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Posted: Fri Jun 29, 2012 12:31 pm
by stew1234
hi i am in the last year of my iva and have a secured loan on property i have been paying an payment protection insurance if not claimed on am in titeled to it back freeman jones my who i have my iva with have taken that money i thought because it was an insurance i have been paying i could of had the money i hope you can help thanks
Posted: Fri Jun 29, 2012 1:03 pm
by plasticdaft
It sounds like it has been gathered up into the IVA for the benefit of creditors which is correct I am afraid.
Paul
Posted: Fri Jun 29, 2012 1:38 pm
by aran1980
Anything extra will be taken into IVA.
Sorry
Aran
Posted: Fri Jun 29, 2012 1:45 pm
by Niobe
Agree. This money will go towards your IVA and will mean that your creditors get a better dividend back.
Posted: Fri Jun 29, 2012 3:55 pm
by Sarah Jolly
Hi Stew1234
As the other poster’s have mentioned already, the money you have received is paid to the IVA for the benefit of your creditors.
This would mean creditors are likely to receive a little more than money back than they originally expected. They are still likely to be writing off a significant proportion of what is owed to them.
If we can help or would like to discuss this with us please let us know.
Posted: Fri Jun 29, 2012 7:38 pm
by Broke of London
Hi Stew and congrats on nearing the end of your iva!
PPI is due to creditors as it is an asset.
Wish you well for the last few months x