I've been in an IVA for a couple of years now and today I got a letter from my IP instructing me that I need to fill in a form about PPI which is to be sent to a third party company to deal with on my behalf and try and claim PPI back.
I wasn't very happy about this as I don't want all my very personal details being disclosed to a third party and when I contacted my IP and said I didn't want to do it they told me that my IVA could fail as it would be seen as I hadn't co-operated with them - is that right and do I have to fill this form in and enter into an contract with a third party who I don't know anything about?
I didn't have any insurance on my debts as at the time I was self employed and wouldn't have been able to make a claim if I'd have needed to so I didn't take any out when I took the loans out. I explained this to the IP but they said I had to fill it all out and return it anyway. I have looked into the company concerned and they call you and badger you all the time about this when you sign up with them - I thought I had got away from all this when I entered into an IVA?
Your IP does have a duty to get the best return for your creditors and unfortunately this does seem to include claiming back mis sold PPI, whether we like it or not! But I agree with you about details sent to a third party when we could do the same job ourselves and get a better return!
Just speak with your IP and tell him you didn't have any as you were self employed and don't want to waste their time and money by submitting a claim.
Which company are you with? Some are quite happy for you to return the paperwork saying that you've not taken out any PPI. Your IP should know that as self employed you would neverhave had it.
Well that's another issue of have with my IP not related to this matter - I haven't been allocated a single person to be in charge of my case and they don't communicate via email, so I have to ring them and every time I do I speak to someone new and they tell me something completely different.
As suggested above, I would return the form with a covering letter stating that due to you being self-employed you have never taken out PPI.
However, your IP may still want to investigate further. I believe it was Mel that stated on here (apologies if it wasn't)that the company that her firm have instructed have discovered some PPI in place that the debtor was not aware of.
If can cause a failure if an available asset is not realised and paid into the IVA pot and I'm sure we all want to repay as much as possible to our creditors, and I think we have to get over the fact that IP's have to use another company to reclaim these PPI payments where it was mis-sold.
I hope that by sending the letter it will be the end of the matter, but if not, just sign and give them permission to reclaim - if you say you didn't take out PPI and they discover some then it was definitely mis-sold!
It may well be deemed to be non-cooperation if you refuse to sign the form. It is clear that PPI has been mis-sold to many people over the last few years, and some times this has been included in loans without even the customers knowing it has been included. This is probably why your IP is adopting a "belt and braces" approach, and has engaged a third party firm to investigate this for you.
You don't have to use that particular firm, you could appoint your own firm or get a copy of your credit file and contact all of your creditors directly to see if PPI was included in any of the loans. This may just make more running around for you at the end of the day, and my advice would be to let the firm of the IPs choice do this for you. Your details will only be held for this one specific purpose and will be kept entirely confidential.
If you have plenty of time to run in your IVA there is no problem with filling in the forms for them to investigate, unless you know you willingly took out the PPI and it was not mis-sold.
Like many here I was under the impression that I didn't have PPI, as I have never taken it willingly ( no need for it in my job) --- however, so far they have discovered 4 (yes FOUR) lots of PPI from, mostly, earlier loans that had been rolled over. The gross repayment so far totals £7000 plus .... from PPI I was convinced I did not have !!!!
So, my thought are, if there is the time ... let them look.
As I have said before --- had I been in my final months I would not have been quite so happy .... but .. c'est La Vie.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy,In response to your comment,i completely agree with your point,im happy enough with the PPI saga but as you mention,I am one of those people that have now finished my 72 months & will get caught up in this.I have recently paid my last payment & what should have been a celebration has now turned into despair.I still have not been sent the forms to fill in for the ppi claims & am less than happy.I cannot understand or get a good enough reason from my ip as to why this was not done lets say 6 months ago so that this would have been settled before my last payment was due.We would like to get on with our lives but feel although we have paid our dues & complied duly with our IVA,the goal posts have been moved.I am totally disgusted that after putting our lives on hold for the past 6 years,we now find ourselves in the position that we have to go up to another 12 months & our IP have not done anything to get this sorted earlier.Disgusted.com
To say my piece..I did not claim. I refused as we had no ppi and were very careful about that. We were not happy signing a form to say we had been mis sold something we had not. We had to be firm, but we won . I don't think you should be forcedto if you have none. I would send the letter and send it recorded or email yor ip directly. If you have 2 yesrs left and don't have a rush on for your certificate maybe just go with the flow and comply as it shouldn't take 2 years for them to sort it out. If its a principle thing , write the letter, but don't put your iva in jeopardy
Kieser, I totally agree that there should have been a window of opportunity on this and those in, say, the final 6 months should have been allowed to go their own way (as others did before them). If the IP had failed, for whatever reason, to get their behinds into gear in time then that should be their lookout, not the clients.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am sure that many IPs would be happy if their clients wanted to go their own way on PPI reclaims rather than appoint a claims management company. I am happy for all of my clients to choose that route, but one has to wonder if this will create even further delays and trouble for the claimants. It is possible that creditors take CMCs far more seriously than their actual customers.
