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IVA, PIP Claims and Your Rights
Ndongo
Posts: 1 Newbie
I took out a loan with HSBC, became disabled and was unable to repay it. I have an IVA, ends later this year, with PayPlan. Early last year PayPlan nagged me to sign an agreement to reclaim PIP money sold by HSBC although I am sure I never signed up for any. I thought I had to agree as part of the IVA i.e. leave no stone unturned in looking for money for my creditors to claim. It seemed like a waste of time and effort but if PayPlan wanted to waste their time and effort why should I stop them?
Today I received a letter from Equity in Finance, the agents chasing mis-sold PIPs for PayPlan. They said they wanted to check my current bank account (I now bank with Smile) for any mis-sold items they could claim back. They sent a 'Letter of Authority' they want me to sign and return. I signed the letter and was about to return it but then had second thoughts.
The wording of the letter seems OTT to me i.e. I am giving them authority to request "any and all information", not just about PIPs but any "irresponsible lending practices", and asking my bank to correspond directly with Equity in Finance and not with me, so I would be closed out of the information loop, and then any money due would go direct to Equity in Finance and not me.
What worries me is (a) Equity in Finance are asking for sweeping powers and I don't see why they should need them (b) they are investigating my current bank and it worries me that this might harm my relationship with Smile - I have never had a loan with Smile so there is no reason for them to go 'fishing' for 'irresponsible lending practices' and, finally, (c) I have endured a lot of hardship for 5 years and I am about five months away from the end of my IVA and I don't want anything to up-set the apple cart at this stage. I admit I feel frightened and bullied i.e. that I might sign this form just because I am afraid if I don't someone will say I have not kept my IVA agreement.
I joined this forum to ask for advice - should I sign the form or not?
Thank you.
P.S. How do I turn off the blasted emoticons? The constant flashing as I write this is driving me crazy!?!? (Sorry, I am feeling stressed).
Today I received a letter from Equity in Finance, the agents chasing mis-sold PIPs for PayPlan. They said they wanted to check my current bank account (I now bank with Smile) for any mis-sold items they could claim back. They sent a 'Letter of Authority' they want me to sign and return. I signed the letter and was about to return it but then had second thoughts.
The wording of the letter seems OTT to me i.e. I am giving them authority to request "any and all information", not just about PIPs but any "irresponsible lending practices", and asking my bank to correspond directly with Equity in Finance and not with me, so I would be closed out of the information loop, and then any money due would go direct to Equity in Finance and not me.
What worries me is (a) Equity in Finance are asking for sweeping powers and I don't see why they should need them (b) they are investigating my current bank and it worries me that this might harm my relationship with Smile - I have never had a loan with Smile so there is no reason for them to go 'fishing' for 'irresponsible lending practices' and, finally, (c) I have endured a lot of hardship for 5 years and I am about five months away from the end of my IVA and I don't want anything to up-set the apple cart at this stage. I admit I feel frightened and bullied i.e. that I might sign this form just because I am afraid if I don't someone will say I have not kept my IVA agreement.
I joined this forum to ask for advice - should I sign the form or not?
Thank you.
P.S. How do I turn off the blasted emoticons? The constant flashing as I write this is driving me crazy!?!? (Sorry, I am feeling stressed).
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