I am in the last year of my iva 2 years ago I sugned forms for PPI. Equity in finance has recovered over £30000 from Barclays which has been paid to Payplan. Payplan have sent me cheques amounting to over £9000 for the 8% statutory interest and told me to chech the tax has been paid before I spend the money. Do you think I will have to pay the 40% charges to EinF or is that only charged to the money actually paid into my IVA. I would like to use this money to paid off the remaining IVA. Thanks for your help
Double check with Payplan but if you are getting 9K stat interest you need to check where that puts you in terms of your tax this year.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Payplan should give you a full breakdown. IP's usually pay net of costs, so the claims company fee should already have been deducted ---- that said they also usually account to the tax to HMRC on your behalf. As they haven't dome the latter, they might not have done the former either !
You will have to declare the money you get in interest to HMRC, as this is taxable.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
