So we have reached August 2014 and the IRHP ‘miss selling’ is still an issue for Insolvent claimants.
What progress has been made?
FOS have little to offer for victims of IRHP miss selling in need of remedy in excess of £150,000
Bank Voluntary Review Scheme this scheme has been superb in bringing about issues and allowing the Insolvency Practitioners and the Banks to gain insight into the effects of IRHP contracts on the solvency of businesses and their ability to trade through a recession with these contracts ‘in place’. We congratulate the scheme but hope it doesn’t fall short on installing its principal of ‘putting back in a position’ the effected party. The FCA have confirmed to us and leading insolvency practitioners a couple of weeks ago that the scheme is what the scheme is; banks can apply Set Off and they can chose to accept or decline any consequential loss claims. It is of course the insolvency practitioners choice to accept and redress and it’s terms, including Full & Final, but consideration must be given to the question ‘did the IRHP cause or contribute to the businesses insolvency ?’
Litigation although it is hoped litigation will be avoided, should all other options fail, Litigation may be the only way to find true insight into issues such as Set Off and Quantum for Losses
Insolvency Assist continues to assist victims and IPs to find their way through this ‘maze’ for claims and a resolve for closure to the matters.
If we can assist you please email on email@example.com