Another letter for GT ppi team

[Pandy]

nickjohn,

once my IVA is finished they can do what they want to my creditors, I wont be getting credit again or using any of the one I owe to now, so why should it worry me. I didn't have ppi I was never overdrawn etc to have any bank charges, there is very little left they can claim from. I have no other assets, so I fail to see what signing this piece of paper will do in the future. i have signed it and sent it back with no problem as I do not intend fighting and just want the IVA ended when it is supposed to.

[kittyface]

The issue is, that PPI was unheard of too, around 6/7 years ago. Who knows what else the banks have been up to, siphoning off money that they shouldn't have been. The fact is, GT can come after you years and years later for things that haven't yet been discovered, and for which you should rightly be reimbursed. That's the problem. Signing that gives them carte blanche to add whatever they like to 'undefined assets' or whatever the wording is. For example, you have a house when you start your IVA. You have no equity when it ends, but 10 years later, you do. Can GT come after you for a slice of that equity if you sign this form? Does anyone actually know what they are agreeing to?

[nickjohn]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Peejayel

nickjohn,

once my IVA is finished they can do what they want to my creditors, I wont be getting credit again or using any of the one I owe to now, so why should it worry me. I didn't have ppi I was never overdrawn etc to have any bank charges, there is very little left they can claim from. I have no other assets, so I fail to see what signing this piece of paper will do in the future. i have signed it and sent it back with no problem as I do not intend fighting and just want the IVA ended when it is supposed to.

If you have never had PPI and never incurred charges then there is no need to sign the letter as it would not apply to you anyway, all you have done now is give GT an never ending authority to act on your behalf whenever they feel there is claim to be made, and regardless of whether you agree with it or not, also this authority is irrevocable so even if you wanted to you cannot cancel it...

The only reason I am writing on the forum is so that people are aware of what they are signing and not just signing it on the basis that it must be OK because GT have sent it to me..

[Foggy]

I would be quite happy to sign over dealings with PPI -- but no way would I sign a carte blanche like this -- it goes way above and beyond what is required for the current situation.

[nickjohn]

Hi Foggy, the only problem I would have with signing over even the PPI element is the fact your agreeing to all the fees which could go into your own IVA pot as opposed to someone else's..

[Foggy]

True, Nickjohn ... but, to be honest, I was never going to claim PPI myself anyway -- so where it goes is not too much of a concern ( in my case)as long as my creditors are happy with the situation.

[Pandy]

I had to sign the letter otherwise they are fialling in there duty to the creditors to look into it, so they will then put your iva in breach as you are failing to cooperate etc.
I have no problem with this at all, and I did not read anything in the letter that gave them carte blanche to go after anything for evermore, I live in a council house so kitty your analogy regarding equity is not relevant to me, although i concede it could be to others.
I did not have PPI, hubby did and he claimed on it when he had his heart attack, so if they can find something to claim on fair play to them. I personally think it will be a waste of their time and resources but if they want to try, they are welcome to.

Foggy, received another letter off EIC today in Pink spotty envelopes, so make sure your son has a full range of colours in his pencil set.

[Blaster]

It seems that the envelope has invoked more conversation than the content, what a shame.

No one has mentioned that you are able to keep the 8% interest received from such claims. And before you jump in about fees, if you have any nouse at all you can do the claiming yourself without signing the deal over to EIC etc thus no charges, just send the money to your arrangement and keep the interest. It is now very easy to make these claims, I did it most successfully through the financial ombudsman long before the banks were forced into this position and before I was in IVA.

Also you are not in breach of your agreement if you don't sign, you are just still under the terms of your original agreement. Which means that if you do by chance have a PPI claim you lose the lot.

Personally and subjectively, I think it's a way forward when in our position as at least now we have a definition.

Good topic though.

[kittyface]

I thought the letter said that the IVA would just carry on under it's original terms and may delay a closure certificate being sent out - not that there would be a breach or similar.

Eitherway if it doesn't affect you, I can understand why you would sign it although as I said earlier I would be very loathe to give them such carte blanche over my financial dealings in the future (as I understood it, anyway)"the debtor shall, by proposing them, be deemed to have provided and irrevocable authority to the supervisor" and "Any restrictions or caps on fees or disbursements included in the terms of the IVA shall no longer apply" - I would want that checking out at least - does it pertain to only the T&Cs being proposed or to the whole IVA? It's a bit grey.

Sounds to me like you're happy you can't be penalised any more though, so if you're happier for signing it then that's all good

The interest issue has been discussed at length in similar threads (http://www.iva.co.uk/forum/topic.asp?wh ... 864#501929) , and as I have said before, I don't understand why there actually *needs* to be a variation made, rather it seems that GT are using that as an excuse to push through an allowance that they have 'irrevocable' power to do what they like in the name of the creditors in years to come. Hence the interest sweetener, encouraging people to respond positively without asking for more clarification in return for a completion certificate regardless of what's over the horizon.

