On the other hand Anglepark, we are asking the creditors to write off a considerable amount of our debt so we shouldn't begrudge them PPI if it applies.
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
Had my pack yesterday and a phone call from EIF today while in work asking if i have completed the forms yet GIVE US A CHANCE !!!! Gemma are you aware they are offering a cut of any compensation i thought all windfalls had to be paid over the IP.
IPs will receive their usual fee based on a percentage of realisations. We are also pursuing PPI reclaims within my practice - as I believe most other reputable firms are doing so. These claims are assets of the estate and should be therefore pursued. The IP you refer to Paul may well be in danger of complaints from creditors for not properly realising the estate - and whilst it is up to him whether he charges a fee or not, I find his stance very curious - but if he is talking about receiving commission on top then this is something that I would not do either.
Gemma,
How good are EIF at tracing and reclaiming PPI that might have been on loans settled before the IVA. In my experience, it was the earlier loans and c/c that i took out that were the ones that missold the PPI, for example "you can't have the loan unless you take out the insurance".
Glad PayPlan are initiating this process now, long before the end of my IVA.
Hello Gemma, thanks for the thread. I am a payplan client and recieved my PPI paperwork from EIF a few days ago. My IVA ends in July and I do not want PPI issues to delay completion. Their recovery fee is 40% of total ppi reclaimed. My concern is that if a successful ppi claim is made against one of my creditors, and that creditor decides to offset the claim amount directly from the amount I owe them without going through my IP, will I then be liable for the 40% fees EIF will want to claim, because they will be unable to deduct their fees from the claimed refund prior to the creditor offsetting it against my debt owed to them. I have signed and returned the forms a day or so ago, although I did tick that I didn't remember any details about any of the ppi on the debts, but I am now concerned enough to consider sending in the Right to Cancel paperwork, as I do not want to be liable of any unrecoverable fees, and to be honest I had no wish to pursue any ppi claims post-iva.
I'm sure Payplan would have made arrangements for this as it's not uncommon for creditors to set off their own debt. 40%!!! really Payplan, that is an outrageous liberty and totally unnecessary when there are firms that will reclaim PPI for half that!
The fee is 40% however I must stress that this costs isn't to the client, the fee is taken from the reclaimed PPI which goes into the IVA pot.
Clients are being told that they can keep the 8% compensation from the PPI if they are entitled to it, however this is being given on a case by case basis.
EIF aren't currently looking at reclaiming PPI on closed accounts prior to the IVA, but that doesn't mean that you cannot pursue these yourself.
Many Thanks
Gemma
Payplan Representative
Payplan offer a range of solutions including IVAs and free DMPs. To find out more and to contact us please visit www.payplan.com
Hello Gemma. Unfortunately as some other posters have experienced, the creditors often pay the reclaimed ppi into their own accounts to offset their debt, and not into the iva pot, which has caused problems with other creditors as they have not recieved any share of the reclaimed amounts, so how will EIF be able to reclaim their fees in these cases, as they never see the reclaimed ppi prior to it being paid into the creditors account.
While clients in the main will not expect to get anything back via PPI reclaims why not simply assist clients to directly contact creditors,to ask the question over ppi and account charges being excessive? That way you would get 100% of anything missold back to go to creditors.
I assume payplan will gain if anything is missold in the same way that Mel's company do,through an increase in realisations,but are payplan receiving a referral fee for passing details onto 3rd parties?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Too be honest I wouldn't be concerned at what IPs claim and what they don't claim and I wouldn't be concerned about the fees charged as long as it doesn't affect me in terms of money that I paid during the IVA, time and effort spent and most importantly that the IVA doesn't get held up from completion because of any claim.
Nice to have the discussion about Payplan and PPI in one place, thanks Gemma.
I understand where you're coming from Andy, but the dividend is important to me as I hope to repay my debts in full. Giving away 40% of a refund which would reduce my debt to its correct level would crucify me, particularly as it's wasted money. For very little time and money I can put in a claim myself; for 20% I could go to any number of claim companies.
EiF are taking advantage of a hostage database, knowing they don't have to even pretend to be competitive because presumably Payplan clients can't use an alternative firm. I know my firm will not let us use an alternative in so far as they will take the full refund and not allow fees to be deducted...stuffs us really!!!
I agree with BoL in that I am trying tp pay back as much as I can in the giwven time whilst my IP would seem to be willing to give a chunk away for nothing!!
If they are duty bound to realise the maximum dividend, how can the creditors accept such exhorbitant fees ? Surely, with Payplan's potential clientbase they should be getting a better bulk deal ---- unless, of course there is a referral fee involved.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
