Still confused???? i have just recieved a cheque for 3,000 from a creditor for mis-sold ppi ....my iva company told me this does not go off my bill which is finished i only owe 1,600...even if this is classed as a windfall and how, im not sure as its my money i originally payed for it on my loan thus putting me in this predicament,anyway what i cant seem to understand if i came into money(windfall) surely i would only have to pay my bill off???? and that would be it???? i feel iv been mis led into believing this would help me in some way and it dosent .....please can someone help i have read on this forum that windfalls pay off your debt and pay there costs i dont want the money just want to pay my debt off with it....arrrrrgggggg
Has your IVA finished ? If so and you have your completion certificate the PPI refund is yours to do as you like.
If your IVA is still ongoing then my understanding is the whole amount will need to be paid to your IP and they will then add it to the pot for your creditors to benefit from as it will be classed as a windfall.
Whilst in an IVA you are still liable for the whole amount of your debt NOT just the % agreed at the creditors meeting - therefore your balance of £1600 may only be the amount left to get you to the % agreed rather than the 100% of your debt - therefore the £3000 maybe required to help reach a higher dividend for your creditors.
I appreciate it seems a little unfair, but whilst in an IVA we sign up to repaying as much as we can to our creditors - the % agreed is only a guideline and a minimum return to be made.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Have you had a completion letter yet? If not then your IVA is not finished and this money will have to be paid across. It is classed as a windfall and it means your creditors will get a better dividend.
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 know we all want to pay back as much as we can but where people have been mis-sold ppi increasing their outgoings and perhaps forcing them into an IVA, is it appropriate for insolvency firms to be making clients reclaim ppi,when legally they could wait until after the IVA ends to reclaim it???
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
To be honest though Paul, I think it's a bit of a cheek reclaiming it and expecting to keep it when the creditors have written off a proportion of the debt.
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
kallis3 wrote:
To be honest though Paul, I think it's a bit of a cheek reclaiming it and expecting to keep it when the creditors have written off a proportion of the debt.
One of the reasons I haven't bothered claiming mine back from HSBC.
If Football was meant to have been played in the air then God would have put Grass in the Sky
I've never had any thankfully but wouldn't have bothered claiming even if I had.
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
