Any PPI will either go towards the debt owed to the creditor or your IVA which has to be good as everyone will get a better dividend.
Once the IVA is finished then you are unlikely to be able to claim anything as your debt will have been written off.
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
and why shouldn't it Lloyd?, when we take out an IVA we are fortunate enough to be able to have a proportion of our debts written off at the end of the term, the trade off for that quite clearly states in your proposal that any windfalls received during the term must be paid over, a PPI claim would come under this category. I can't understand why anyone would want to try and 'hide' money in this way when you're in an IVA.
I know myself I could quite possibly be in the position of receiving an inheritance during our IVA, one which would undoubtedly clear our debt and fees completely, however, I wouldn't dream of trying to dodge paying this over, if I hadn't have been in the IVA, this money would have gone to pay off the debt anyway.
Not even going to bother trying to claim PPI whilst in my IVA or when it completes.
Debt, 50K, Payback via IVA 25K, Interest Saving over 5 Years say another 16K. This means I will have had 41K written off in reality and when it ends I will be £7500 per year better off.
Do I really want to start communicating again with my ex-creditors? I will be far to busy enjoying financial freedom to be doing that.
Legally, yes you can claim, morally, I don't think you should unless you intend to increase your dividend with it, but that's my view.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Pretty sure that will become the norm and you can understand why that is happening.
If you have a creditor that never sold PPI or you never purchased the PPI from them they may take the view that the dividend could be increased to them if you claimed PPI back from your other creditors.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I personally never had ppi but if I had I would be looking at putting in a claim to pay more into the iva,the creditors have agreed to the iva which I am grateful for.At the end of the day we borrowed the money and spent it,none of us was forced to take it and if there is a chance to put more into the pot then go for it.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
