I take the view that the hand that giveth may taketh away
So given that say for excample PPI was missold with one bank and subsequenly you were forced to made a claim, all 10 creditors say would share in any compensation payment, not just the single bank that offered PPI in the first case.
I guess 9 creditors will be happy with this, against the one who will lose out by paying out a claim and only getting 1/10th back as a dividend.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Wow, I've never in my life asked a question and caused such a stir, I will, over the company weeks post any information I recieve from VN about all this. I'm still a bit worried about these new events, although it is good that a representative from VN is posting, thanks to Melanie for some balanced information as well.
Hi Skippy, whilst we do not force clients to sign the POA forms we do strongly recommend it. By signing the POA the client does not have to personally progress the claim, Varden Nuttall take care of that on their behalf. The client is therefore not exposed to any potential costs that could arise from the claim. For example if the creditor simply reduced the balance of their debt in the IVA, claims management companies would still insist on receiving their percentage of the PPI reclaim. The client is therefore left with a debt that is not included in the IVA and they must somehow pay. For someone on an already tight budget this could be a very big problem. By signing the POA they are protected from any costs that could arise.
To alleviate concerns that have been raised I want to confirm that the power of attorney is only valid whilst the IVA is active and can only be used to progress potential claims. Any such funds recovered are paid into the IVA.
Plasticdaft, I would be extremely wary of advising clients to enlist any other PPI reclaim firm for the reasons I have outlined above. Clients could well find themselves owing a considerable amount and not having the means to pay for it.
Last edited by Buckles on Wed Nov 02, 2011 3:03 pm, edited 1 time in total.
Just a follow up to my last post in this thread, I got my promised call back today from VN. The outcome is I will not need to sign the POA as due to the late stage of my IVA and the fact everyone has been paid out already, VN will now process my completion and I should get this through in next 2-3 weeks.
This is a relief and takes away the risk of a drawn out process and a great weight off my mind, and I can now put this behind me and get on with my life debt free and good to see that common sense has prevailed under the circumstances and as I said to VN if I still had 2-3 months or longer to go it wouldn't have been so upsetting or an issue but 2 months after final payment and everything paid out to creditors just wasn't right.
Hi I am also with VN and cause my circumstances have changed dramatically ive been waiting to hear if my creditors will except all payments to date as full and final... but then get a phone call explaining about the whole PPI thing now i didnt think i took it out in the first place. so now am having to wait for all thatto go through.
If you are concerned that this may affect your competion date please contact your Customer Services Advisor (CSA) who should be able to see what impact if any this will have. During the completion process we have to pay out the remaining funds to your creditors. Once these funds have been cashed by the creditors and there is no further money in your IVA account the final report is issued. At this point your IVA is officially completed. If you have no mis-sold PPI it is unlikely that this will delay your completion.
Just to be on the safe side I would still call your CSA to get reassurance. You can also email me and I will be happy to look into your case for you.
