Hi smoothoperator.

Wilson Andrews have been named a few times by their clients as being a firm that is investigating PPI claims. Their insolvency practitioner has acknowledged that here and makes a case that this is the right thing to do.

Invocas have also been mentioned, although their approach seems to have been a little different and clients have been given an opt-out.

Kevin Mapstone of RSM Tenon indicated here that his firm is soon to ask people to make PPI claims where appropriate as part of their trust deeds. He mentions that guidance to insolvency practitioners is becoming clearer on the subject and I'm hoping he'll provide further information when he next visits the forum.

That may indicate that a number of other firms may now start to ask clients who are in trust deeds to cooperate with investigating PPI claims.

People will take different views on this, but I don't think it's wrong in any way to investigate if PPI has been missold where it might mean that creditors who haven't engaged in such practices can get a better return from the trust deed when it concludes.
My sympathy lays with people that have had this sprung on them at a very late stage in their trust deeds and who have then experienced unexpected delays in being discharged.

Thanks TDA

Not good news then - I'm with Tenon and hope that as I am entering my last year of my Trust Deed that they will not delay discharge if they decide to pursue - I assume they will secure agreement from me first?

You'll need to speak with them smoothoperator.

These claims tend to go through pretty quickly these days so I doubt you have anything to worry about anyway.

A while back many of them were being delayed for a long time because of the banks intransigence about facing up to dealing with the PPI misselling that had gone on. Nowadays they are under strict instructions to deal with PPI complaints promptly.

quote:

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Originally posted by smoothoperator

Thanks TDA

Not good news then - I'm with Tenon and hope that as I am entering my last year of my Trust Deed that they will not delay discharge if they decide to pursue - I assume they will secure agreement from me first?

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I am with tenon and have 1 payment left so was concerned over this but have been assured that this or VAT refunds on elements of PTD fees will not hold up closure.

Paul

I'm not 100% sure on the whole PPI thing, but I would have thought that a successful claim would require the individual to confirm that they feel they were missold PPI. If the person advises that they do not consider they were missold it, the I guess the claim would die.

Mark

Hi all

Many thanks for your helpful replies.

I would say that I did have a PPI element on some loans included in my Trust Deed (only on credit cards) but that we knew in advance what we would be paying for and PPI suited our circumstances at the time. So if asked I would not be supporting a PPI claim for anything included in my Trust Deed anyway.

I have to admit, I always accepted PPI as I was always worried that if I never took it, I would be refused the credit..... Naive I know but it was just the way my mind worked back then, so I'd feel a fraud attempting to claim any of it back......

I always made sure I didnt take ppi,pity I didnt make so sure I could repay the loan/cards!!!

Paul

If an impression was given that you had to take PPI to get credit of some sort that is pretty clear evidence of misselling.

It's one of the things PPI claims firms look for.

Its all flared up because the banks are not contesting any claims now,so companies are getting rich through this.

I have little sympathy for the banking industry but people are now claiming when they knowingly bought ppi.

Paul

There may be some truth in that.

One of our team met with the Financial Ombudsman Service recently and they told us that the percentage of occasions where they side with the consumer on PPI claims is in decline.

This could also be down to claims companies giving people false hope as well.

I know on at least 2 occasions, I was approved for a loan during a telephone call and I declined ppi despite being told the lower advertised rate was only available to those taking ppi.

Smoothoperator - please don't worry, I can assure you that no person's discharge will be delayed as a result of any ongoing PPI claim.

As trust deed assistant suggests, there is an ethical dimension here. Why should those banks, who could be argued to be partly at fault for some individuals' financial difficulties after misselling expensive and unnecessary insurance products, be able to claim a higher proportion of the funds available through the trust deed or sequestration because of these premiums being wrapped up as part of the loan? It seems right to me that they should have to refund these sums to be shared out for the benefit of all creditors.

You may be interested to know that in a former life I worked in a bank arranging loans/credit cards etc for customers. the whole PPI scandal doesn't surprise me at all as it was made very clear that it was a very profitable product to the bank and should be sold whenever possible. Not only this but we had quite stretching targets linked to bonuses. At one stage we even had to personally telephone the area director and explain the reasons to him if we arranged a loan without managing to sell PPI with it - a scary prospect for a wet-behind-the-ears young whippersnapper like I was at the time!

So the ingredients were all there for mis-selling to be rife. Needless to say I didn't wish to stay around for long in the kind of environment that rewards those who rip people off, so I upped sticks and became a debt adviser for the local authority instead and never looked back!

Hi Kevin

Thanks for your reply and comforting words.

Glad to hear of your background decisions, my husband too worked in banking management and left for the very same reason.

Can't believe we have managed two years so far - on the countdown now!