My IVA will be paid off in full after 3.5 years by house sale. Shouldn't PPI be deducted ?

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Julia.p

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Post by Julia.p » Thu Oct 16, 2014 10:13 pm
My IVA will be paid off in full after 3.5 years in by sale of house later this month. I had fairly substantial PPI claims paid to the creditors. Shouldn't the sum of PPIs be deducted from the total I owed. I won't complete the 5 years due to a divorce situation. No reference to PPI have been written into contract but the insolvency practitioner won't say who benefits from these payments. Surely they should come back to me or be deducted from the original total sum.
 
 

relieved33

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Post by relieved33 » Thu Oct 16, 2014 10:32 pm
You are liable to pay your total debt plus statutory interest at 8% plus fees until you have your completion certificate and will not pay more than this. The ppi will be deducted from this total.
 
 

Michael Peoples

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Post by Michael Peoples » Fri Oct 17, 2014 9:05 am
The IP will have to provide a full list of creditors and their claims plus a receipts and payments account. The PPI will either be offset by the lender or added to the pot so the overall balance will have reduced.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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