Knightsbridge/CreditFix IVA - treated me very badly - thinking of BK now - help

[dx100uk]

simply tell them or provide proof that the IVA providers have gone bust

he cant sign it.

 

dx

 

[Jaksmyboy]

They haven't gone bust though, they are still in operation-they just sold on some of their IVA's...?

[Jaksmyboy]

Apparently Michael Sloper now works for Creditfix. ..

[dx100uk]

you started the PPI reclaim before you ever signed up for the IVA I think?

nothing to do any IVA ...a trustee or rthem wanting a sig.

you did tell HSBC this?

[Jaksmyboy]

Yes, we started the claim, through claims advisory group, before the IVA was 'granted' but when we got the original acceptance letter back in 2016 it stipulated that it would be going straight into the IVA. 

 

We tried telling HSBC this but they didn't really take any notice and just sent this acceptance form through... said if we can't get a signature we would have to get the letter from them to state they have no interest in the claim..

[dx100uk]

acceptance letter from who about what?

 

[dx100uk]

post 1..
-they took over a claim for PPI which was going through as we entered into the IVA and have listed the companies fees as one of our debts
-they never received the funds from the company and surely these fees should've been taken out of the award not added to our IVA?..

 

debts cannot be added to an iva so as the Claims Advisory Group fees were a debt in the IVA that means that their business with you was concluded before you signed up for the IVA.

therefore the trustee having to sign off on it is nothing to do with HSBC and they cant refuse you.??
 

[Jaksmyboy]

So, right at the beginning of our IVA, literally the same week it was approved, we got an acceptance letter through from HSBC regarding the PPI claim. We signed it and sent it on to Knightsbridge for Michael Sloper's signature, as instructed and we understood that this claim would be going straight into our IVA.

 

When i received the SAR from Knightsbridge the transcript showed numerous emails between them and claims advisory group enquiring about the PPI payout 'have you received it yet' 'we haven't receven the funds yet' etc etc..this went on for about a year.

 

Then Knightsbridge changed their tune and started talking about getting approval for having claims advisorry groups fees added onto the IVA...all of a sudden there they were-added on. They never consulted with us about it, they were just added on and they appeared on one of our statements.

 

I did enquire, by email, as to why they had added them on without having received the payout, but it was like talking to a brick wall. 

 

So, when the IVA failed and I got confirmation that they hadn't received it, I didnt think anything of chasing it myself. Never thinking for a second that they would still be able to take it....it's very frustrating.

 

Knightsbridge/Creditfix shouldn't have anything to do with it, and yet, without their signature or letter confirming no interest, HSBC won't release it.

 

(Claims advisory group fees are a separate matter-SAR not received as yet).

 

Thanks

[Will Goodfellow]

The PPI payment is not treated as a windfall, it is classed as an asset which you already had when you entered the IVA as you were entitled to that payment beforehand even though you hadn't received it.

 

Unrealised debts or 'unknown creditors' can be added to an IVA at a later date, where the debt is less than 15% of the total owed it can be added automatically without creditor approval and where the debt is higher than 15% a variation can be made to the IVA to include it where the creditor agrees. The IVA should include terms which denote how unknown creditor debts are processed.

 

The PPI claim fees may have been treated as an unknown creditor if they were not included in the original proposal but the payment itself is an asset which was already included in your IVA. You have likely already agreed that any PPI payment which you were entitled to would be paid in to the IVA as part of the proposal which you signed. Because your IVA has now failed, that does not mean the PPI payment which was included in the IVA is yours to keep, it is an asset which is already vested in the IVA.

 

You can try to recover the payment yourself, write a complaint to your insolvency practitioner and escalate it to the Insolvency Service:

https://www.gov.uk/complain-about-insolvency-practitioner

 

But in my opinion you are not entilted to the PPI payment, and the odds of receiving that payment yourself are very slim.

[Jaksmyboy]

Thanks for this @Will Goodfellow. 

 

I think our only hope really is that it's whether the IVA company feel it's worth 'reopening' our case to put the work in and distribute the payout (from some advice I've had).

 

I'm awaiting some feedback regarding the above, but, as you said, I think the chances of it coming to us are rather slim..

 

Will of course update the outcome on here, as it might be useful for others facing a similar issue.

 

Thanks

[Jaksmyboy]

Hi all

 

Just to update this post-in case anyone else had a similar situation...

 

@Will Goodfellow was absolutely right in what he stated above-there really is nothing to be done about us receiving the PPI money. HSBC need proof (as in a signed letter from the IVA company) stating that there is no interest in the claim-which the IVA people will not provide as they do have an interest in any PPI claim...so that's that for us. Nothing more we can do about it....

[Will Goodfellow]

Thanks for the update. It's obviously not the result which you wanted but at least you tried.

[Jaksmyboy]

Just wondering if anyone can help-we had our home repossessed (voluntarily) Aug 2018. We expected to be hit with a massive shortfall of about £10k at some point-hence this post, that we thought we might have to go BR...

 

When the shortfall came through it was only actually for around £900 and (after receiving a SAR and several letters) this should actually be reduced to about £500..

 

Thing is we were paying an interest only mortgage to them at a rate of 13% APR for 10 years!!! In one of the letters they sent out to us they actually stated that they had overcharged us interest etc-so we haven't responded to the letter we received stating the amount we 'owe'...

 

When I checked my clearscore report earlier today I noticed that they have got us down as 'missed payment' in May, June and July this year-this was last updated in Aug, so I'm guessing it will state the rest of the months when they update it..

 

My question is-can they do this-report it as missed payment-they have never even sent us a letter asking for us to pay it-the one and only letter we have received about it came from their solicitor after the sale of the property..?

 

Thanks

[dx100uk]

Shouldn't be hurting you

 

Dx

[Jaksmyboy]

@dx100uk

 

what do you mean?

 

Thanks

 

As in, my file will be bad enough with the repossession?!

[dx100uk]

Late payments rarely have much effect on your score