Hi all. This might go on a bit so please bear with me.
I've been in an IVA with Payplan since July 2013. In May 2012 I claimed for a PPI refund from Barclaycard, which was not upheld. Today I received a letter from Barclaycard telling me that it should have been upheld, and they have awarded me £8,467, which they said will be sent to my IVA administrator (which I understand). My total debt in the IVA was approx £12,248, and my payments to date total £5,200. Add that to the PPI award comes to £13,667 paid to my IVA.
What happens with my IVA now? Could I use that PPI award as a full and final settlement offer? I understand that fees would have to be taken by Payplan, so I don't think it would be the full amount, but would I be able to do this?
I'm only asking because it's Saturday and Payplan are closed, and I can't wait until Monday to ring them!
Thanks for taking te time to read, any advice or help is much appreciated.
The money will go towards your IVA - if it means you pay off 100p in the pound then anything else will be returned to you.
Otherwise your IVA will continue.
I doubt you will be able to use this as a full and final but do speak to Payplan on Monday.
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
If you pay 100p in the pound plus fees then your IVA will conclude.
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
No. your payments wouldn't decrease as you will always owe the full amount of the debt until the IVA ceases.
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
I understand that I owe the full amount of the debt, but what I'm asking is that if this PPI award, added to my payments to date, covers the debt amount laid out in my agreement, will the IVA be considered complete? I had a statement from Payplan last month saying my estimated dividend is 93.94
If it covers the total amount of the debt and fees then you should be fine.
If it is just the amount of the debt in the IVA then it may not do.
Speak to your case worker on Monday.
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
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
Quick update... Spoke to Payplan today, they couldn't really tell me anything until I send a copy of the letter from Barclaycard. I've done some of my own calculations based on my last report from Payplan, it looks as though what I've paid in, plus this PPI claim, will take it to 100p in the £, and pay the fees and 8% interest, as one of the debts originally on the IVA has been completely written off (Wonga) and brought the total debt down by a substantial amount. So (hopefully) if this is the case would my IVA then be completed early? I still have 2 years 9 months left. WHat would happen with any money left over after everything is paid? Thanks in advance.
Any money left after payments of debts and fees should be rebated to you. I am surprised you are being hit with statutory interest and many firms including ourselves have removed this from our proposals.
Hi - the PPI refund gets paid into your IVA, much like a windfall. IF after all the debts, costs and interest everything is paid off in full and there is a surplus you will get it back. By my rough and ready calculations it looks like there might be a surplus due back to you. Only your IP can clarify this though.
