Should IPs chase PPI claims ?

[Adam Davies]

Hi

The simple answer is yes

I chatted with someone online who had total debts of approx 16k and has been in an IVA for approx one year paying £200. Barclaycard have written to him, following a third party claim via his IP for misold PPI, and he has received an offer for just over 20k

The problem surrounding PPI claims for people in IVAs is how it has held up, and is still holding up, the closure of many IVAs. It is not about the actual claiminging of the PPI as the above case clearly shows

Regards

[nickjohn]

Why don't the IP's include chasing PPI / bank charges within their package right from the start.

Whilst they may have to charge a fee for the service if it is included day 1 it would stop the hassle at the end of the term, stop third parties being heavy handed and upsetting those in the IVA and could always draw an IVA to a speedier conclusion as in the case you quote..

[Adam Davies]

Hi

Totally agree with you

Regards

[Foggy]

They may do in the future Nickjohn. This is a relatively new thing to IVA's and I am sure the industry will evolve to cope if it feels the need.

Regarding the example Andy has quoted, if the guy had claimed before hand he would not have needed the IVA (assuming he didn't blow it on a sports car).

Now he is looking at full settlement in the region of £16k plus fees, so around £20k. Unfortunately the claims company will have eaten away around £6k in fees. So he has to continue the IVA until that has been recouped.

On the plus side he is still on target to pay 100% of his debt.

[David Mond]

We at ClearDebt are doing that now and have been since May 2011 when the banks decided not to pursue their appeal.

Obviously the backlog of cases needed to be reviewed caused a log jam which is now being or has been sorted.

[Foggy]

Good to see that Cleardebt are getting ahead of the game. However, it is a pity that the industry hasn't been better at communication of the problems to it's clients (i.e the debtors, as I get increasingly confused as to which side are regarded as clients).

[Adam Davies]

Hi

Yes communication has been very poor and the industry has taken a long time to wake up to the fact that there are "customers" involved here and they deserve a little more respect and information

We do look as if we are starting to make some headway though

Regards

[Niobe]

Agree with Foggy - with some of us then it had never been heard of at time time we took out our IVAs

I am sure it will be taken into account with new ones.

[GilliB]

The banks/finance services created this problem in the first place. The onus should be on creditors to check if PPI was applied to the debt owed to them by the debtor prior to any IVA/DMP agreement. It makes no sense that in some cases they owe the debtor more than their debt! x

[Shining]

I imagine the new proposals will begin with PPI clauses and chasing of included. Us that are just finishing it will affect. Completing my final review today I was asked the question about PPI and I answered honestly that to the best of my knowledge I had no recolleciton of ever taking it. I do not object to my IP persuing a claim but jsut don't want things holding up at this late stage.

[christine53]

Can anyone give me some advice on this dreaded ppi,,GT sent me my cc begining of Dec,saying we,ve signed you off etc etc,,but really they are still trying to claim back overpayments from the creditors,,no one at GT ever mentioned ppi(my last payment was April 2011)so i sent e,mail to the closure team about it,,i got what i think was quite a rude reply,,why had i left it so late etc etc,,if i had known about this site earlier then maybe i would have applied,,but when your last payment was so long ago and you never knew this site existed what do you do,,anyway question is do i now claim myself,,i hate form filling or phone GT and explain again,,i had loads of loans previous from Barclays, all paid of well before my iva,,but was always told no ppi no loan,,so please whats the best to do,,,

[Foggy]

By the sounds of it, you were definitely mis-sold. However, from what I gather of GT they will want any refunds you manage to get. So, I would say, if they want it they can go get it (and pay the fees).

Personally I would let sleeping dogs lie -- but only you can decide what's best for you.

[christine53]

Thanks for that Foggy,,might as well let sleeping dogs lie,,if i would get a sliver of it would be different,,,

[ashb]

I dont understand in the case Andy refers to is how can the refund be more than the original debt?

I had 60 k debt and EIF are claiming any PPI but does that mean any refund in my case will also be more than the debt? It doesnt make sense to me.

I am going to contact my IP to ask for a update. I also noticed that EIF are only contacting two out of the 9 creditors for PPI, makes me wonder what they know and I dont.

This whole PPI thing in my view has a certain smell to it!!!

[orchid5]

I agree with Andy on this one but it should be regulated so that every IVA provider does the same so customers don't feel disadvantaged because they are with another firm who treat them differently, yes I stand for individual but as we have all learnt over the last very long 12 months, this is captured as an asset.

Just food for thought folks for those of you that have only just joined, i have been awarded just under £34,000 in PPI monies so it is worth it but do consider doing this yourself and it's my belief you should be given the choice too as otherwise a third of that goes elsewhere to a claims management firm as well as other costs going to your IVA firm and i speak from experience on this one.

So................ come on regulators of IVA's get cracking and sort this sorry mess out so that those now embarking on this journey are not caught up in it at the end like the majority of us are now.