What happens if i get my ppi refund before IVA is approved ?

Get expert opinion. This is the place for new questions to be posted.
11 posts Page 1 of 1
 
 

Heathy

User avatar
Posts: 24
Joined: Thu Mar 08, 2012 6:51 pm
Location:

Post by Heathy » Fri Mar 09, 2012 12:10 am
What happens if i get my ppi refund before IVA approved?
Can i keep refund?
 
 

kallis3

User avatar
Forum Expert
Posts: 77176
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Mar 09, 2012 7:35 am
Hi,

You may find that it doesn't get paid to you at all - the original creditor may keep it and use it to offset against their debt.

In the event of this happening, or if it isn't settled until the IVA starts, do you have money to pay any fees if you've used a claims company?

If you receive the money yourself before the IVA starts then I've no idea. Hopefully one of the experts can help.
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
 
 

Heathy

User avatar
Posts: 24
Joined: Thu Mar 08, 2012 6:51 pm
Location:

Post by Heathy » Fri Mar 09, 2012 7:50 am
Hi Jan
Thank u for ur message. I have started ppi claims pre IVA application last Dec 2011 i claimed directly myself did not use agency. I just recieved letter from barclays saying that due to large volumes of ppi claims my ppi application is taking longer than usual... With my IVA application i am now waiting for creditors meeting date... What happen now if i will get ppi refund just before IVA approve? ( i am praying hard that it will be approve soon)
 
 

kallis3

User avatar
Forum Expert
Posts: 77176
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Mar 09, 2012 7:56 am
I don't know what will happen if it gets approved before the IVA - as I said, it may well be that Barclays take the whole lot to offset against their debt which means that your creditors will get a better dividend once you start the IVA.

Sounds like you won't get it though if you've just had a letter from them saying it is taking longer than usual. Your creditors meeting won't be far away now.

Good job that you have no fees to pay anyway!!!!
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
 
 

Heathy

User avatar
Posts: 24
Joined: Thu Mar 08, 2012 6:51 pm
Location:

Post by Heathy » Fri Mar 09, 2012 8:05 am
Letter saying it might take another 2-4 weeks or longer for refund depends on their workload ... It will be interesting if ppi refund before IVA starts but i will let you know what happens xx
 
 

Heathy

User avatar
Posts: 24
Joined: Thu Mar 08, 2012 6:51 pm
Location:

Post by Heathy » Fri Mar 09, 2012 8:10 am
Ps .. i am thinking now that maybe barclays have recieved iva proposals for creditors meeting thats why they are holding refund
 
 

kazzafunk

User avatar
Posts: 4749
Joined: Sat Mar 19, 2011 6:47 pm
Location: United Kingdom

Post by kazzafunk » Fri Mar 09, 2012 8:12 am
I wouldn't rely on getting it before the creditors meeting date, if it gets wiped off the debt then it would improve the dividend to creditors.

Good luck with your creditors meeting.
Kazza

Please visit my blog:
http://kazzafunk.blogs.iva.co.uk/

IVA completed 21/03/2012
 
 

kallis3

User avatar
Forum Expert
Posts: 77176
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Mar 09, 2012 8:22 am
It will probably be a different department Heathy and they may have no knowledge of your IVA proposal.

I think it will either offset against the Barclays debt or, if you receive the refund, will have to go into the IVA pot.

Can't see you getting it before your meeting.
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
 
 

Heathy

User avatar
Posts: 24
Joined: Thu Mar 08, 2012 6:51 pm
Location:

Post by Heathy » Fri Mar 09, 2012 8:36 am
Cheers guys whatever happens i was hoping to pay for my payday loans if i got the ppi refund but it took so long so now my payday loans are included in the iva proposal so if ever i get regund when iva starts it will be fine... Will let let you know what happens x
 
 

kallis3

User avatar
Forum Expert
Posts: 77176
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Mar 09, 2012 8:56 am
Be interesting to see what happens.

Good luck and let us know when you get a date.
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
 
 

Broke of London

User avatar
Posts: 7761
Joined: Sun Sep 05, 2010 6:04 pm
Location: United Kingdom

Post by Broke of London » Fri Mar 09, 2012 9:43 am
A ppi refund is an asset; so as you have now started the UVA process, the asset would presumably be treated as any other i.e. Declared for the benefit of creditors.
11 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”