I been in a iva since 24.12.2010, owing £22,000.I have had 2 buisness loans whilst being self employed, i have asked clear debt if i could go ahead and reclaim any ppi owning to me and pass it across for my iva. They have told me i can't do it my self and will have to wait untill i have nearly complited th iva and then they will then claim it back.
Could any body confirm if this is true
There is a lot of debate about ppi and a lot of companies are now using a 3rd party to claim. To claim yourself would increase the amount I would have thought that was intended to be paid across.
As Harpic says maybe it's the policy of Cleardebt to deal with it liek that. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I think you have been misinformed and there is nothing at all stopping you from approaching a company to do this reclaiming for you. Also I have no idea why anyone would tell you that cleardebt will wait until your IVA is almost completed before claiming because thats clearly just a tactic to prolong your attachment to the IVA firm.
Hope Size5 picks up on this.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Be careful about instructing a company in case the creditors claim offset. You could then be liable for the commission due to the claims company but I see no problem doing the donkey work yourself.
The reason we (and others) require claims to be managed by a 3rd party is due to the obligation of your Supervisor to ensure that the compensation is recovered to the estate. Although many debtors would undertake recovering PPI compensation with the due care and diligence required of your Supervisor, many would not. With many thousands of individuals all working to different guidelines and timescales, not to mention varying degrees of rigour and transparency, it would be impossible to ever satisfactorily conclude that all compensation due to the estate had been recovered. Accordingly, it is a necessity to ensure that an approved agent is dealing with all claims in a uniform manner.
With regard the timing of these investigations, it is not the case that you will have to wait until just before the IVA has been completed for PPI claims to be submitted. Currently cases approaching completion are being treated as a priority to try to ensure that no completion is delayed longer than necessary, but the hope is that all cases should have their case reviewed in the not too distant future and that any cases whose completions or terminations are delayed are kept to a minimum.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
While it may not be the norm, I am proof that there are cases of people who have finished paying into their IVA that are then asked to claim for miss sold PPI some months after that final payment!
7 years after starting an IVA I finally received a completion certificate from ClearDebt
I can see Size 5's logic here -- however that would be better served if the most oft used company (EiF) at least gave some appearance of competance!
As to the timing I guess that, whenever the industry cottoned on to the PPI being assets some people would have been caught at the wrong time -- this is why I suggested some time ago that there should have been an amnesty period, so that those in, say, the final six months were exempted.
For information, IP's, on the whole, are not waiting to spring this on debtors in the final moments of the IVA -- I have 3 years to go (plus) and have already put my claims in motion.
Maybe those approaching the final year should badger their IP's to get the ball rolling now, rather than later.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by size5
The reason we (and others) require claims to be managed by a 3rd party is due to the obligation of your Supervisor to ensure that the compensation is recovered to the estate. Although many debtors would undertake recovering PPI compensation with the due care and diligence required of your Supervisor, many would not. With many thousands of individuals all working to different guidelines and timescales, not to mention varying degrees of rigour and transparency, it would be impossible to ever satisfactorily conclude that all compensation due to the estate had been recovered. Accordingly, it is a necessity to ensure that an approved agent is dealing with all claims in a uniform manner.
That's not what your boss says:
If you want to do the job for us and reclaim the fees for yourself, then fair enough – we are happy for you to go ahead and do it. But, we will insist you do it diligently, and that does include pursuing years old claims you may not even realise you have, but which a claims company can often dig out.
If you think that, by avoiding claims’ company fees that you can create a PPI windfall that repays all that you owe and leaves you something for yourself, then it may be worth doing, then it might be an idea to do it yourself.
If you think your PPI reclaim is going to pay back only a bit of what you owe, then why would you bother doing the work?
David E M Mond FCA, FCCA
Chief Executive Officer
ClearDebt Group plc"
So Size5 insists that a third party has to be engaged to undertake the claim process, yet David Mond says an individual can pursue their own claims, as long as it's done in a diligent manner.
Well, which is it??
Nothing like a bit more clarity and consistency over this issue from Cleardebt..................
Unless the PPI claim is going to finish your IVA early as David Mond says why waste your time claiming outside of your IP provider.
Let them have the 40% cut, it makes no difference to you as you get no bonus points for paying more into your iva on say your credit rating.
Very few people will have PPI claims to do a 100% payback.
Last edited by herbekj on Thu Jun 28, 2012 7:09 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.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by herbekj
Unless the PPI claim is going to finish your IVA early as David Mond says why waste your time claiming outside of your IP provider.
Let them have the 40% cut, it makes no difference to you as you get no bonus points for paying more into your iva on say your credit rating.
Very few people will have PPI claims to do a 100% payback.
That's not the point at all.
Contradictory advice/instruction is being given by the same company over this, based on their 'interpretation' of the PPI issue. It makes a big difference to the creditors whether a third party retains 40% of the claim that would have come to them if the debtor had been allowed to self-claim.
Of course, if IVA companies allow or even encouraged their clients to self-claim for PPI, they wouldn't get their slice of the winnings...............
So basically your problem is that you think your IP gets a slice of the action and therefore you want to do it yourself to increase the dividend to the creditors.
OK, honourable thing to look at as long as you do it yourself as no claims company will do it once they know you are in an IVA and you may find that the companies just do offset anyhow.
But if your IP is paid by %returned rather than a fixed fee for example you are actually doing them a favour as 100% of the PPI claim will go into the pot, there will be no 40% deduction by using there claims firm and they will get paid even more!
Oh and you still get nothing from it apart from paying more fees and a higher percentage. But was that really worth your effort to do it yourself.
Last edited by herbekj on Thu Jun 28, 2012 8:00 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.
My understanding is that the IP gets paid a % from the claims company's 30-40% fee - not a % from the creditors total reclaimed monies.
If an IP was paid by % returned (as in your example), then surely IP's would be doing their utmost to encourage/help debtors to self-claim, as that would maximise their returns as well as that of the creditors?
Because debtors don't have a clue whether they can claim or not and are even more unlikely to remember old accounts.
As per Davids post
and that does include pursuing years old claims you may not even realise you have, but which a claims company can often dig out.
So you could claim yourself (get a bit fat £0 back) and your IP can still apply due diligence and demand you allow the claims company to check.
End result is the same, you wasted your time.
Last edited by herbekj on Thu Jun 28, 2012 8:41 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.
