Hi all, first time post, 7 months to the end of my iva (has been a long road). now been told by my iva company i must fill in the ppi forms,equity finance are doing this, not sure if i had any ppi. but my question is if any windfall from any claim of ppi, should i not been entitled to the first 500, as classed in my policy from any windfall ? and don i HAVE to fill in these forms. any help would be useful.
Never regret what you done in life, regret what you have not done,
final payment made
NOW THE WAIT
Any money from PPI refunds is classed as an assedt available to the IVA pot and not a windfall. Even if you had a 'windfall' of £600 it doesn't mean you can always keep the 1st £500. It depends on the wording in your proposal.
If you did have PPI and felt it could have been mis-sold then you do need to reclaim it for the creditors. I would just fill it out stating you don't know if you ever had any and let them sort it out.
If there is a refund due then you could ask your IP if you could have x amount of it if there's a reason (washing machine broke, essential home improvement etc). They should consider it for you but it isn't our right to automatically have any of it.
I believe that some companies are insisting with the threat that IVA could fail if you don't. However I'm not sure if they would actually do this.
You don't have to so anything apart from provide your signature authorising them to investigate.
You could send back the forms with a note stating you never took PPI out and you may be asked to sign a disclaimer that you won't attempt any refunds after your IVA ends.
1 You do not need to claim on your PPI if YOU feel that it has not been misold to you, (even if you had it at all) an tell your IP so.
2 If the IP is so interested in maximising the return to the creditors then why use a claims company, when a simple form can be done by oneslef. Or is it the simple truth the IP gets a referal fee (some might call it a bung) if the claims company is successful?
So good for the creditors £££ good for the claims company ££ and good for the IP £ and what do you get, you just get your closure held up...whopeee
And don't forget if you do claim and they pay out and then the bank finds out the claims company were less than honest in claim, the bank could make a joint claim against you as they were acting on your behalf!
Many debts are sold on after the IVA is approved so the PPI would be claimed from the original creditor to the benefit of the debt purchaser. It is also possible that the PPI claims relate to debts previously repaid off and not to creditors in the current IVA.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kazzafunk
You could send back the forms with a note stating you never took PPI out and you may be asked to sign a disclaimer that you won't attempt any refunds after your IVA ends.
Just playing 'devils advocate' here... What would happen if the debtor told their IP that they weren't missold any PPI, and they refused to sign any PPI claim related paperwork... But then when the debtor came out of their IVA (when it was completed), they went ahead and tried to investigate/reclaim any missold PPI anyway? (To keep any money recouped for themselves). Would the debtor get in trouble[?]
I think you have to enter into the spirit of an IVA if you were not mis-sold PPI then that is that. If you finish your IVA and then go on to claim then you have to look at your own moral compass. This could make life for other people still in IVA more difficult than it is already ie that the creditors make take a tougher stance for others. I suppose you must ask yourslef the question are you a decent person or a ruthless one! And I'm not judging you by any means.
Now making yourself as comfortable as you can be, whilst having an IVA, which is tough at best...that is a different story!
