I think so Paul. I asked my iva provider if they could help m's reclaim ppi early last year and they said no. It was only at the end of last year that they began chasing ppi claims.
I've never had any so don't really have anything to add, if I did I wouldn't be opposed to someone claiming it and putting it in the IVA pot so to speak. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
But I still don't get why if you make a claim and the banks have to pay back into IVA,they are claimimg against themselves? That seems stupid?
That's my point.
The bank that charged the PPI will only get a fraction back. The rest will be shared amongst the other creditors. It's a bit "dog eat dog" in that the other creditors are, effectively, claiming against those creditors who charged PPI incorrectly in the first place.
Does that make sense ??
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Also if I got a windfull the IVA company as stated in my aggreement is entitled to the majority of that money.But it doesn't work the other way around?What would be the situation if I had made the claim (rememeber their wasn't any encoragement to do so prior in my fifth year)and got say a £1000 but had to give 50% back to IP at least I would have had some?
But thats my point Foggy,it makes no sense and now suddenly people are being told to make claims.Why wasn't it part of the routine at the beginning of an IVA?No it's more fees and profit for those companies doing the chasing and to the IP company too?
The PPI stuff wouldn't have been included in the original proposal, specifically, as PPI, because this situation wasn't prevailent then, and will soon disappear again. However it is captured by the windfall clause of the proposal as an after aquired asset.
I take your point about mis-sold PPI contributing to a persons debt in the first place. However it is 6 of one and half a dozen of the other .... we all knew the bottom line of the amounts we borrowed ( the sum paid to us and the repayments we were expected to make) and we all signed on the dotted line ... it is as much our fault as theirs that we are in this position.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Also remember that the misselling has only come to light over the last year or so - it was certainly not around when I took out my IVA, then it was just endowment mortgages.
I imagine that people taking out an IVA now will have to discuss this with a prospective IP.
I can honestly say that our debts were purely my fault, not even my hubby's as I told him everything was ok and we were coping.
I didn't have to take the credit but I did, even to the point of begging Direct Line to give me a top up on a loan I already have with them (and I'm not proud of that!!)
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
jan it has been around for years,its only become what it is now a free for all after the courts ruled against the banks.what i dont like is the iva companys taking a chunk for just giving out our details to a company that we have not chosen or asked to act for us.what they should have done is say you can use these or use one of your own.but that way they would not get a cut would they.i dont mind claiming and paying it all in to my pot.the otherside is how they will make sure everybody checks that they do not have a ppi claim before closing your iva at the end as they will do to make sure they have complied with making sure theres no windfall available.so even if you think that you have no claim they will make sure you check.
cc received 6th January 2014 now upwards and onwards
Payplan, at the moment, have said that people don't have to send things back and, as I know 100% that I've never taken it out, I won't be filling the forms in.
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
well lets hope that they stick by there word as i can see them coming back to those who dont apply for ppi and asking them to apply anyway to make sure they have none to claim.im just thinking it could be another obstacle when it comes to closing your iva at the end off the term.
cc received 6th January 2014 now upwards and onwards
They'll have a fight on their hands with me if they do so.
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
