You can but it will go back to the IVA fund anyway and since any debt unpaid after 5 years gets wrote off anyway it is a pretty pointless thing to do.
You may get the amount you owed reduced but in the eyes of the banks you have still defaulted so will be treated the same regards of how much the debt is reduced overall
Hi, and thanks for the reply, but, my story is long but wont bore you with the detail, just suffice it to say, with the debts that myself and husband have, was in a debt management plan for 4 years, paid off £58,000, HAVE ACCOUNTS TO PROVE, owed more after this period of time hence the iva, written in the iva in year 4 another £24,900 REMORTAGE ON MY PROPERTY to be paid into the iva fund, ( THIS WILL TAKE THE MORTGAGE UP TO 90% for the next 20 years) as well as paying the iva for 5 years also. JUST WONDERED IF ANY WHERE IN THE RULES AND REGULATIONS OF ALL THIS WHERE ENOUGH IS ENOUGH. Plus a lot of people including myself wouldnt be in this position if it hadnt been for the Dick Turpin and the Highway Robbers interest rates, PPi's excessive charges etc etc.. in the first place[:(!]
Down but not yet beaten !
your past is your present and your present is the future
It is unlikely that you will be able to remortgage Molly, your IVA will probably carry on for a further twelve months in lieu of any equity. I'm afraid if you do go for the PPI claim during your IVA then it will have to be paid across.
If you manage to pay back 100p in the pound plus fees then your IVA will conclude earlier so perhaps trying to make a claim isn't such a bad idea.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As has been said, if you make a claim for PPI mis-selling while you are in an IVA, then any money you receive while your IVA is still running will be treated as a windfall and will have to be paid into your IVA as an extra payment.
Having said that, it is likely that a lot of PPI claims will take a considerable time to process. As such, if you are in the last year of your IVA the likelihood is that you would not receive compensation until after your IVA is completed in which case you get to keep the payment.
