I am in a iva and have just been informed that I am being paid out some money for a ppi claim but they are sending chq to my iva people ...its nearly 7000 pounds and would help my family ...how does this work ?
while in an IVA any PPI from pre IVA (even loans etc paid up and that were not part of the IVA) are assets of the IVA and as such it is paid to the company and distributed to your creditors.
The company appointed by my company has reclaimed over 14K on mine and 11K on hubby and we haven't seen a penny of it.
If life is what you make it, I must have been in a strange mood when I made mine
PPI is an asset of the IVA and, as such, is payable to your creditors. Some IP's did in the past allow clients to keep a few quid -- but now, as a rule, we get nothing from PPI refunds.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
