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
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)
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
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
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
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
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
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.
