Desperate for a new car! PPI claim

[niallj]

Hi, Just wondered if anybody could give me some advice,I am just entering my 3rd year of an IVA and my car is falling apart, I have just spent over £600 on it to get it through its MOT and now the engine is making terrible noises,I travel over 60 miles a day just to work and back. My question is?I may be receiveing approx £5000 from a ppi claim, this claim is on an outstanding secured loan which is currently being paid in full as it,s a secured loan and couldn,t be part of my IVA.I know this would be classed as a windfall and it would need to be paid into my IVA, would I not be able to use any of this to replace my car I just seem to be in catch 22 at the moment and at my wits end if I can,t replace my car I can,t get to work and may lose my job, if I lose my job I would default on my IVA and my creditors would receive nothing as I would possibly have to go Bandcrupt so there would be no winners,

[kallis3]

Hi Jacko,

You'll need to speak to your IP about this - they may well let you keep some back for a car.

Give them a ring.

[plasticdaft]

I think it would be acceptable to all concerned if you were allowed a portion of the ppi reclaim if your car is about to go to car heaven!!

But you have to work with your IP to achieve this.

Paul

[niallj]

Thanks for the advice, I will contact my IP but just wondered if anybody had ever been able to keep any money from a windfall for something like a from a PPI, or this is very rare, somebody did sugest I should of not claimed my PPI until I was out of my IVA or even not declare it but that I thought woiuld of been illegal. I just hope my IP understands the situation, Thanks

[MerlinL14]

You really need to speak with your IP and let him/her know the facts. If you have figures it will make your case a bit more concrete, your IP and your creditors do not wish for your IVA to fail, as like you say, no one wins.

[norabee]

Hi,
Yes we kept a small part of our PPI claim due to a new baby on the way (albiet only £400) but the agreement is that we add it onto the end of the IVA - so they may just say that too you,
x

[niallj]

thanks for that Norabee, and congrats on the baby