Does the money I have received from PPI go to reducing the remainder of the IVA ?

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Gill.d

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Post by Gill.d » Tue Apr 14, 2015 10:04 pm
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Hi. I am into my 4th year of an iva. I've just received money from a ppi claim. Does the money go to reducing the remainder of the iva.
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relieved33

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Post by relieved33 » Tue Apr 14, 2015 10:10 pm
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It goes towards reducing the total debt plus fees and interest. If you are close and the ppi claim is enough, it could reduce the term.
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Foggy

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Post by Foggy » Tue Apr 14, 2015 10:12 pm
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Hi Gill. In the majority of cases the PPI money simply goes to giving the creditors more of their money back. The term will only reduce if you have paid back all of the original debt, plus fees and possible interest earlier than the predicted end date of the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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