Has anything happened re your completion yet? Capital One have now settled my PPI claim thru offset. I think I will still get the 8% statutory interest back though; and a trickle goes into the IVA pot. Have EIF made any progress with yours yet?
Bryn
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
Hi, Brokebryn.
Thanks for you post. Unfortunately, I’m still no further on. To be honest, despite my best intentions, I'm starting to run out of steam. I've rung PayPlan several times since I last posted. They've always been polite and sympathetic but all they can say is that they're waiting on the two creditors to abide by the ruling that says they can't offset and can't give me a timescale. I don't need the completion certificate to get on with my life but that's not the point as it will be the final closure I need to know that it's all over. I will be ringing them again next week so will definitely post with what they say. On a positive note, I’ve received £100 from PayPlan for the interest on MBNA’s PPI, so that’s something!
For anyone else, here’s the link to my post: http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=54621
I was told this by PayPlan that it was agreed late last year that PPI recovered from a creditor cannot be offset solely against their debt but must be shared amongst all my creditors. Two of my creditors have done this and this is what is holding up issuing my completion certificate.
Dfd mentioned something similar to me as lombard wanted to offset their debt before putting reat in the pot and was advised they make take this to ombudsman to ptevent this.
Eif then came back and appear now to be say to prevent this they will not accept offer until after closure cert dealt with. (seems to go against the notion if not close till after ppi but who knows).
Mine is not now to reason and now that ive been closed in some ways im hoping it drags on and on so that eif earn their fee. I seem to have done the work so far so the thought of them get iro 3k is very frustrating
Sorry to hear that you are still having these problems with PayPlan. Like you say, you might not need the cc to get on with your life, but that isn't the point. I do so appreciate how you want the whole thing behind you. Hang on in there, enjoy being 'debt free' cos u are now, and I hope that you treat yourself with the £100 interest. Hope the cc arrives soon as. Cheers, Bryn
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
It's already been allocated to help towards replacing threadbare carpet on the staircase. Boring, I know, but since finishing the IVA I can't bring myself to spend anything on luxuries. I spent the last lot of PPI interest on replacing the back door! Fortunately, Mrs Sensible thinks the same way. Not having the "safety net" of easy credit certainly makes you think before spending.
The right to set-off is derived from the insolvency legislation relating to bankruptcy, and the contractual nature of IVA proposals. It is a dangerous statement for any IP firm to make, that set-off is not allowable in an IVA, as this is simply not true.
Hi mel- can I ask, why do some seem to get the 8% interest back on ppi? Or even get to keep some of the ppi? When others do not? & everything has to go into the iva pot-
Is it because in some iva proposals it's not determined as an asset ? I don't understand how it can be called an asset anyway! To my mind, an asset is something of value you know you have got. How could you possibly know that ppi payments would be an asset if you didn't know about them?- does that make sense?
IVA COMPLETED & CLEAN CREDIT FILE.
An old bible proverb says this: the rich one rules the poor, and the borrower is a slave to the lender.
I think that IPs who are dealing with cases of "defined" rather than "all assets" try to find a way to compromise and find a fair settlement with their clients.
PPI claims are most definitely assets, but whether they are assets which are caught under the terms of the IVA is a matter really down to the wording of the proposals. This is no-one's fault, by the way, as I don't think that any of us realised the impact or extent of the way banks have treated their customers over the years by forcing unwanted products on to them.
I rang PayPlan this afternoon and as always, the phone was answered promptly and the person I spoke to very polite. (It does make a difference) I was told that I should receive an interim completion certificate by the first week of December and a full completion certificate once all the PPI claims are settled. The interim certificate will serve as an end to my IVA obligations and removal from the insolvency register.
I have also been told by EIC working for GT that creditors can't sett off payments against their debts....on last call to EIC the first one had been dealt with through their legal dept and RBS has agreed to pay it into the pot, still waiting to hear from nationwide. One thing I will say is the whole ppi claiming has been long and drawn out. Wish I had just claimed all myself and paid it into the pot as would have been finished now, however wouldn't have got the 8% intrest. I believe it was worded to me as a creditors meeting had been called and the creditors had agreed to us getting the 8% back as an incentive to claim.
Hey, question guys. I had an letter from Lloyds as an FYI saying they have agreed just over 6 grand as a PPI settlement for me. I know I won't see any of that lump sum, but the PPI company chasing this on my behalf did say that I would be eligble for any interest on PPI payouts. How do I chase this with them, and roughly how much interest should I expect on a 6k payout? I just want to make sure they don't fleece me.
I mistook it for all the interest, however it's just the 8% statutory interest. I was told had to wait till all payments where in before I could any of it
