Vardan Nuttall can be very good but aren't averse to Using bully boy tactics. This is the second time they've tried it on me and I sent them a formal complaint. This letter was sent to scare people and completely oversteps the contractual relationship. I would pursue a claim but do not want to give them power of attorney over my affairs. I am capable of making my own claim and handing over the money; but the IP won't agree the use of an alternative firm. It is all about VN getting their cut!! Bunch of sharks!!
TheMatrix wrote:
It's only missold if you did not realise you took it, or did not realise what it covered. So making a claim for misselling could be seen as fraud in those cases where you realised what you were getting/covered for, how anyone can force someone to make a claim like that is beyond me.
My thoughts exactly!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Broke of London wrote:
Vardan Nuttall can be very good but aren't averse to Using bully boy tactics. This is the second time they've tried it on me and I sent them a formal complaint. This letter was sent to scare people and completely oversteps the contractual relationship. I would pursue a claim but do not want to give them power of attorney over my affairs. I am capable of making my own claim and handing over the money; but the IP won't agree the use of an alternative firm. It is all about VN getting their cut!! Bunch of sharks!!
That's the crux of it!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hmmmmm. I do wonder if this firm realise the adverse publicity they are getting from existing clients. Broke of London has always been a big supporter, but if their clients feel that they are being unfairly pressured into telling untruths about their PPI policies this could serve to be very damaging to ongoing relationships.
The only thing that you can all do is express your concern to the IPs there directly. It is being said that this is actually a creditor led policy in the marketplace, but I have to say that no creditors have approached me or my firm to advise that we ought to be encouraging clients to make claims.
VN are overstepping the mark with this ppi claiming service being forced onto IVA clients. I do wonder what authority they have to act on your behalf. I would be tempted to contact all creditors who sold ppi and inform them that you do not believe anything was mis-sold and tell VN to go take a long walk off a short pier!!!
It is all about VN filling their coffers and about nothing else at all,they dont care what extra return creditors will get,they care about how much money they can drag out of your previous credit issues.
I would now strongly advise anyone against using this company as we have several customers being strong armed into this ppi nonsense.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
We used to have poster from VN on here but he's not posted since the beginning of August so I've no idea if he still works there or not.
It would be good if he picked up on this.
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
Kallis - last time VN were on here - they really got a hard (from myself included) about this PPI situation - the fact is they get fees from this - leaves a very bad taste. Often this does not show its ugly head to near the end of the IVA
The sad thing is the people affected are at the end of their IVA - and want it over and done with - so they neither have the time/money to challange this legally.
The sooner the PPI bandwagon is finished with the better.
not sure if this is relevant but recently my IVA firm put me in touch with a company that claims PPI back.
When I spoke to the company who were going to pursue the PPI for me I told them I had no recollection at all if any of my debts had included PPI.
To this I was told there was no point in proceeding with a claim as even if there was PPI on the debts, in order to claim PPI back there would have to be a cause for saying it was mis-sold in the first place. Therefore if I had no memory of it I could not claim one way or the other if it was mis-sold or not!
I see their point I suppose and they said they would not pursue it due to this.
Not sure if this advice was correct or not but thought it might be relevant to this issue? x
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
The trouble at the moment is that banks etc are not challanging the claims to PPI - whilst i do fully support refunds of PPI of proven misold policies - i dont agree that everyone sold them have had them misold. At at the end of the day - there a fees involved here - and i am extremely cautious of anyone signing a document "saying it been misold" when it clearly has NOT been.
At the end of the day the financial insitutions are a business and will alter charges etc - to recouperate any losses.
Ginger - quite agree that the sooner this is finished the better.
Wonder what else they will come up with?
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
I have not posted on here for about 4 years, but have popped in for a read every now and then. I too had my IVA with VN and never had a problem with them and found the staff friendly and helpful, until now lol well they still are friendly but now I am made to feel like I am being blackmailed over PPI.
I made my final payment at the start of September was July but had income reviews to pay off and was told to cancel my standing order and that I would receive my completion cert within 4-6 weeks. On my final payment I over paid and again was told I would be refunded once the Supervisor had checked all the claims and amounts and then signed it all off. Well I got the refund around 4 weeks ago and last week I got a call telling me a letter was on the way and that I had to sign a form for PPI claim .
On calling them today it was confirmed that the final dividend payment has also been paid out to the creditors and the bank account that my payments were paid into is now empty. The person I was speaking to said VN get nothing out of this as they have employed a firm of solicitors called Richardson Mail to make these claims and if there is no PPI then they only charge £120 this being paid from the creditors pot and nothing paid from me or VN. I did ask if everyone has been paid out and the account empty how can they take £120 from nothing so who will pay for the service, they are going to find out and get back to me..
To cut a long story short I feel I am being pressured and blackmailed into signing the POA to make this claim or they will refuse to issue my completion cert and will keep the IVA open even though all creditors now been paid the final payment due and I should have been issued the cert by now but they had a back log so it was delayed. There are other issues with my ex wife I wont go into here.
I have been told there is no legal standing to do this and not all companies are doing this. Even the letter I got from them says Phillip Nuttall only recommends that I persue a claim with them. Can they force me to sign anything now when everyone has been paid out? I have been told no they cant but if any experts here could you give an opinion, I will be speaking with my own solicitor about this and maybe to the ICA and other financial regulators over this blackmail as that is how I see this issue as they now refusing to issue my completion cert if I dont.
To be fair to the guy I spoke with today he understands my issues I have raised and says he will speak to Mr Nuttall again over this and call me Wednesday. This is a shame as until this I would of been happy to promote VN to anyone in financial trouble but not so sure now.
No one can force anyone to sign anything whilst they are in an IVA. I do think that there are some genuine misunderstandings about what Varden Nuttall are seekig to do here, and perhaps Andy can persuade one of the IPs to come on here and set the record straight. If they are merely pursuing assets which would form part of the estate, then they are doing nothing wrong - but I suspect it is the perception that their clients have of the way this is being dealt with that is the real root of the problem.
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.
