Keeping some of a PPI Claim

FiatFan_2

"Unless you have specifically excluded the PPI claim in your IVA agreement you would be required to send any money that you receive to your supervisor for the benefit of all creditors." This is what we're being held to.

I was advised that the paperwork for our annual review will be coming out in a couple of months to see how things have changed in the year. I am going to ask for a variation in that term to see if we can retain say 5-10% of any further claims we make for the benefit of our creditors.

Got to be worth a try right?

RuthnJasper

Max_Maxwell wrote: »

Well done to RuthnJasper, you've so done the right thing with your PPI claim. What a great case you made to your IP to keep a percentage.

Forgive my jumping on your parade, but I said exactly this in my post of July last year:

"IPs and PPI Recovery Agents have seen an opportunity to work collaboratively for mutual gain. It's called commerce.

As the IPs quite rightly say, it is their duty to maximise the recovery of funds into the IVA and there is an eagerness on their part for the debtor to complete the claim form. In the event of a succesful claim for repayment of PPI everybody wins. Except the debtor.

If you think you may be entitled to a PPI refund then make the claim yourself and do a deal with your IP. Tell them you want to keep 20% and they can have the rest. No IP could turn down an offer like that. It's called commerce."

Thanks Max; I appreciate that, it means a great deal to me.

And you are 100% correct. It's tough enough having to face up to one's debts and go through the IVA process (mine is due to end in November this year. Whilst I don't regret going down the IVA route, it has been incredibly difficult at times; especially as I've been subject to a pay-freeze at work since 2009), without the IVA providers and PPI claims companies colluding to profit from their clients.

Best wishes to you. x

RuthnJasper

FiatFan wrote: »

"Unless you have specifically excluded the PPI claim in your IVA agreement you would be required to send any money that you receive to your supervisor for the benefit of all creditors." This is what we're being held to.

I was advised that the paperwork for our annual review will be coming out in a couple of months to see how things have changed in the year. I am going to ask for a variation in that term to see if we can retain say 5-10% of any further claims we make for the benefit of our creditors.

Got to be worth a try right?

Definitely. :beer:

Depth_Charge

RuthnJasper wrote: »

Thanks Max; I appreciate that, it means a great deal to me.

And you are 100% correct. It's tough enough having to face up to one's debts and go through the IVA process (mine is due to end in November this year. Whilst I don't regret going down the IVA route, it has been incredibly difficult at times; especially as I've been subject to a pay-freeze at work since 2009), without the IVA providers and PPI claims companies colluding to profit from their clients.

Best wishes to you. x

Hi Ruth

A very fair post indeed.

The whole PPI claim saga (if thats the right word) in IVAs is astonishing in my opinion and in the long run could be turn out to be the Nemisis for the IVA industry.

Claims companies taking out such huge percentages is simply unbelievable in my honest and professional opinion and you have to ask if this would be allowed or not at least jumped upon in any other area of debt advice or finance?

Time will only tell as always and Im still waiting for someone to make a case!

My opinions as always