyway, I was adamant that I was quite capable of making any claims that I thought were applicable by myself, and the IVA provider seemed relatively content with that. I assured them that I would keep them fully informed of my progress - and I will. I've bitten the bullet and sent off a letter and the FOS form to HSBC today; for the PPI which was front-loaded on a large consolidation loan from some years ago - which (due in part, now I consider things with the blessing of hindsight,) spelled the beginning of my solvent end (profitable-to-bank consolidation loan with front-loaded PPI advised instead of hands-up/I-screwed-up admission to Insolvency bods...).

Hey-ho. No point beating up one's-self over what is past. Just tell your IVA provider that you will be claiming yourself - for no fees (thus, surely benefitting the IVA arrangement as well as me personally...:think:) and that you will keep them informed at every step of the process. As the great MagpieCottage says, to put in a claim where you KNOW that no mis-selling took place is fraud. But, for prospective GENUINE cases, the IVA provider cannot force you to use their designated company if you are physically and mentally capable of undertaking the process yourself.

Good luck and best wishes to all - keep smiling!

Ruth xxx

RuthnJasper

KoollK wrote: »

No I dont intend to lie to them...they need joint approval for all of mine anyway and my ex partner is refusing to give his approval.

Sweetie - I think debtinfo's reply re. lying was aimed at Vikipollard's response and not yours. You raise valid points (see my post of a moment ago) - but fret not; sometimes there is a delay in the timing of posts on here, so a reply to one poster can sometimes come across as a response to another. xx

debtinfo

yes sorry KoolK, definitly not aimed at you

Gimpsdad

Not having a go at anyone here, but you can't have your cake and eat it people.

The overwhelming view amongst most IP's is that the supervisor is DUTY BOUND to investigate whether there can be an increased return by way of a successful PPI claim. If so, then pursue it. If not, at least they have fulfilled their obligations in law.

Koolk asked how much it would reduce his or her IVA by and then he or she may be more amenable to it. Wrong, you pay back what you can in the IVA, and if you get to the end of your time, with debt write off and interest freeze for 5 years then you have undoubtedly come out of it much better off than would have been possible had you have carried on borrowing/struggling. You can't ask for the legal protection that an IVA brings and then refuse to comply with it.

Now, in good news, there is no obligation on anyone to employ a claims company, they can insist on doing it themselves and the IVA company is not in a position to refuse, so if it has to be done then if you are happy to undertake all the legwork yourself, and hand everything over in the unlikely event any payout was made to you(it should of course go straight to the IP) then fair play. From the opposite view, I am sure some IP's will be genuinely concerned that people won't actually do it as there is no financial incentive to do so, which means they could have questions to answer to the regulatory authorities for not fulfilling their duties, and the other very real worry would be that if someone employed their own claims company, who then paid direct to the debtor in good faith without the IVA being disclosed what would happen then? I am sure that every poster on here would hand over the cheque like a shot and without a backward glance, however not all people are as honest as you good folk on here.

Waiting till your IVA is finished to claim as someone else hinted at is not going to work either, your IP is quite within his or her rights to refuse to issue a certificate of completion if there is an issue of non compliance.

I do know of one IP though that has taken an enlightened view on this and has written into all his IVA proposals from a little while back that whilst it is a duty to investigate, and where necessary claim for the benefit of all creditors, that the debtor be allowed to keep the first £500 of the PPI payout. It might not be much, and in many respects it actually bends the rules in favour of the debtor, but as it is written in then once accepted then neither the IP or creditors have any call on that £500. Hopefully other IP's will follow suit, and however you dress it up, the law is the law and your IP is bound to follow it.

nolongerinthered

I've also had one of these letters, the difference being my IVA finished in August last year and they've still not sent me a completion certificate! Also, i never had PPI on any of my debts. Theres no way im signing these forms but im worried that they are holding back on sending my completion based on this. Any advice ?

RuthnJasper

Gimpsdad wrote: »

Not having a go at anyone here, but you can't have your cake and eat it people.

The overwhelming view amongst most IP's is that the supervisor is DUTY BOUND to investigate whether there can be an increased return by way of a successful PPI claim. If so, then pursue it. If not, at least they have fulfilled their obligations in law.

Koolk asked how much it would reduce his or her IVA by and then he or she may be more amenable to it. Wrong, you pay back what you can in the IVA, and if you get to the end of your time, with debt write off and interest freeze for 5 years then you have undoubtedly come out of it much better off than would have been possible had you have carried on borrowing/struggling. You can't ask for the legal protection that an IVA brings and then refuse to comply with it.

