Hi I'm just wondering if anyone can help with a query I have? I am in my final few months of an IVA which should be finished the beginning of February however in the 5 yrs me and my husband had 3 payment breaks so it has been added onto the IVA so will now finished in May. We did however have to claim back our ppi and it was all given to the IVA which I know is correct but I was wondering because we payed so much extra ppi about £6000 would it be worth stating this to them and is there a chance they may end the IVA in feb instead of May as we have payed so much extra. I hope this makes sense and any advice would be great as I don't want to make a fool by ringing them. Thanks in advance.
Hi. The PPI payment will not be used to offset the arrears which are still payable. The IVA will only terminate early when you pay in the full original debt, plus fees and possible statutory interest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi and welcome to the forum. The total debt remains payable until the end of the IVA term, so if for example you entered the IVA with a £20,000 debt you would need to have paid all of this plus IP fees and possibly statutory interest before this becomes paid.
Therefore if your PPI payment enables you to clear your debt totally before the final payment of your IVA it should conclude then.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
However if there is a reason you would like the IVA to end early (ill health etc) then there is always a chance the creditors may accept it ending early.
You would have to request a variation meeting and this does take some time (depending on which IVA firm you are with).
I was in the same position. 3 payments left on my IVA and a hefty PPI cheque sent to them worth about 2 years worth of contributions. I tried at the time to see if they would let me off with the last payment or two..Especially as I did the PPI myself so 100% went in the pot...Was told a big fat no basically.