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Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
Hi Buckles and welcome. Can you confirm then that if a client states that they were well aware they were taking PPI and wanted it, that Varden Nuttal would not insist a claim is made before the IVA is completed? Only some posters on the forum seem to suggest that they have been told they must make a claim or their IVA will fail.
Hi Kazzafunk, in my earlier post I mentioned some of the misconceptions regarding mis-sold PPI. An extract from my post is below:
“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.”
My point is that the client may not be aware that the PPI is mis-sold and therefore cannot confirm if it has or hasn’t. We have an obligation to maximise the return to creditors by recovering any available assets. We therefore need to establish if there is an asset. If the PPI seller has done everything above board there will be no claim, however if they have not performed to the standards set out by the Office of Fair Trading and the Financial Ombudsmen’s Service then they may have a claim to answer.
To answer your original question we are not insisting a claim is made, simply that any potential PPI claims are investigated effectively.
I started this thread because I was very worried on recieving the letter from VN last week, I've returned my form on the basis that I simply don't know if I was mis-sold or not. I've spoken on the phone to VN and have been assured this won't incur an increase in payments I have 6 left, and the person I spoke to said claims are being dealt with in about 16 weeks. therefore not affecting completion certificate
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
Welcome aboard, Buckles (Gareth) [:)] Always good to have experts on the forum. I take your point regarding the mis-sold question. However, I don't feel you need POA until such time as a case has been made for mis-selling.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Might I suggest that if anyone feels they are forced to make a claim as required by VN that they put on the claim form that they are NOT SURE IF THEY HAVE BEEN MISSOLD OR NOT. That way you're not acting fraudulantly towards any claim.
As any funds recovered from PPI would have to be shared amongst creditors anyway, would not a better approach have been to sign away any rights to claiming PPI in the future?
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I must admit I would be very unhappy at the prospect of giving POA.
I think most of us here are only just getting control of our finances and the thought of handing control over to someone else is worrying to say the least. Is POA really necessary?
Final payment made Dec 2011.
Certificate of Completion arrived 26th Sept 2012
Glad to see that this has been cleared up and that clients of Varden Nuttall are now reassured that they are acting in the best interests of the estate and their clients.
I'll be blunt, at 59 out of 60 payments made I'm damn glad you are not my IP company.
I could very well have 'misold PPI' but very sorry I have worked damn hard to keep myself above water and meet my legal obligations to my IP to make full payment as agreed with my creditors, after all this time for an IP to suddenly decide that because of a ruling against the banks people will not get completion certificates and demand POA for a potentially dubious or illegal claim is appalling.
Last edited by herbekj on Tue Nov 01, 2011 10:10 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I tend to agree with you if an IVA is so close to concluding, but again it is up to individual clients whether they sign the authority or not, and just to stress that this is a personal choice and not one to be pressurised into signing.
I would suggest that anyone being strong armed into signing a poa with VN appoint any other ppi reclaim firm to act on their behalf well before any iva end date!
VN in my opinion are using their position to gain financially for no other reason than to boost their coffers.
Melanie,will your company be following suit?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It is a personal decision whether to give another party the ability to enter into agreements on your behalf, and one which is not to be taken lightly. All parties must be certain that the PPI taken out was actually unwanted and mis-sold before claiming compensation.
I have taken the decision to largely let sleeping dogs lie with regard to PPI mis-selling claims - but completely support my clients who wish to submit claims and we have received a few cheques. Having spoken to some of the larger firms, I gather that creditors have mentioned that they expect IPs to encourage their clients to claim where appropriate. I work with the same creditors at board level generally, and I have not received any such requests - and I guess I take the view that the hand that giveth may taketh away - ie some banks will lose but then will probably gain at the same token from the refunds being made. This is very much a personal view, and one which may not be fully representative of the attitude of my profession generally - and of course I reserve the right to change my mind should this become necessary.
