I have reclaimed 30.000+ back in PPI will this money be set off against my debt?(payments held by payplan) When I speak to my payplan advisor they are very vague? They keep saying how much i have to pay,I keep asking about the PPI money, If i pay this and then add the PPI claims I will have overpaid before the end of my 5 years, they are already talking about another 12months payments, I just want to know where the money is at will it come off my Debt, at the moment its not shown on annual statements, thank you
It will go into the IVA pot. During an IVA you always owe the full original debt, plus the IP's fees, and sometimes statutory interest. If you hit this figure early ( and the PPI goes towards this ) then your IVA will finish early. If not you keep paying the agreed payments until the IVA concludes as agreed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
