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Posted: Tue Jul 31, 2012 10:15 am
by johng
Hi - my wife & I have obtained a refund from a PPI claim on a loan that was in joint names. As the IVA is only in my name is she entitled to keep her half of the refund?
Posted: Tue Jul 31, 2012 10:17 am
by Shining
Hi and welcome to the forum. I would inform your IP and ask for their case specific advice. But if your wife is not in the IVA, I would have thought she could be entitled to keep some. However, I'm just a person in an IVA and therefore expert confirmation would be needed. x
Posted: Tue Jul 31, 2012 10:24 am
by MelanieGiles
Most definitely - and do check the terms of your own IVA to ensure that your portion is captured by the terms of the IVA as well. If you have received interest on the claim, there will be individual tax liabilities to be met as well, so make sure this is all worked out before you hand over the monies that are deemed to be due.
Posted: Tue Jul 31, 2012 10:27 am
by Michael Peoples
You could use some of your wife's PPI to offer a full and final settlement to creditors and end your IVA with this windfall. This is if your wife agrees because as Melanie says it is her money.
Posted: Tue Jul 31, 2012 12:21 pm
by johng
Many thanks for all your replies. That certainly gives us some reassurance.