I've received a letter today from same company Equity Finance proporting to be from Payplan, ie at their recommendation, that I must also make a clain for PPI and assist my practicitioner with maximising recovery. I am four months till the end of the IVA and being debt free finally, I have no wish to persue this path. Not aware or not of being missold PPI and want advice as to whether Payplan can default my IVA if I refuse? Is this letter officially from them or are Equity just another company jumping on the PPI bandwagon?
Perhaps one of the moderators could amend the thread title so that it comes to the attention of one the Paypal staff who frequent the board. Maybe they could then clarify the situation re PPI claims and Equity in Finance.
It would be interesting to see Payplan's response. The main beneficiaries of these reclaims are the PPI firms, the IPs and the debt purchasers who are getting windfall from the original creditors from whom they bought the debt. I am sure the main banks would prefer the whole thing was dropped and they would not be too concerned about recovery of PPI in an IVA as effectively it is 'robbing Peter to pay Peter'!
I think the first few IVA providers to do this may have set a precedent which others will start to follow. Some iva firms get heavy if you don't complete the forms and others are more relaxed and willing to believe clients when they say they don't have mis-sold ppi. Best jus to complete the forms with a caveat that you don't think you have a claim so this doesn't delay your completion. Congrats on nearing the end!!
Payplan have already replied on another thread saying that they are going to look into it and report back.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Payplan will pursue these claims(as will the vast majority of firms) where they can take a cut of any refund and probably get a referral fee from equity in finance at the same time.
Right or wrong,well originally I thought it was a bit ambulance chasey,but as some people will perhaps conveniently forget about any ppi until discharged then attempt to claim,which is maybe wrong morally or ethically.
Its not going to go away and will divide opinions for a long while yet. I just wish IVA firms were clear in what they get from the firm they pass you onto for the reclaim,clarity in fees is essential but just doesnt happen.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I had the same forms come yesterday as well so they must be sending them out to everyone who are with them.
I don't agree with it either, it is robbing Peter to pay peter. I know I didn't get miss sold anything when I took out credit cards and loans so I'm going to look into it before I sign any forms.
On top of taking delivery of these forms yesterday I had a phone call half hour after they were delivered to see if I need help filling them out....talk about fast movers!
I've had nothing yet, if I do then I will be on the phone
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Its a little different up here in scotland but basically whats happened in my case is I have been formally discharged but my IP has remained in office to pursue any ppi claims and close things down,even though I did specifically tell them they will get nothing on the ppi front as I was very careful about NOT taking any out. Doesnt cost me for them to waste their time!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi everyone, I have looked into the post made earlier about the letter from Equity in Finance... We are working with them by referring our clients in IVA's who may have PPI. They are sending infomation out to our clients offering their services in reclaiming missold PPI. They work on a no win no fee basis and this isn't compulsary for our clients, which means if they do not want to pursue a claim they can choose not to.
I hope that this answers your queries, if you have any questions, please do not hesitate to contact me directly.
Many Thanks
Gemma
Payplan Representative
Payplan offer a range of solutions including IVAs and free DMPs. To find out more and to contact us please visit www.payplan.com
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks for all the responses guys, based on Gemma's message which I have just seen a few minutes ago, as she speaks for the company concerned, and clearly states it is an option and not compulsory, I definitely won't be responding.
I'm just looking forward to being debt free in the very near future, it's been a long 5 years !!!
