Payplan and PPI

[Gemma Burton]

Hi,

I thought I would start a thread so that as queries about PPI could be in one place...

As some of you may know Payplan are working with Equity in Finance and are referring clients who are in an IVA to them. We are in the process of sending letters out to all of our IVA clients with the information packs for them to send to EIF.

The reason why we are doing this is because as Supervisors of IVAs the IP have a duty to realise any potential assests for the benefits of creditors and PPI claim are a potenial asset.

We can stress that we would not fail an IVA if a client did not return the pack to EIF.

If any of you have any queries about this then please do not hesitate to either post of the forum or contact me directly. I am not a PPI expert or an IP but I will do all I can to assist you. If I cannot answer the query I will get one of our PPI advisors or an IP's to answer it for you.

Many Thanks
Gemma

[kallis3]

Thanks for letting us know Gemma.

[essexlady]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Gemma Burton

Hi,

I thought I would start a thread so that as queries about PPI could be in one place...

As some of you may know Payplan are working with Equity in Finance and are referring clients who are in an IVA to them. We are in the process of sending letters out to all of our IVA clients with the information packs for them to send to EIF.

The reason why we are doing this is because as Supervisors of IVAs the IP have a duty to realise any potential assests for the benefits of creditors and PPI claim are a potenial asset.

We can stress that we would not fail an IVA if a client did not return the pack to EIF.

If any of you have any queries about this then please do not hesitate to either post of the forum or contact me directly. I am not a PPI expert or an IP but I will do all I can to assist you. If I cannot answer the query I will get one of our PPI advisors or an IP's to answer it for you.

Many Thanks
Gemma

I received my PPI paperwork this morning (although I'm not with Payplan) EIF are the company dealing with the paperwork. When I took out PPI with my creditors I knew what it was for and understood the terms and conditions so I won't be returning my paperwork. I don't feel comfortable about claiming for something that I took out for my protection if needed.

[Daniel Griffiths]

HI Gemma

Just wondering, many of these companies through stiff competition are now charging around 15% success fee plus VAT, and out of that fee are paying their huge advertising costs yet Equity in Finance have managed to negotiate 25% plus VAT success fee with payplan shortfalling creditors by at least 10% who you owe a duty of care to,Equity in Finance with no advertising costs and a drip fed supply of customers who many will feel obligated to comply are going to make a fortune out of this, I wonder if I can buy any of their shares before this news gets out and they go through the roof

[Dan.47]

Hi Gemma,
Is there any sort of priority to who are getting the packs first. Are younger IVAs as such at the bottom of the list?

[brokebryn]

Hi Gemma,

I am pretty sure that I never knowingly took PPI out with anything. Is the paperwork designed to cover all bases so to speak and that, by signing the various docuemnts, I am agreeing to an investigation into the PPI status of my accounts with various creditors taking place? Also, what do I do if I really have no idea when a couple of the accounts were first opened? It was a long, long time ago. Thanks for any clarification you are able to offer.

[mole]

Gemma, are you also asking your clients if they have had an accident n the last years?

Ridiculous.

[Shining]

I think it's good of Gemma to clarify things and it does say you are under no obligation to return these and it will affect the outcome of your IVA. If you've genuinely been missold - complete forms, if not - ignore x

[Daniel Griffiths]

Just had a thought if anyone in an IVA can negotiate their own repayment of PPI (they only really need wait till the creditors beg them to take it back)or just download a standard form can they keep 25% and send the balance to payplan to distribute among the creditors that extra would really come in handy.

[Gemma Burton]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Dan.47

Hi Gemma,
Is there any sort of priority to who are getting the packs first. Are younger IVAs as such at the bottom of the list?

There is no priority, we are sending out the letters in small batches and everyone should have the letters within three weeks.

[Gemma Burton]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by mole

Gemma, are you also asking your clients if they have had an accident n the last years?

Ridiculous.

No we are not asking our clients this.

Gemma

[Gemma Burton]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lesley_

I think it's good of Gemma to clarify things and it does say you are under no obligation to return these and it will affect the outcome of your IVA. If you've genuinely been missold - complete forms, if not - ignore x

Thank you Lesley We are asking clients that do not have PPI to return the forms with this on, this way our system will be up to date.

[Gemma Burton]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by brokebryn

Hi Gemma,

I am pretty sure that I never knowingly took PPI out with anything. Is the paperwork designed to cover all bases so to speak and that, by signing the various docuemnts, I am agreeing to an investigation into the PPI status of my accounts with various creditors taking place? Also, what do I do if I really have no idea when a couple of the accounts were first opened? It was a long, long time ago. Thanks for any clarification you are able to offer.

Hi brokebryn

If you are not sure if you have PPI you can still send the paperwork back and they will invesitgate with your creditors if PPI was on any of the accounts.

Gemma

[wilburthegreat]

Gemma,

Just receievd my paperwork this morning. I was under the impression that any successful PPI claim would be treated as a windfall and would therefore be paid in its entirity into the IVA. The cover letter states the following, " Although we will require you to pay any compensation into your agreement there is a component that you will be able to keep." - can you claify what the component that we can keep is made up off?

Many thanks

[AnglePark]

I know we are supposed to payback as much as we can,but this is a bit of a con.
These creditors got money out of people by selling PPI on credit cards etc and probably helped get many of us into huge debts anyhow,I know I use to have a credit card years ago that stiffed me every month and now that we `might` get some money back,they want us to pay it back to the very people who missold the policy in the first place.It's like asking to be mugged then having to pay the mugger his court cost etc.