I completed IVA 3 years ago with PPI claims still ongoing. Barclaycard originally said I was not sold PPI and claim was closed -- I subsequently found some documentation supporting my claim for PPI and forwarded it to my IVA administrators. I have now heard from Barclaycard that my claim has been upheld and a payment of £7000.00 will be sent to my IVA administrators. I was originally under the impression from my administrator that I would be entitled to the 'interest' part of any claim - however, of the several claims I know have been settled, including one for £10,000, I have only received a small figure from one of the claims. Can you please clarify how this works??
I would work on the basis of just assuming that if they send you anything that's great otherwise it is their responsibility to sort out all the other aspects.
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.
The interest element is taxable and the money must be paid to HMRC. Sometimes the bank will deduct it or your can IP may be able to pay it otherwise the money should be paid over to you. We only pay the tax due and not the entire interest element as we treat that as an asset like the PPI but your own firm may be different.
