Will PPI claim money make any difference to a settlement offer, or settle IVA early ?

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Jules Burgin

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Post by Jules Burgin » Sun Apr 24, 2016 9:56 pm
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Hi all currently in iva year 4. Question is this. I have just had two letters stating that ppi claims amounting to 10k will be paid into my iva. And i have paid back approx 6500. My original debt was 20k. Will it make any difference to a settlement offer or settle my iva early??? For various reasons and bad circumstances and homelessness after a divorce my iva is not due to finish now until feb 2018!!
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luluj

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Post by luluj » Mon Apr 25, 2016 6:05 am
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Any PPI refund received will be added to your IVA creditors pot and go towards a higher return to creditors. You will only pay the original debt plus IP fees and possible statutory interest - if you reach this before the end of your IVA in 2018 then you will have your IVA ended sooner.
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Foggy

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Post by Foggy » Mon Apr 25, 2016 9:13 am
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As above. Any settlement offer ( full and final is the better term to use ) will still be based on the number of payments left x the monthly amount.
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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Lisa Thomas

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Post by Lisa Thomas » Mon Apr 25, 2016 4:06 pm
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It probably won't make much difference except for the fact that creditors are no doubt receiving more than was originally anticipated.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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