I expect in years to come this forum will be full of "can GT do this?" and the answer will be "Did you sign the variation?" "Yes?" "In that case, yes, they can".

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>
Also you are not in breach of your agreement if you don't sign, you are just still under the terms of your original agreement. Which means that if you do by chance have a PPI claim you lose the lot.

How does that work?

[orchid5]

Hi blaster it would appear that only some IVA providers are allowing the interest to be kept back by the debtor, maybe those that don't might find themselves having to refund this back at a later date, now that poses an interesting thought!

I was told by DFD that if i didn't sign i would be in breach of my IVA and it could possibly delay my completion certificate also, well it has been delayed despite my compiling with all that they asked, bullying tactics, maybe! I did infact claim one PPI back myself and duly had the refund sent in its entirity to DFD which invoked an email from them to the claims management firm to invoice DFD for their fees, with a sentence within that email stating 'i don't know why she has done this on her own', to which i then had to prove that i'd done this claim without any help, needless to say i challanged not only this company but DFD and won! I do wish now i'd had the forsight to challange my right to claim and not use a management company, that would've meant i wouldn't be paying out nearly £9000 in fees to a company who quite frankly don't deserve a penny of that as i've done all the chasing etc.

Hindsight and being informed is a very wonderful thing.

[nickjohn]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Blaster

It seems that the envelope has invoked more conversation than the content, what a shame.

No one has mentioned that you are able to keep the 8% interest received from such claims. And before you jump in about fees, if you have any nouse at all you can do the claiming yourself without signing the deal over to EIC etc thus no charges, just send the money to your arrangement and keep the interest. It is now very easy to make these claims, I did it most successfully through the financial ombudsman long before the banks were forced into this position and before I was in IVA.

Also you are not in breach of your agreement if you don't sign, you are just still under the terms of your original agreement. Which means that if you do by chance have a PPI claim you lose the lot.

Personally and subjectively, I think it's a way forward when in our position as at least now we have a definition.

Good topic though.

Hi Blaster, once you sign the paperwork you are giving GT the rights to have their third party chase any such claim as they feel due so you no longer have the ability to chase any of your own claims, in fact as you are giving them an irrevocable right to do this work then if you did try it yourself you would be in breach. So once signed you are stuck with paying the third party fees and GT fees on the stat interest and also the HMRC tax due of the whole amount, not just the amount you receive back from GT...

[nickjohn]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Peejayel

I had to sign the letter otherwise they are fialling in there duty to the creditors to look into it, so they will then put your iva in breach as you are failing to cooperate etc.
I have no problem with this at all, and I did not read anything in the letter that gave them carte blanche to go after anything for evermore, I live in a council house so kitty your analogy regarding equity is not relevant to me, although i concede it could be to others.
I did not have PPI, hubby did and he claimed on it when he had his heart attack, so if they can find something to claim on fair play to them. I personally think it will be a waste of their time and resources but if they want to try, they are welcome to.

Foggy, received another letter off EIC today in Pink spotty envelopes, so make sure your son has a full range of colours in his pencil set.

Hi Peejayel, At the end of the letter it says if you do not sign then you will remain on your original terms so you do not have to sign it.....

Even if the terms are not accepted by the creditors you are giving GT an irrevocable right to chase PPI or any other such claims after you have received you completion certificate, it does not give a date where this right terminates so it is indefinite and as it does not specifically cover PPI or bank charges then at any point in the future that a financial claim should arise then they can chase it on your behalf and stick the money into your old IVA pot and pay to your creditors..

[Blaster]

This thread has the makings of going on for ever. As stated in the letter, if you have any questions/reservations call GT on the FREEPHONE number supplied, as I did, and put your points. The outcome of my call was satisfactory for me.

[geoffr]

I really cannot see an IP coming after clients years down the line. Surely they:

1.Wont have the time at the rate the IVA ballon is growing
2.Debts would be statue barred after 6 years
3.Would know they are taking the mickey and will more than likely end up in court for harassment.

I know if GT came after me years down the line i wouldnt put up with it. Surely once a IVA is closed thats it.

[kittyface]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by geoffr

I really cannot see an IP coming after clients years down the line. Surely they:

1.Wont have the time at the rate the IVA ballon is growing
2.Debts would be statue barred after 6 years
3.Would know they are taking the mickey and will more than likely end up in court for harassment.

I know if GT came after me years down the line i wouldnt put up with it. Surely once a IVA is closed thats it.

Well you'd think, but it's not. Mine is closed and I'm being chased to claim for PPI 2/3 times a day! Plus they aren't taking the mickey if you signed 'irrevocable' rights for them to do so.