Nearing completion of IVA and now PPI claims

julsey_wulsey

We are very nearly at the end of our IVA (last payment end of June). Last year, in September, we were contacted by EIC on behalf of Grant Thornton and told we needed to complete paperwork to do the claims. If the claims were successful, we'd probably be able to finish up our IVA early, as the PPI received, would go into the IVA and anything over and above what we were due to pay into the IVA, would be ours to keep.

Its now nearly the end of February. My husband phoned them last week to find out what was happening, only to be told that they haven't even sent off our claim as the creditors are only accepting 500 claims a week and they currently have over 35000 to submit. They also told him that whatever (if any), was paid out, would now go towards the IVA, even if it is over what we were originally told we were paying.

Can anyone shed any light on this?? Its all very confusing and it seems like this is going to drag on and on for ages yet, when I was so looking forward to it all finishing in June. The last 8 months of this IVA have been by far the hardest, due to price increases in EVERYTHING.

Many thanks.

3fish

Hi there

IVA started June 2006 with Accuma which was taken over by Grant Thornton. We too are in the same position although our last IVA payment was in April 2012 and are still waiting! We have signed all the documents from EIC through Grant Thornton. I rang Grant Thornton a couple of weeks ago and they said that we would hopefully be complete by June 2013 due to the backlog. We had a letter yesterday from EIC/Grant Thornton explaining the situation with PPI and had to sign a variation to our arrangement in order for them to proceed. Very frustrating but let's hope it all gets sorted sooner rather than later.

From the letter the effect of the variations will be:
1)to enable you to retain any payments of statutory interest (net of costs) that may be included in any PPI compensation paid out or similar claim that is received into the arrangement. This is not currently the position under your IVA's existing terms and conditions.
2) to enable me, as supervisor, to issue a completion certificate in respect of your IVA where all contributions and assets (other than any mis sold PPI compensation or similar claim and VAT refund) have been realised
3) to facilitate me in returning any PPI compensation to you, where creditors have been discharged in full in accordance with the terms of your arrangement
4) to make your arrangement more straight forward and easier for my team to administer when dealing with PPI compensation or similar claim due.

Vikipollard

I had the same letter as you on Tuesday 3fish, having had the pink spotty PPI one from EIC on Friday last week. Sadly for me that has arrived five months AFTER my last payment, so I hope they get their d*mned finger out!

I'm hoping that the variation will mean that ~ seeing as we all have to sign the forms about PPI anyway ~ there should be no reason why completion certificates can't be issued, when after all we have been told we have paid all monies we should.

Personally I don't expect to see a bean of the claim money regardless of what it says about the interest as you can bet your virtual bottom dollar the *costs* will match the amount of interest refunded.

I just want my certificate, and 3fish you are far calmer than I am ~ 10 months is a disgraceful time to wait!