PPI fuming !!!!!!

biscuit1_2

I have always been of the mind that while i am in an IVA that it's only fair that any money due via PPI should go to my creditors, if i had got ppi funds prior to the iva that's what i would have done with it anyway. Last year we received notification that we were indeed due a refund and duly received a letter informing us £7000 had been forwarded to GT. I have recently received our annual report and there is a "professional fee" of £3500 which can only be the fee taken from the PPI payment """""""DISGUSTED""""" is a massive understatement. So clearly the reason for the PPI push has nothing to do with extra payments for the creditors its for the income they can claw back via astronomical 50% fee's. We have made £17000 payments with only £6000 going to creditors more than half of our payments have been extra payments so who actually gets the extra payments we make !!!!

rizla_king

Youve discovered what I think many of us already know. IVAs are a scam/moneymaking vehicle for moneygrabbing greedy IPs and their companys. most people would be better off not touching one with a bargepole

TakeAwayKing_2

How long has the IVA been going?

UpToMyNeckInIt

Hi Biscuit1,

If GT are anything like my IVA company, they are probably using a firm called 'Equity in Finance'.

I am led to believe that it is quite normal for EIF to charge 35% (+VAT) as their fee for recovering PPI, with GT (and most other IVA firms claiming 15% as this is an 'additional realisation' (or similar wording - see your IVA contract).

So the total deduction sounds about right.

foxy-stoat

Your annual statement will tell you where your money is going.

What was the debt prior to the IVA and how long would it of taken you to pay off at what monthly rate?

Would you be able to work out how much interest you would of had to pay if you didnt go down the IVA route?

Dont worry about the fees, as the fees for going Bankrupt are a lot higher.

sourcrates

foxy-stoat wrote: »

Dont worry about the fees, as the fees for going Bankrupt are a lot higher.

Err, no not really, £705.00 in total to go bankrupt.

It's a lot quicker, and if you have no assets, a much better option.

TakeAwayKing_2

Foxy-stoat clearly means the fees once you're in to bky, just like the op is talking about the fees now they are in their IVA.

foxy-stoat

sourcrates wrote: »

Err, no not really, £705.00 in total to go bankrupt.

It's a lot quicker, and if you have no assets, a much better option.

I am talking about the Supervisior/Official Receiver fees....the fees that the individual doesnt pay for.

biscuit1_2

I have calmed down now, I was just frustrated as I believed the money should go to the creditors. We are in our 4th year have paid £17000 in and only £6000 has gone to creditors

foxy-stoat

biscuit1 wrote: »

We are in our 4th year have paid £17000 in and only £6000 has gone to creditors

Welll done for getting this far, and please do not read anything into the numbers and IP fees.

You will be free of your debt, thats all you need to focus on.