www.iva.co.uk

Hi
I have an IVA in place and the company I used have instructed a 3rd party PPI claim company to claim any mis-sold PPI I may have been sold.
I have heard back from a couple of my lenders, that are not and were not part of the IVA, with settlement figures.
Is the IVA company entitled to this money as the original loans are not part of the IVA?
As it stands at the moment the settlements are going to be paid to them.
All the IVA company have said to me (and this was in the original letter about claiming PPI) is that any monies reimbursed would go towards my IVA and that I would get a one off gesture payment of £500
Any advise would be greatly appreciated

Hi Debbie, if, as is generally the case, PPI is an asset of your IVA, it matters not where it comes from and will be payable to the IVA.

Absolutely - an asset is an asset at the end of the day, and if your proposal so dictates, your creditors are entitled to benefit from the recovery of same.

Hi Debbie.70 it all needs to come in unfortunately. And it's for the benefit of creditors as opposed to your IVA company. As for the £500 one off payment that is generous as I know a lot of companies wouldn't pay that even as PPI has now been deemed an asset