Now, in good news, there is no obligation on anyone to employ a claims company, they can insist on doing it themselves and the IVA company is not in a position to refuse, so if it has to be done then if you are happy to undertake all the legwork yourself, and hand everything over in the unlikely event any payout was made to you(it should of course go straight to the IP) then fair play. From the opposite view, I am sure some IP's will be genuinely concerned that people won't actually do it as there is no financial incentive to do so, which means they could have questions to answer to the regulatory authorities for not fulfilling their duties, and the other very real worry would be that if someone employed their own claims company, who then paid direct to the debtor in good faith without the IVA being disclosed what would happen then? I am sure that every poster on here would hand over the cheque like a shot and without a backward glance, however not all people are as honest as you good folk on here.

Waiting till your IVA is finished to claim as someone else hinted at is not going to work either, your IP is quite within his or her rights to refuse to issue a certificate of completion if there is an issue of non compliance.

I do know of one IP though that has taken an enlightened view on this and has written into all his IVA proposals from a little while back that whilst it is a duty to investigate, and where necessary claim for the benefit of all creditors, that the debtor be allowed to keep the first £500 of the PPI payout. It might not be much, and in many respects it actually bends the rules in favour of the debtor, but as it is written in then once accepted then neither the IP or creditors have any call on that £500. Hopefully other IP's will follow suit, and however you dress it up, the law is the law and your IP is bound to follow it.

Gimpsdad - I completely agree with you and am totally in favour of working with my IP to make sure that my creditors get as much of what is owed to them as I can. My main point in starting this thread, though, was that I would have preferred my IP to first approach me about the possibility of reclaiming PPI using the free downloadable forms - BEFORE instructing a firm who would charge 30 - 40% fees to do it for me; a firm which then went on to bombard me with calls to my home, mobile and work 'phones demanding to know why I hadn't filled out and returned their forms yet.

I'm more than happy for the full amount of any successful PPI claim to go into the IVA for the benefit of my creditors (thereby benefitting me, in terms of my conscience).

Also, as you can see from some of the earlier posts, the IP's engaging of a firm to send letters and forms has been a cause of some quite considerable alarm to their clients, quite apart from the potential for a client to unwittingly commit fraud by claiming mis-selling where they know that the PPI was NOT mis-sold.

I just think that the IP took the wrong route by not dealing directly with their clients in the first instance.

Rx

Gimpsdad

I certainly see your point of view, and in many ways completely endorse it. You should in my opinion be consulted and not made to feel railroaded in any way.

I do understand the IP's point of view though, human nature states that for every one person who wishes to pursue the claim independently, like as not there will be 100 who wouldn't bother as they have nothing to gain. It is your right to insist that you do this yourself, so do so. I think you may be with Payplan or DFD? There are lots of threads over on iva.co.uk specifically dealing with this issue so it may be worth having a look over on there.

For nolongerinthered, I am inclined to take a different slant on it. If there is no PPI then I would sign the form. You have complied, you should then get your certificate of completion, and you have completely wasted the claims company time and effort in investigating a case where you know there is nothing to investigate. A minor victory maybe, but ultimately satisfying?

RuthnJasper

Gimpsdad wrote: »

I certainly see your point of view, and in many ways completely endorse it. You should in my opinion be consulted and not made to feel railroaded in any way.

I do understand the IP's point of view though, human nature states that for every one person who wishes to pursue the claim independently, like as not there will be 100 who wouldn't bother as they have nothing to gain. It is your right to insist that you do this yourself, so do so. I think you may be with Payplan or DFD? There are lots of threads over on iva.co.uk specifically dealing with this issue so it may be worth having a look over on there.

For nolongerinthered, I am inclined to take a different slant on it. If there is no PPI then I would sign the form. You have complied, you should then get your certificate of completion, and you have completely wasted the claims company time and effort in investigating a case where you know there is nothing to investigate. A minor victory maybe, but ultimately satisfying?

Yes, DFD... how did you guess?! Thanks for the advice; just over a year left on my IVA (would have been a couple of months, but they tacked on an extra 12 months when I had to reduce my repayments ), so I'm not going to rattle their cage too much.

amos01_2

Hi, can anyone please help, does anyone know how I work out statutory interest?

RuthnJasper

amos01 wrote: »

Hi, can anyone please help, does anyone know how I work out statutory interest?

Amos01 - post this question on here sweetie: https://forums.moneysavingexpert.com/discussion/3820995 - someone on there will be able to help you.

Best wishes. xx