12 months -- I agree: definitely thought provoking indeed, and I have no problems with matters of public record being discussed or pointed out for readers to make up their own minds.
Sturty. Apologies. I wasn't critisising your posting of the facts in your case. Just heading off other assumptions. As I have mentioned before I broadly agree with your position.
I think we should now let David have his right of reply.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just been catching up with the volume of posts over the Cleardebt issue and had a few thoughts.
I can see that if you just point blank refuse to sign the paperwork then they may see that as a failure to realise as many assets as possible which could be seen as a breach, but, couldn't this also be argued when you are agreeing to sign over 33% of the money reclaimed??
Also if you make the IP aware that you are trying to reclaim the funds yourself so that you can maximise the amount reclaimed how can this be seen as a breach.
Is the IP allowed to only offer the services of one reclaim company, surely this could be seen as not in the best interests of the creditors..
Nickjohn, this could be construed to be the case. However, as Supervisor, the IP is the one who decides how the IVA is run, within the agreed framework, so has the authority to make these decisions, whether we see them as right or fair.
You have every right to make claims yourself, but the IP then has a duty to follow up to make sure you have claimed all you can!
Of course, as we have seen, there are ways and means to do this sympathetically, as are there more heavy handed approaches.
The cards, as always, are all in their favour.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Well I am really worried now as my Husband and I have a joint Lloyds Account. We opened it years before I went into my IVA and as they are not a creditor didn't think I had to tell them. I have an IVA, but my husband doesn't, will we still be affected?
I think this may be worth the IP's checking as it is mad if they close your account even if you don't have a debt with them.
A few posters have opened new accounts as a just in case so that you have something to fall back on... Better safe than sorry!
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
Hi Plasticdaft, just to clarify, no client is ever forced to open an account which they don't wish to have... It is an option for them and even ClearDebt clients are informed of basic accounts before the ClearCash offering is even mentioned.
Some clients unfortunately have no option but to go for a paid for account whether it be ClearCash, Secure Trust or Think banking and even so, if they do, will get probably a better service compared to how the banks are behaving recently!!
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
I have now had a chance to catch up on some of the comments on this thread.
This again seems to be the case of “damned if I do and damned if I don’t”.
The 2 most frequent grumbles about reclaiming for mis-sold PPI in IVAs are:
• It delays the issuing of completion documents – as all of you should be aware this is something I have solved for ClearDebt clients. I have also shared the process with a number of leading IPs who have contacted me directly in order to ensure that their own cases can be completed in a timely manner.
• It is forcing individuals to make false claims – to counteract this I am asking ClearDebt clients to sign forms enabling Subject Access Requests to be submitted by DRSP to all creditors to get a definitive list of every account they hold which includes any sold a PPI policy. This stops the scenario whereby claims can take months upon months to get a response.
As far as I am concerned, both of these decisions are extremely positive moves for every IVA client and I’m sure that the vast majority of individuals (particularly those who have already gone through the PPI mis-selling process) would agree.
With regard to the specific points raised by Sturty99:
Although paperwork has been collected regarding your Virgin Media debt, this does not mean that anyone from DRSP will contact them. DRSP have a large team assigned to evaluating each and every claim and I am quite sure that they will not feel the need to contact anybody who has clearly never sold a PPI policy.
With regard to RBS, where there is a known creditor, it is only prudent to establish if any other lines of credit with that creditor have ever existed. As advised to you on email, DRSP will simply send a form to RBS enquiring if any account you have ever held includes any PPI policies – there will be no mention of ClearDebt or your IVA.
I believe the quote from the email you have posted earlier is a direct response to a question you asked regarding if ClearDebt will be held fully accountable if RBS ever find out you are the subject of an IVA. Although this has been omitted from your post, the answer is in response to a question you asked after you had been advised that ClearDebt will guarantee that there will be no mention of ClearDebt or your IVA in anything sent to RBS.
Obviously ClearDebt cannot accept liability should anybody discover you are in an IVA as this is a matter of public record and could be completely unrelated to any communications made to RBS. I can certainly let you see a copy of what will be sent to RBS prior to them being contacted.
I’m sure you can appreciate why we cannot simply disregard certain creditors where assets belonging to the estate may exist as I would not be fulfilling my duty as Supervisor.
There is no affiliation between ClearDebt and DRSP. The truth is that most companies working within the Debt Management and Claims Management arena are former employees of other companies within the industry – it is where they learn their trade. I would say fairly confidently that in over 42 years in the industry I have worked with most directors within the industry through any one of the companies, trade associations and regulating bodies I am involved with.
To get back to the original point of the thread, the action Lloyds are taking is utterly reprehensible. I can assure everyone that in my position as Chairman of the Debt Resolution Forum I will be contacting Lloyds and will also speak to the IPA regarding this matter. To echo Melanie’s comment – shame on them.
I hope this clarifies mine and ClearDebt's position.
Regards
David
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Thank you David. I hope Sturty99's fears have been allayed. In the light of your assurances that neither IVA nor CleadDebt are mentioned in the SAR's, the bank will assume that this is a normal PPI enquiry, respond to the negative and that should be the end of the matter.
Well, this thread has taken a bit of a schizophrenic turn, going off in two different directions!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you David for your time, it's certainly put the nail in the coffin for us in ending our banking relationship with lloyds. I also feel better in our actions in changing banks before Lloyds take action - I'd like to say more than shame on them! My husband & I have been the perfect customer for nearly 5 years, the only money they have made from us is the £9.95 monthly fee for the account, never ever been over drawn.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Informative post David and should allay many of the fears and panic on this forum at the moment.
I have checked my paperwork and Expert Insolvency Claims handled my PPI claims on behalf of my IVA provider. I have received letters telling me that the payment is being sent directly to the IVA firm so my creditors and possible my bank (Natwest ) are aware. I suppose it's down to how it's handled by the IVA firm.
Hi Winter blues, I would imagine those creditors sending cheques direct to your IP are those creditors in the IVA. Hopefully, in the scenario outlined by David, those ore-IVA creditors and your bank will only have contact with the claims company --- at least that is how I hope it would work !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Agree Foggy. I have just emailed my I.P to ask whether my current bank have been informed or not through this PPI firm. Will update next week with reply.
Having only just embarked on the IVA process but not in one yet, this sort of behaviour from the banks is a bit worrying. What do they hope to achieve from this anyway? I guess a person in an IVA will not go overdrawn, take out a loan etc so I suppose risk does not even come into it. Sounds more like either the bank not being able to charge you to the hilt or just throwing their toys out of the pram are just a few of the reasons why. Either way, worst comes to the worst, I am assuming there are accounts around that you can use for paying in wages/DD/standing order/withdrawal of cash type facilities for IVA'ers or bankrupts?
