We have recently been awarded £20,000 as repayment of PPI and as we have an IVA with Grant Thornton( we have only had it for a year so far) the money was sent straight to them. We pay £153 per month for 6 years to them. Should this PPI money be going straight to our creditors? When I have tried to broach the subject with Grant Thornton, they keep saying"just forget about the PPI and I just do not understand what they are saying. This is especially galling as we are having financial difficulties and finding it hard to meet the payment along with all our other expenses( we have 6 year old twins, I have severe mental health problems so can't work and my partner is retired. I have filled in a "change of circumstances" pack but GT simply say we are overspending. But what grates all the time is that £20,000 which should be helping our creditors to see things in a slightly different light? Or am I being naive?
The PPI is an asset of the IVA and will go to creditors. However if you are struggling creditors may agree to an early settlement based on funds to date or at the very least remove the 6th year extension. Have a word with your local CAB and ask them to do a new I&E for you. Many CABs refer cases girectly to GT so they may have a bit of pull.
