www.iva.co.uk

Are you allowed to keep the interest from a PPI pay out in your in an IVA ?

Your IVA Terms and Conditions will provide you with the answer here. Everyones Iva is individual and some do allow this some don't...if in doubt seek an answer from your IP direct.

Hi. There is every chance that the terms and conditions do not address this point at all, as it is a relatively new dilemma withing the industry and, as Luluj suggests, your IP will be the best one to answer this.

In the wider world, some companies are allowing you to keep interest only ( which has to be accounted for to HMRC as income), others are allowing you to keep the first £500, whilst most swallow the whole lot. It is an ever changing scenario, with companies also changing their criteria as the situation develops.

A question only your own Ip can answer.

Paul

Which IVA company are you with? I was with PayPlan and received £586 interest last year.

Trouble is, Sensible, that the companies themselves change the way they deal with these things as time passes --- what they did last week might not be what they do the next ( and in some cases they attempt to apply changes retrospectively -- so get any agreement in writing!)

Hi, Foggy. I did get it in writing at the time I was first written to by them about PPI. That's not to say that's their stance now, but I can only say what applied to me. It raises a good point about information/advice on this site, as it can't be emphasised enough that the I in IVA stands for individual!

A very good point, Sensible, as it would also appear that two IP's can ( and do) interpret identical clauses in entirely different ways (even without allowing for the discretionary powers they have).

Grant Thornton was offering to let people keep Statutory Intrest as a sweetner for allowing thier other arm EIC to claim PPI.
(got that bit in an official letter)

True Viper -- but not if you have already co-operated (it's all in the timing !).

Sorry to jump in on your thread but I was wondering, as there is no mention of ppi at all in the terms and conditions of my iva and I settled with a lump sum 10 months ago (not got my cc yet though) can I just claim the ppi myself?

Hi

We all should be able to answer the initial question easily, however due to the current PPI fiasco surrounding IVAs we can't !

Regards

So far as I am concerned the interest on the claim is income derived from the asset and is thus payable into the IVA, less the tax that needs to be paid over to HMRC. If some IPs think incentives for their clients is appropriate, and that discretion is either allowed within the terms of the IVA or specifically sought from creditor by way of variation, then I doubt too many clients will be complaining.