I finished my IVA with a F&F in Jan 2009. However, I am now considering claiming back any Payment Protection Insurance that may have been missold that I paid on my plethera of loans and cards. I have had this confirmed that I would receive this back personally as the debts were satisfied by my IVA completion and therefore any monies I do receive would not go back to the old debts as they are now satisfied.
I would very much doubt you would get anything as your debts would of been written off in full.
And just me personally and I am sure others would agree you would be a bit cheeky to try and claim this back especially when the IVA gave you a second chance to pay at least a percentage of your debts back
I should add that I run a Company that reclaims PPI. Even when a client has paid off a loan or card that has no balance then they can still receive the settlement back to them.
At the end of the day, your IVA has been completed and therefore you have no further obligation towards your creditors. There is noting to stop you making claims for PPI miss selling. If you were to win these, you would be eligable to keep the money. Ultimately I guess the two things (your debt and whether you have been miss sold PPI) are two seperate things and one should not effect the outcome of the other.
Hi
I agree with James but can understand Rayb's point.
However at the end of the day banks have been guilty of selling very high insurance products that have been added on to loans with the impression that if you don't agree the PPI you won't get the loan.
I would go for it, you have nothing to lose and the cash I guess would be very handy
Regards
Brings me back to the days I worked at HSBC and I told my manager it was wrong to sell PPI in this way, automatically adding it to new loans.
All they were interested in at the time were the profits that these policies made the bank. Had they have listened to me back in 1995 They probably would not be facing the problems they have now.
Ironic really when I think about it.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Andy Davie wrote:
However at the end of the day banks have been guilty of selling very high insurance products that have been added on to loans with the impression that if you don't agree the PPI you won't get the loan.
I have sat in the Co-Op and actually been told by them that if I take out PPI I will get the loan, if I did not then I wouldn't. I walked out and applied online instead and got the loan no problem.
You took out PPI and had every intention of honouring the debt (obviously, or you would not have taken out PPI). Personally I'd say make the claim and good luck!
I have never been told that! I never, ever took out PPI and it wasn't forced on me. I always had every intention of honouring my debt.
If you can make a claim though then go for it.
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
Imhotep wrote:
I have sat in the Co-Op and actually been told by them that if I take out PPI I will get the loan, if I did not then I wouldn't.
That's very interesting, and I'd be very surprised if that represented a company policy or even a branch policy.
Sounds like pressure-selling to me, and if anyone is given this advice before taking out a loan I would imagine it gives them a strong case for having the PPI returned.
I was told by egg that I had to have the PPI to get the card. Mis-selling yes, but I didn't have to take the card if I wasn't happy to take the insurance. Your creditor has written off part of your loan - claiming it back is just greed. As evidenced by waiting until you wouldn't have to hand it back to creditors. Nice!
They would try every trick in the book to get you to take out PPI, from automatically adding it to the application form for you to sign, you had to ring back and get new documents if you did not want it delaying the loan process to saying things like we will approve you only if you take it out.
Hated it, worst 18 months of my life working in that call centre. It was a job though and it paid the bills but glad I escaped in the end.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I agree that you didn't have to take the card, but if you did take out the PPI and it was the only way you could have the card then you were missold and I think you should try to claim it back.
Insurance should not be forced on you.
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 agree the mis-selling is appalling but at the same time...if you don't like the terms of sale, don't buy. Besides, asking creditors to write off debt and then claiming PPI is really doing them over, claim it back while in the iva for the benefit of the other creditors yes, but like this. Really, how do you justify it?
