I have just received a PPI refund which would have cleared my IVA

[Kevind0188]

Hi
I have just received a PPI refund from one of my creditors. The IP has decided that about 75 percent of this refund is going straight to the creditors whilst I received a cheque for the remaining 25 percent of the refund. The full amount of the refund would have cleared my IVA and I would have prefered to use the refund to clear the entire IVA completely, which still has two more years to go.
Does the IP have the right to take three quarters of the refund to repay my creditors ?

[relieved33]

Depends on your own terms. Could you not offer your 25% as settlement though anyway?

[kazzafunk]

Do you mean clear 100% of your original debt plus fees? If so then it should be easy to arrange.

If it would clear the 'expected dividend' then the IVA would still continue. I would save the 25% if this is the case for rainy days!

[Foggy]

You are fortunate in that your IP is allowing you to keep any, most take the lot. If the figures stack up you could offer the 25% as a full and final.

[Adam Davies]

Hi

You are fortunate to retain 25%, you could use this to offer a full and final lump sum to conclude your IVA, if it is close to the amount left to pay

Regards

Regards

[longslog101]

Does the 25% amount not count as a windfall then and as such treated as all to creditors ?

[Foggy]

Hi longslog, if the IP has allowed for it to be retained from PPI ( an asset) it can be kept. However, this particular IP is a pretty rare beast, as most want it all !