I wonder if anybody hs heard of a company called Expert Insolvency Claims? They rang tonight to say that they have been instructed by our IVA company to contact companies on our behalf to reclaim PPI's. We have already claimed PPI back from some of our creditors and this information has been sent to our IVA company already.
EIC quoted lenders who they would try and claim from. They included a lender who we have a secured loan with, so why would the IVA company be interested in them.
It all seem a bit suspicious and I was just curious as to if anybody else has been contacted by this company.
I am with Grant Thornton. We have made a few claims already and notified GT of this each time.
Do we have to make further claims with this company? Also, what would happen with any claim on our secured loan which we have continued to pay throughout the IVA?
We have just had notification that our IVA is to be extended for another 12 months due to the equity clause.
Hi Melanie, can i please have some advise regarding PPI. Is there a law stating the I must allow my IVA company to claim my PPI once the IVA is complete? I ask as they are withholding my closure documentation until I give them permission to claim my PPI.
Many thanks
Hi Nelly,if I may. Your IVA is not complete until you get that certificate, and whilst it is open you are obliged to assist your IP realise funds for your creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
However to fight this you would need to go to court, and by the very nature of an iva, you have been paying all of your expendable income into the iva for the last 5+ years!
As such you are not likely to be able to pay for a solicitor to help you.
7 years after starting an IVA I finally received a completion certificate from ClearDebt
There is law. It is called the law of contract. If our IVA proposal as accepted by creditors - ie the contract - states that your IP must collect in all assets for the benefit of creditrors, then by pursuing a PPI mis-selling claim they are operating in accordance with the contract and thus in accordance with the law.
There is one thing investigating an actual mis-selling of a PPI policy but another where an IP engages in what amounts to a speculative claim in the hope of maximising returns for both the creditors and for their own bottom line.
How does contract law pick this up?
When does having taken out PPI mean that there is an asset to claim?
Is there even an asset until such time as a payment is made for Mis-sold ppi?
Last edited by Heretoday on Tue Jan 22, 2013 9:56 pm, edited 1 time in total.
7 years after starting an IVA I finally received a completion certificate from ClearDebt
You do - unless it is clear that the policy was not appropriate for you, for instance if you were self-employed - in which case mis-selling is obvious, whether you said you wanted the product or not.
(I am aware of the facts in your case Heretoday - and understand where your personal concerns come from)
I understand that Mel and it isn't a problem. Just we have already made some claims and handed the info across to Grant Thornton. Does this company then have to contact all of the creditors again.
Also what about claiming from the company who we have a secured loan with - Does this have to be claimed and the IVA receive anything from them. We have maintained payments on our secured loan thourghout the duration of the IVA. Why would GT be intersted in them when they are not creditor's of the IVA?
Grant Thornton have teamed up with a claims management company who will be investigating whether you have been sold any PPI and then will check with you as whether you deem it to have been mis-sold.
The secured loan company is a creditor of your IVA - nothwithstanding the fact that they have probably agreed to rely on their security rather than claiming in the IVA as an unsecured creditor. You should most definately pursue a claim against them if you feel that you were mis-sold PPI - as the loan could be significantly reduced for you and you could be left with lower payments and a debt which can be repaid far quicker.
So if a claim was made against the secured loan company and they agreed, would a payment be made to us or the IVA company? Also would the outstanding amount be reduced on that loan?
I would expect it to be set-off the balance that you owe to the creditor - but they may have their own policy so it would be best to check that out in advance of submitting a claim. Also have a chat with your IP to see what they would advise in the circumstances. Do you beleive that the PPI was mis-sold to you?
