I recently was awarded £1800 from a previous loan company for PPI a misled PPI policy. They sent the award to my IP even those this company was never a creditor and this loan was taken out way before the IVA my IP say's they are entitled to the money. Can someone give some advice as I believe there not or may be half but not the full amount and the bank in question shouldn't of sent it to them.
Unfortunately the PPI is owed to your creditors even though the company wasn't included in the IVA.
It is classed as an asset and unless you can pay back 100p in the pound plus fees then this money will be lost to you.
Some companies, however, are allowing people to keep £500 of this.
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
