I have had an IVA running with PayPlan since April 2012. Credo Claims are pursuing PPI claims on behalf of PayPlan. I received a letter from one of the Creditors saying they are paying a PPI refund of around £7k. Will this ALL be paid off my PayPlan debt or will I receive something? Working on the basis of what I originally owed, what my 60 payments come to, what the remaining debt is and what the PPI refund is will leave an additional £943 so I wondered if I would get this as a cheque or would it be eaten up by fees?
It would appear so. The £3k interest figure is after tax. Just waiting for them to go through the procedure for getting it paid out from the creditor, which could be around 6 weeks. I hadn't expected anything to come of the PPI refunds as I am one of those people who never took PPI out.