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 PPI CLAIMS WHILST IN IVA
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Melanie Giles
IVA Expert



218 Posts

Posted - 30 Jan 2013 :  23:17:11  Show Profile  Reply with Quote
Keep the pressure on susie - none of us like a client who continually calls about the same thing, and it is a surefire way to get a result.

I am an Insolvency Practitioner handling IVA cases. To contact me about starting an IVA please:?      
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simon b
Just Joined

1 Posts

Posted - 06 Feb 2013 :  13:17:29  Show Profile  Reply with Quote
Hi. I'm currently in an IVA with Payplan and they advised me that Equity in Finance had been allocated on their behalf to deal with my PPI claims. I was told that no fees would be taken by Equity in Finance but I'm not sure if this is correct as my claims are still ongoing. I have also been told that once they have been resolved that I would be entitled to keep the 8% interest on the claims and this would not have to be paid into my IVA. This is yet to be confirmed with my IP. I have also been advised that one of my claims with HSBC have now made an offer to me but want to deduct their offer from my outstanding debt with them within my IVA but I have been heard they can't do this and have to submit the money to my IP who will split the money between all of my creditors. Is this correct? I have also been advised that any monies obtained from PPI claims would be paid into my IVA as additional money to my agreement and wouldn't be taken off my outstanding debt. Is this also correct?
I would also ask has anyone ever made a case to say that had they not been forced to take out PPI on loans or credit cards at the time these would have enabled them to afford their repayments and thereofore not been forced into having to go into an IVA in the first place? I would guess this would be a hard one to prove and win.

Edited by - simon b on 06 Feb 2013 13:19:19
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IVA Adviser
IVA Expert



790 Posts

Posted - 06 Feb 2013 :  16:23:52  Show Profile  Reply with Quote
Hello simon b and welcome to the forum.

I'd be extremely surprised if Equity in Finance weren't taking a fee, they're a commercial claims operator. Maybe Payplan meant that you wouldn't have to pay a fee as it would be taken from any payouts.

It's good that you may be able to keep a proportion of any payment. Remember that there may be a tax liability on this.

I wouldn't worry about what HSBC are saying. It's really between your IVA supervisor, Equity in Finance, and HSBC how this gets resolved. It shouldn't normally affect you much. Some creditors are standing firm on their rights to set money off against the debts.

Lump sums such as PPI claims payments will normally have to be paid into an IVA to help repay more to the creditors. They do not result in a reduction to your other IVA payment responsibilities (unless your debts and the IVA fees have been fully paid) as they're seen to be separate issues.

You make a very interesting point about the fact that, some people at least, will have become insolvent and began an IVA as a result of unfair PPI sales tactics.

Normally the Financial Ombudsman would want to put someone back in the position that they would have been if the original problem had not occured. However, in this instance their hands are tied. An IVA is a formal legal insolvency process and they have no ability to reverse that.

I guess the element of justice is that those banks and other organisations that are found to have missold will not stand to continue to benefit financially from that. Other creditors to your IVA, who did not missell, will benefit to their expense. Small comfort perhaps, but some crumbs of justice there.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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dan h
New Member

3 Posts

Posted - 06 Feb 2013 :  23:00:41  Show Profile  Reply with Quote
Hello, I am new to this forum and have a couple of questions:

1) I have recently completed a PPI claim form (myself) and have received confirmation back from the company (Welcome Finance), they have agreed to pay out ?2400. However, as the account with them is within my IVA and there is a balance outstanding, they have advised that the ?2400 will be offset against the balance. My question is will I see any of the ?2400??

2) Prior to taking out my IVA I had paid off a loan, which I am pretty certain had PPI included with. If I was to make a claim against this previous loan and be successful, would the compensation received have to be entered into my IVA??

I look forward to hearing your thoughts.

Thanks

Danny
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IVA Adviser
IVA Expert



790 Posts

Posted - 07 Feb 2013 :  08:50:27  Show Profile  Reply with Quote
Welcome to the forum dan h.

In terms of your first question that's going to be a case of whether someone wants to go into battle with Welcome Finance. I can see why they'd want to set the money off against your debt. Whether that's a legally tenable position is another matter... my understanding is that this is yet to be tested in court.

In terms of the loan that was paid off prior to your IVA, the fact that it pre-dates your IVA isn't necessarily relevant. During an IVA such lump sums, if received, will generally have to be paid over into the IVA to help repay your creditors.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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dan h
New Member

3 Posts

Posted - 07 Feb 2013 :  13:53:00  Show Profile  Reply with Quote
Thanks for your quick reply, in relation to Q2 the answer is what I thought it might be.

In relation to Q1 - I will check it out with my IP and confirm what they say.

One further question, I have been advised by my IP to claim back PPI from other loans within my IVA, can you confirm if you can submit PPI claims with just an account number and sort code of the originating loan?

Thanks in advance.

Danny
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IVA Adviser
IVA Expert



790 Posts

Posted - 07 Feb 2013 :  14:17:45  Show Profile  Reply with Quote
I would have thought so dan h, but I'm no PPI claims expert.

Maybe contact the banks with the information that you have? I'm sure they'll let you know if they need further information from you.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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dan h
New Member

3 Posts

Posted - 07 Feb 2013 :  17:26:07  Show Profile  Reply with Quote
Thanks.
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Melanie Giles
IVA Expert



218 Posts

Posted - 12 Feb 2013 :  21:50:21  Show Profile  Reply with Quote
If you want to make the claims yourself Dan, there are some standard letters on the moneysavingexpert website which you may find useful, alternatively a claims management company can take the hard work from you but will charge a fee based on a percentage of the eventual realisation - if monies are rightly due to you.

I am an Insolvency Practitioner handling IVA cases. To contact me about starting an IVA please:?      
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Jobsagoodon
Just Joined

1 Posts

Posted - 10 Jun 2019 :  19:42:22  Show Profile  Reply with Quote

,

Edited by - Jobsagoodon on 11 Jun 2019 09:14:50
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