PPI. Would amount come off the amount left to pay or would it just go into shared creditors pot ?

[bobble]

grant thornton have asked a company called experts in credit to try and get back some ppi on my behalf altogether there are 41 claims going in , i have 35 payments of £440 left to make which amounts to £15400if they manage to get back say £5000 would that amount come off the amount left to pay or would it just go into the shared creditors pot.

[MelanieGiles]

Any amounts properly recovered by your IP will be paid into the IVA fund to be shared amongst creditors. You would only reduce the term, or get some money back for yourself, if they were able to pay all of the creditors and the costs of the IVA in full.

[bobble]

thanks melanie,would there have to be 15400 to clear the iva or is it the original debt of 80000 which has to be cleared.

[lem]

It would have to be enough to clear the original amount of debt

[MelanieGiles]

Yes - the £80,000 would need to be cleared, and costs, before any monies became repayable to yourself.