Hi Golf

It's something all IP's have been asked to look at (PPI I mean, not you specifically!!)

It may well result in the Trustee delaying the discharge if the information is not forthcoming.

Mark

thanks for your reply mark.I thought that would be the case and fully intended to complete the form anyhows but not very easy when you have no paperwork for now and cant remember that far back.form filling for me this afternoon.lol.cheers again.

p.s i received my discharge in march mark.....ats why im asking the question.would it delay the trustees discharge.soz dont understand what your saying about discharge cause im discharged.soz im nae the brightest.lol.

Hi golf

Your discharge is separate from the Trustee's if you signed after 2008. He can discharge you but remain in office to tidy up the loose end.

Hope that helps.

Mark

Hi golf20.

I think the discharge of your trustee is more likely to be delayed if you fail to cooperate than if you do. I know this is your intention anyway.

If you can identify the relevant creditors the claims firm will be able to write to them to obtain reference/account numbers etc.

Do IP companies use third parties to claim for PPI or do they do it themselves?

It would same a bit wastefull for them to use an outside company and pay them 30% or more for very little work.

Also, what happens if they use one of the companies who not only take 30% of what is paid out, but 30% of what is saved? - by that I mean there are companies who are taking/charging 30% of/on money that would have been paid towards a PPI policy that they cancel. So if you would have paid out £1000 in premiums over the next 10yrs, they want £300 off you for canceling your policy!!

What would happen if an IP used a company who done this?
Who would be liable for the £300? The policy holder or the IP?

*all hypothetical btw!!

Hi Jinty

I think the majority of firms use outside companies because, despite what we hear on the radio, the average payout is not £4k or £5k.

IP firms work on a time on line basis and the work involved in explaining Trust Deeds to the considerable call centre staff out there is vastly time consuming and to be honest soul destroying.

In addition to forms going back and forward, cheques being sent to the wrong person and being cashed! I can think of a number of cases where the internal time is anywhere between 5 - 8 hours and its therefore not cost effective to the creditors where the payout (if any) is £250.

On the other question, I've never came across this situation or heard of it.

Mark

Cheers for the answer Mark.

You are spot on with the pay outs - I think the one on mine was around £250 and there was messing about getting it paid into my PTD account!

The scenario I mentioned was brought up by an expert on Radio Scotland a few months ago.
Seems that there are a few firms doing this.
Claiming on behalf of people and that person ending up with a big bill rather than a big cheque.
They also mentioned that some firms had cancelled life assurance and income protection insurance policies thinking that they were the same as PPI.
The thing with them, life assurance in particular, is that you can't just restart the policy again at the same terms.
My premium, for example, for the same cover today would be way more expensive than when I took it out 10 or 15yrs ago.

I suppose as long as the IP uses a firm who's staff know what they are doing and who don't partake in some less than upfront and honest billing, then there wouldn't be an issue.

When I was employed in medico-legal work, we had a category for multiple small sums. For example, in a claim where the value of the totals when calculated did not merit the cost for anyone to spend time doing those calculations and listing them in an itemised way.
I can easily see the small payouts being eroded by someone's billable time being drained on the task.

Also, I'd be surprised if many firms are paying 30% Jinty. That might be what some PPI reclaim firms charge individuals, but when it comes to IPs negotiating rates for multiple cases then the fee should be much lower than this.