Can someone please clarify for me the following regarding PPI? I keep reading differing answers which is making a little confused if honest.
1. Is it compulsory that we make a claim for PPI?
2. If we do claim, do we have to pay all of it over to the IVA company?
3. What happens if the PPI money comes to more than what the IVA balance is left at the end of the IVA period (where does the surplus go)?
4. What happens if you feel you were not 'missold' PPI?
I am afraid many IP's take different views on PPI and so, yes, it IS confusing:
1. Is it compulsory that we make a claim for PPI?
Your IP has a duty to maximise the return for the creditors. This includes checking to see if any PPI is available. A few IP's are ignoring this -- at their peril. But, generally, yes!
2. If we do claim, do we have to pay all of it over to the IVA company?
Again, generally, yes. Some IP's are allowing you to keep the first £500 and some are allowing you to keep any interest repaid. Most are taking the lot!
3. What happens if the PPI money comes to more than what the IVA balance
is left at the end of the IVA period (where does the surplus go)?
If there is enough PPI money to repay the original debt plus fees any balance will be returned to you -- eventually.
4. What happens if you feel you were not 'missold' PPI?
Some IP's will want to investigate anyway. Some will accept a declaration to that effect, which will also include an agreement that you will not claim in future. However, many people who feel they have not been mis-sold, and even asked for PPI, were, in fact, mis-sold for a myriad of reasons!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Can I suggest that you contact your IP directly for guidance. The wording of your own individual case will dictate what needs to be done, and also whether there is a genuine case for "mis-selling". Not all PPI was mis-sold - and therefore all claims have to be dealt with on an individual basis.
