IVA PPI Question

Barkley_2

This is more of a rant than a question so here goes but perhaps somebody can explain.

I recieved a letter via courier from a company who has been appointed by my IP to reclaim any PPI that may be forthcoming and to put it in the pot with any successful claim. I do not have a problem with this as it is my IP's job to get as much money as possible for my creditors.

This is where I have the problem and it is a one that I do not agree with.

After reading the paperwork, it turns out that the fee on any successful claim is a whopping 40%!!

I contacted my IP to express my concern, I was more or less told to contact the reclaim company and the conversation was abruptly ended. The reclaim company offices are in Stoke, yet when I contacted the helpline, I spoke to an Irish lady. I was called a few days later to see if I had recieved my claim pack, again from an Irish lady and from an Irish telephone number. My IP is Irish with good reports on this forum hence I went with them.

I dont think that going with a company that charges a 40% fee is in the interest of my creditors. Why not ask a company that charges 20% ? They are legal people (my IP) who are dealing with creditors who sold me the PPI in the first place. Why not just deal with them direct?

Rant over and if anyone can explain anything, then let me know.

debtinfo

well obviously you have a duty to put the money in the IVA, but i dont believe you have a duty to use the company they recommend, i would tell them that you wish to claim it yourself and will when the money is due to be paid out have it paid into the Iva

Barkley_2

I spoke to my IP about it and offered to reclaim the thing myself when I recieved the letter and they were not too fussed and just told me to speak to the PPI company. When I spoke to the PPI company, they told me it was compulsary for me to fill in the forms and to send it to them. I suspect it is a subsidiary or my IP has an interest to be using a company charging 40% of any claim. £800 out of every £2000 is disgusting. This is not in the interest of my creditors.

debtinfo

Well ask them to show you any law or agreement where it says it is compulsary to use their service rather than claiming yourself

Depth_Charge

Barkley wrote: »

This is more of a rant than a question so here goes but perhaps somebody can explain.

I recieved a letter via courier from a company who has been appointed by my IP to reclaim any PPI that may be forthcoming and to put it in the pot with any successful claim. I do not have a problem with this as it is my IP's job to get as much money as possible for my creditors.

This is where I have the problem and it is a one that I do not agree with.

After reading the paperwork, it turns out that the fee on any successful claim is a whopping 40%!!

I contacted my IP to express my concern, I was more or less told to contact the reclaim company and the conversation was abruptly ended. The reclaim company offices are in Stoke, yet when I contacted the helpline, I spoke to an Irish lady. I was called a few days later to see if I had recieved my claim pack, again from an Irish lady and from an Irish telephone number. My IP is Irish with good reports on this forum hence I went with them.

I dont think that going with a company that charges a 40% fee is in the interest of my creditors. Why not ask a company that charges 20% ? They are legal people (my IP) who are dealing with creditors who sold me the PPI in the first place. Why not just deal with them direct?

Rant over and if anyone can explain anything, then let me know.

Hi

40% !!!!

Whats going on here?

I was just thinking that if someone claims PPI themselves then could it not be true in some cases that the IVA could actually be settled with the proceeds and perhaps some spare for the actual person in debt?

You know 100% of the claim going into the IVA not an amount less these 'fees'

And do people in IVAs have to legally make a claim for PPI or not?

If they do, then should they not be clearly advised of this at the outset of an IVA as their long term options may be need to reflect this - eg would an IVA actually still be be the / or only appropriate solution?

Whos working for who here?

Whats the legal position on all this?

Is it me or is there an air of "lets not talk about this too much now" and it might go away.

Well, it wont, It needs sorting and quick

nottoolate

the ip will be getting a kickback from the claims company for passing business their way.

Depth_Charge

nottoolate wrote: »

the ip will be getting a kickback from the claims company for passing business their way.

Hi

So whos side is the IP on then, wheres the impartial & independent advice element here then?

We keep hearing about CCCS, the wolves and that so whats this PPI claims business in IVAs all about then?

We need to know, people in IVAs are turning up with PPI claim papers asking whats going on!

Im all ears guys

nottoolate

whoever said an ip was impartial? :rotfl::rotfl:

they are in it to make the most money they possibly can. so they will do whatever is necessary to meet that goal. screw the debtor. screw the creditors. their pockets are all they care about.

Depth_Charge

nottoolate wrote: »

whoever said an ip was impartial? :rotfl::rotfl:

they are in it to make the most money they possibly can. so they will do whatever is necessary to meet that goal. screw the debtor. screw the creditors. their pockets are all they care about.

Hi

Well, strictly on the PPI issue the questions are being asked.

On another forum that is alluded to occasionally on here posters, posts and threads appear sometimes to be removed when simliar questions are raised and asked.

This issue is starting to show signs of a backfire if you ask me, silence is usually the first giveaway / sign.

debtinfo

Im not sure what you are confused about depth charge, as has been written exstensively about in many posts on here, the PPI claim is an asset in the IVA, what is it you are not clear on

Depth_Charge

debtinfo wrote: »

Im not sure what you are confused about depth charge, as has been written exstensively about in many posts on here, the PPI claim is an asset in the IVA, what is it you are not clear on

Hi

Well, I am sorry that you seem to be confused debtinfo (I am not by the way)

Perhaps you should read my posts again as the points and questions I raise seem pretty clear to me, but maybe you have missed them or perhaps you are not experienced in that particular field.

PS - nowhere have I said that PPI claims are not an asset, please point out where I have if I am mistaken, what seems to be confusing you on this where I am concerned?