Hi there, I received a phonecall yestersday from EIC. They said GT had given my details to them for them to claim PPI. Well she said the 'good' news was that I had loans/credit cards to 8 creditors and that if my claim was successful, it could end my contact with GT! Im unsure if this is a bit misleading, i understand that any monies claimed will go into the IVA pot, but I wonder has anyone in this situation received a claim high enough that ended their IVA?
I dont know if what she says is valid, or is she just building up false hope...
I'm no expert Cherry545 but I would have through that unless the PPI monies would equal the equivalent of paying back 100% of your debts plus fees etc ... then I think PPI is just paid in as an extra bonus to your IVA pot so to speak and then your payments carry on as normal.
Of course if the PPI claim is HUGE then depending on your circumstances I suppose it's possible if it covered all your debts?
Sure an expert will be along soon to answer x
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
I think in a few isolated cases, monies have been received which have enabled all debts to be repaid in full from successful PPI claims, but I would say that in the vast majority of cases that the money will merely enhance the dividend payable to creditors - so long as the PPI money is an asset which is captured under the terms of the IVA.
