www.iva.co.uk

Hi,

I am claiming back ppi for a secured loan, what happens to these funds if this is successful. Do the funds reduce the outstanding balance remaining on the secured loan or will they go into the IVA as a windfall.

Thanks

Hi xxxxx23 and welcome, I believe they any refund will be classed as a windfall and go directly into your IVA.

Hi jeffw,

Thanks for that. I just get confused with all of this. I did e mail my IVA company and they (just chose to ignore me)BUT THEY WILL make sure that they will TAKE THEIR SHARE FOR DOING NOTHING) I must say I am looking forward to keeping the interest. My IVA said that I can keep the 8% interest on any of my PPI claims.

xxxxx23,

I had 11k PPI refund from a secured load and the whole lot was paid directly into my IVA.
Be nice if your IVA company would respond to your e-mail and clarify for you.
If you get the 8% back enjoy it.

Must say I have had over £1000 back from my IVA company from PPI claims, this is money that I have had and not my creditors.
Did you not get that back from yours ?

Three possible solutions:-

1 The creditor may choose to set the repayment off against the loan - in which case the balance will reduce, improving your equity situation and you will benefit from lower repayments - so your IVA payments could increase

2 The creditor may pay money which your IP may claim to be an asset of the IVA - in which case you pay it into the IVA for the benefit of IVA creditors.

3 The creditor may pay money directly to you, which may be yours to keep in the event that it is not deemed to be an asset of the arrangement

Only your own IP can really help to clarify these points with you - which firm are you with?

I am with Payplan who are normally very good They originally said that they can't claim the PPI because it is not part of the IVA. I have had to claim my PPI through the FSCS who are doing it for free. My IVA is on for another two and a half years but the Loan is on for another 4 years. I can't believe the PPI is an asset when I am still paying the price of the PPI on the loan which was an extra £12000. When I first rang the IVA people and said what I was doing. I was first told that I could keep the money. I was then going to pay it off the loan to reduce my payments. Then when I had to get them to sign the paperwork they said that the money would have to go to them.

Payment Protection Insurance will be extraordinarily helpful insurance, but several PPI policies are mis-sold aboard loans, credit cards and mortgages.

I think all debt management companies are like your car/home insurance
companies, i.e you find out how good they are when you need to make a claim or need them to do something for you.
I to am with payplan and on the whole I thought had been pretty good, I have claimed ppi insurance and put additional funds of £16000 in to my IVA ,which I do not have a problem with .One of the claims did not have any interest refunded when I was contacted about this by my original loan company and claimed myself I have found that payplan have put every barrier hurdle in place to slow up the process in releasing the interest payment to me. But they are still sending me appeals forms to fill in via E.I.F for other ppi claims that have been rejected.