My final IVA payment will be made on 1st August but my IP has said that they cannot start my closure until 13th September as that is my anniversary date which I understand.
Earlier this week my IP called me about PPI and if I decide to make a claim they said it will take approximately 16 weeks to complete. This will be after my last payment but before my closure begins.
I asked about the dates and the IP said if all 60 payments have been made (I have no mortgage) I will get the full refund.
However I'm not convinced thats true because I thought nothing was written off until the closure is complete.
If anybody can give any advice that would be great.
Hi Chezza. I must admit that this does sound at odds with the actions many other IPs are taking. Are you company offering to assist you in PPI reclaim, after your 60 payments have been made, and the money is to be paid to you ( less any commission they might deduct) ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Chezza, what company are you with? I'm with Payplan and made my final payment on 01/02/12. My case officer has told me any PPI money I may receive will not have to be paid into my IVA as I have completed all payments. My CC has not yet been issued due to the vat issue, but under normal circumstances it would have been, which is why, she said, I do not have to pay it into the pot. However, as I don't have my CC yet, the debt has not been written off, therefore she has told me that any creditors I may have a PPi claim with that were also part of the IVA can legally keep the money themselves. I am currently in the process of waiting to see what's going to happen. I know most people have the opinion that morally any money received should go back to the creditors, but part of me thinks they have been in the wrong here, they had no morals when misselling, usually to vulnerable people and for most of us, we might have found our loan/credit card payments more manageable without the whopping great PPI charges we were paying. They have to take some responsibility for the mess we are all in - we've taken our share of the responsibility and paid every penny back that was agreed at the start of the IVA. I'm not holding out much hope of actually receiving any money, but if I do I shall quite happily spend it on treating my son, something I haven't been able to do for the last 5 years.
I do appreciate the money should go into the IVA but I agree IP companies do have a responsibility to give the correct advice - isn't that what the fees are for?
There definitely seems to be alot of confusion out there, with each company taking their own approach. I would also check with your IP whether you have to use the claims company if you are thinking of making a claim. I received a pack from Equity in Finance, who wanted to take a ridiculous 40% of any compensation - I checked with my case officer and was told claiming PPI was a clients own prerogative and would not be enforced, and I certainly didn't have to use a third party. I filled in the forms myself, using the very helpful links on money saving expert - it took perhaps an hour to fill out four forms, certainly not worth 40% for someone to do on my behalf!
hi guys. ppi is a bitter pill for many on here over the last few weeks ans no one really has a straight answer so as long as you have spoke to your IP and the company it shouldnt be a problem. i agree that these banks got us in this mess, certainly did me! i just want to get my cc sent to me now and thats it. if you have been told that you can claim thats fine. claims companys tho are a total joke and i would adivse any one not to deal with them. and im dumb founded that IVA companys are starting to use them! beggers believe.
You don't have to make a claim. They do ask. I'm with kingsgate and had a similar conversation myself. Claims angle or Carmichael group charge around 28%. they also state when they send their forms out that all monies minus their fee will be paid into the iva pot. And they do emphasise this. It's yr choice. Good luck. Yr nearly there x
You don't have to make a claim. They do ask. I'm with kingsgate and had a similar conversation myself. Claims angle or Carmichael group charge around 28%. they also state when they send their forms out that all monies minus their fee will be paid into the iva pot. And they do emphasise this. It's yr choice. Good luck. Yr nearly there x
