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Posted: Wed Jul 13, 2011 3:43 pm
by Richard.ds
I am in an IVA and have just received a cheque for £4150 because I won a claim against first plus. Do I now have to give this to my creditors
Posted: Wed Jul 13, 2011 3:51 pm
by liamjames
Hi Richard and welcome,
Is this claim relating to missold PPI, and are First Plus a creditor included in the IVA?
Posted: Wed Jul 13, 2011 4:44 pm
by James Falla
Hi Richard
The general rule if you are in an IVA is that if you receive a windfall, it has to be paid into your IVA in addition to your ongoing monthly repayments. Normally claim payouts for miss-selling etc fall into the windfall catagory. You should certainly speak to your IP and tell them about what you have received and why.
Posted: Wed Jul 13, 2011 5:51 pm
by Richard.ds
It is for a missold PPI, but no First Plus are not part of the creditors because the loan was a secured loan.
Posted: Wed Jul 13, 2011 11:05 pm
by MelanieGiles
It doesn't really matter what the background facts of this are - the payment is a windfall and needs to be disclosed to your IP and paid over for the benefit of creditors.