www.iva.co.uk

Hi,Im new to the forum..Im just wondering because I have a friend who is on IVA and she managed to get a PPI from her secured loan last year and now received another PPI from her insurance but she hasn't told her IP,what would be the consequences when they will find out and she already spent the money? Is there a way that her IP will find it out? thanks.

Hi and welcome.

If your friends IP finds out about this claim then the IVA could very well fail.

The money should have been paid across to increase the dividend to the creditors.

Hi

Yes the IVA could fail and there could be legal action to recover the funds for creditors.

Regards

Your friend would be advised to come clean with her ip as not disclosing this windfall may have serious consequences for her.

Paul

It's not a great idea to hide money from the IP. I don't think they will be able to find out though...unless the creditor who refunded the PPI mentions it.

As I have said many times before, hiding these things sometimes has a habit of coming back to bite you on the behind. Yes, your IP, inless they have reason, won't (maybe) accidentally find out ---- but you would be amazed at the ways these things do come to light.

Next time you are down the pub eavesdrop on a few conversations !!!!

thank you very much for your replies,Its up to her if she decides to tell her IP...but,i don't think so??

I would just point out the possible consequences if it is found out. For example, does she have to provide bank statements to her IP? If so and the cheque is paid in there it will show up.

I think as it has been said on here before many times IVA's do rely a great deal on the honesty of the client disclosing everything to their IP.

If you do get found out then its not gonna be good is it?

There is probley lots of things you can get away with if you really wanted to: My friend wants to buy me a car, yet in fact you have just won £3000 at the bookies!!!!!!.

It really is about being honest i guess. Will your IP find out? probley not if your carefull but its a silly thing to chance me think.

Baldy

I think she doesn't need to provide her bank statements because she managed to get away with her PPI last year.

I thought she had paid the PPI in last year? Obviously I misread the first post.

I think she is very silly if she doesn't declare this as it could come back to haunt her.

It's her decision though.