In total i owed �27,000 in debt an took IVA over 5 years. I have 20 months left to pay. I pay �310.00 each month. Ive just been awarded 10,986 in PPI. I feel cheated as strugglin an on file as IVA but really no debts written off. Can i ask for time to be shortened as large ppi payout, will i see any of the ppi? Have u any advice as i really could be doing with new stuff for my house
The ppi payment will all go towards providing your creditors with a larger than planned return unless it enables you to pay back 100% of the original debt plus ip fees - then you would get to retain the balance.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi, as Luluj says, the PPI will increase your repayment.
Why feel cheated ? You might end up paying all of the debt -- but wasn't that what you intended to do when you borrowed the money ? Don't forget, that, in the 5 years you will have had to pay no interest, which in itself is a very large chunk of money saved.
And, at the end of the day the IVA will make you totally debt free -- a fresh start ... as the credit card ad keeps telling us ..."Priceless" .
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
