Probably is, at least you don't have to worry about doing it. Will you get your completion certificate before they start looking at the PPI.
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
Hi Adi, if your IP has asked you to allow them to make a PPI claim on your behalf you have to go through with it. Ultimately it is the IVA supervisors obligation to maximise realisations for the creditors and your duty to comply with your supervisor. It is likely that your IP will keep your case open until the claims are made and settled.
It is my personal view that your IP should have taken a more polite approach to contacting you and explaining what was going on. However they are completely within their rights.
Because presumably, there will be more money to go to the creditors and if the iva were to be completed then this wouldn't happen. Hopefully it won't take long to do.
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
James. whilst I see the benefits to the creditors (as well as to the IP) I feel that these situations should not be foisted on the debtor at the last minute, nor, indeed, if this was not discussed and agreed to at the outset.
I would also question the integrity of anybody putting in a claim for mis-sold PPI unless they knew it WAS mis-sold. If the debtor claims that he was aware of the PPI and was happy with it when he / she took out the loan, then there IS no claim to be made .... end of story.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I'll bet the ip would still try and and make a claim though. Thank goodness I never took any out.
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
Foggy - wasnt there another iVA company - that used to post on here - use this same tactic recently - and if i can remember, did they not make a nice little percent of profit from this.
I think if they are going to do this then it should at some point closer to the middle rather than the end. After all, the amounts won't have altered.
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
Yes, Ginger. Wasn't it Harrington Brookes (or similar sounding name)? I seem to remember they had a rough ride over their tactics, which, in their case, amounted to bullying the debtor into signing. I have no idea of the eventual outcome.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yes, keeping the IVA open is another issue -- some of these claims take months, leaving the IVA'er open to falling foul of further claims on windfalls.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
Hi all, I have just responded to another thread relating to this and have copied it into here as well....
I am a senior manager at Varden Nuttall and I have just been made aware of these threads and have signed up to the IVA forum in an attempt to answer your questions and concerns.
Firstly I would like to outline the reasons we are investigating mis-sold PPI. Varden Nuttall have never previously investigated potential PPI claims because there was an on-going court case between the British Banker’s Association (BBA) and the Financial Ombudsmen Service (FOS). A high court judge ruled in April 2011 that the BBA lost their case and they confirmed in May 2011 that they would not appeal. Since this point we have discussed this issue with creditor’s representatives and industry experts. Due to the court case mentioned above there are potential assets that should be recovered and repaid into the IVA for the benefit of creditors.
In addition to the above we have also identified that some clients were reclaiming PPI and the banks were paying this money directly to the client. In several cases the money was spent before Varden Nuttall became aware of the refund which should have been paid into the IVA. This could lead to the failure of IVA cases as the refunded PPI is an asset and must be paid into the IVA for the benefit of creditors. Another risk is that if a client pursues a PPI claim through a claims management company and instead of being paid out, the creditor reduces the balance in the IVA, the client is left with a bill for the work done by the claims management company.
There also seems to be a great deal of confusion about what constitutes mis-sold PPI. A customer who has been sold PPI may feel that it was sold correctly, but without full knowledge of regulatory requirements how would they know. For example, the seller may not have fully informed the customer of all of the terms and conditions and eligibility criteria. In many cases a client may be aware of ownership of the PPI policy and be happy to pay the premiums, but only when a claim is submitted do they become aware of not qualifying for some or all of the benefits of the policy. There are other situations that could also lead to a claim for mis-selling, such as a single premium policy where the total cost is added to an initial loan, attracting unnecessary and unjustifiable interest. As a result we need to establish that the seller adhered to the regulatory sales procedures required by the Financial Services Authority. If not there is a justifiable reason to complain, and realise any potential asset for the benefit of the IVA.
I do hope that this has answered some of your questions. I will be regularly reviewing these threads so if anybody has any further questions please let me know and I will do my best to answer them.
