No Sponge, when you sign up for an IVA, you agree to your IP taking a percentage of realisations from your contributions, whatever they may be over the term
Oh and just for good measure it goes straight on your credit record that you've made a claim and that won't do you any favours. I thought
the idea of an IVA was to get your credit file made better not worse!
I cut and paste from the My Experian report a few months ago as below in nice big fat bold writting too! You didn't think lenders would just let you walk all over them without consequence, bet your IP didn't tell you that was going to happen.
So see when you do finally rid yourself of the IVA and say you'll be looking for a loan or a mortgage, it'll be a bit like losing your no claims discount, so believe me you'll be paying it back!
Looks like this
Credit protection
insurance claim
You have made a claim against your credit-protection insurance.
But that in itself doesn't say whether you have reclaimed your PPI premiums or indeed just made a claim against the insurance aspect (which is what PPI was originally intended for anyway) where is the evidence to suggest that this is itself would be viewed negatively by future lenders?
The point about mis-sold ppi Sponge is that it is money the offending creditors never should have had in the first place. I see reclaiming ppi as adjusting claims to the correct level and consequently improving the dividend of creditors who did not mis-sell ppi.
I would agree with you in the normal scheme of things, but why just this one in isolation, there are many other associated fiscal products (income plans, critical illness, key man cover etc) and no mention of those?
I have never had PPI only wishful thinking that I did maybe! During my IVA PPI was never a topic before it finished, although it existed.
It says if you made a claim against the PPI rather than a claim on it, odd wording!It's wriiten in the terms of explantion of what will appear on the report and naturally in my case does not appear. That might help to put it into context.
hi just a thought about my iva on which last payement was made dec 2011. my debt was £27,000 i paid back in the five years £20,280 ive been told by eif that up to now i have at least £13,000 in ppi refunds total over £33,000 will have been paid into my iva yet from the papers ive had from the debt company my creidtors will be lucky to get around £16,000 the rest has gone in fees etc that to me is a rip off my creditors will not have had the benefit will they ? i defy the experts to explain this i thought that the idea was for us all who enter the iva and go through 5 /6 years of stress worry and finacial hardship that we make the effort to return as much as possible what a joke!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Do you have a breakdown of the fees ? do you know if the commission charged by EIF is shared with your IVA company ? You are entitled to know . This is a regulated industry.
I would love to know the answer to that myself alot of people are going to do really well on these commision fees and it wont be the person in the IVA or the creditors receiving whats left of the kick backs either
no they are not showing fees to eif on the paper work it is going for the vat variation next month its just that the original pay back from the £20,280 was just over £12,000 and now with the ppi money its only around £16,000 i thougth that the debt companies goal was to get the maxi to pay them back but when you pay such hugh fees and expenses which i still pay as my iva isnt closed ip fees are still being paid each month and this also depletes my fund!!!!!!!!!!!!! , we the debtor are being short changed and our ivas are not getting the dividend to pay off our debts im fairly sure that i would rather pay what i owe but thats not going to happen is it?????????????????????????????????? are we the gravy train how much would have to go into the iva fund at this rate to pay off in full plus if more ppi claims do come in and all these fees maybe over £40,000!!!!!!!!!!!!!!!!!!!! we don't win the creditors certainly don't win but the debt companies and claims companies do wheres the justice in this??????????????????????????? does anyone esle feel the way i do
