I finally got my spotty pack from EIC, 10 months after I told GT that I would let them claim PPI for me.
Having read through the letter, it says that I can do it myself, otherwise they'd claim a fee from the refund.
So would I go about claiming it myself like I would if i didnt have an IVA, like anyone else would? How would I go about giving some of it to the creditors?
GT mentioned on the phone a while back that I would get 8% of the refund. Would this increase if EIC werent taking a cut?
OK -- if you claim it back yourself all of it goes into the IVA. GT say they will allow you to keep the 8% interest element (NOT 8% of the refund)-- not all refunds have interest. This will be 8% less income tax ( the interest is taxable) and less GT's 15% ( or 25% if you have agreed to their fee increase). You should get to keep the 30% that would have gone to the claims company.
Basically, and it pains me to say this, YOU are not going to be any better off claiming it yourself -- the creditors will be better off by 30%.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Oh and also, they've only sent me forms about creditors from within the IVA but i can think of at least one loan that finished before the IVA started that I could claim PPI on. I get that there's no incentive for me to tell them, i guess. Am i right? Is it a case of more money being repaid to the IVA pot?
Last edited by JoJo79 on Thu Aug 08, 2013 1:12 pm, edited 1 time in total.
