Hi, I'm 3 years into my IVA with Payplan. I sent a speculative PPI claim to MBNA and today a cheque has turned up for £381! MBNA sold my debt on very early into my IVA. Does anyone know if I'm allowed to keep this payment as it's under £500, I haven't told my IP about the claim yet as I wasn't really expecting to receive a cheque, I thought MBNA would just keep the money! Thanks for any help.
You should not be allowed to retain this money, as the PPI compensation is an asset realisation and not a windfall. Only windfalls are covered by the £500 benchmark.
I got nearly 6.000 in PPI that I had to hand over, I asked if I could retain £60 for some much needed dental treatment..Was told "no" basically. Worth a try My IVA was only 4 payments left so just hung in till it was over.
That seems a bit rough Radish and I am sure creditors would have sanctioned this if asked. We often call variations allowing our clients to retain some funds for various reasons and creditors are usually sympathetic.
I thought so too, I maybe went through the channels wrong or spoke to the wrong person. My IP declined me, I am sure the creditors may have been ok about if I could have asked them.They offered to let me take if off my next payment and cap it on the end..Which I declined. Should have looked after my teeth better when I was younger I suppose lol.
I would get the answer directly from your IP - although their call centre staff should be properly trained to be able to deal with minor issues like this.