www.iva.co.uk

I have had an IVA running with PayPlan since April 2012. Credo Claims are pursuing PPI claims on behalf of PayPlan. I received a letter from one of the Creditors saying they are paying a PPI refund of around £7k. Will this ALL be paid off my PayPlan debt or will I receive something? Working on the basis of what I originally owed, what my 60 payments come to, what the remaining debt is and what the PPI refund is will leave an additional £943 so I wondered if I would get this as a cheque or would it be eaten up by fees?

Hi Heather -- on those figures I am afraid the refund will be more than eaten up by fees.

First indications are I will receive the interest, which is in the region of £3k. Will have to wait and see I guess![8)]

Are Payplan one of the few that hand over the interest element (which will be after Credo have had their bit and 20% income tax has been deducted)?

It would appear so. The £3k interest figure is after tax. Just waiting for them to go through the procedure for getting it paid out from the creditor, which could be around 6 weeks. I hadn't expected anything to come of the PPI refunds as I am one of those people who never took PPI out.

I was the same, Heather, and they found over £8k !! Goes to show it's worth a look.

My IP was one of those who give nothing away, so the lot went into the IVA pot.

Anyway ... here's hoping you get a chunk -- always useful to squirrel away for rainy days.

Good luck Heather - I am a client of 'client' of Payplan & I wouldn't hold my breath!

Hoping you get something and so many of us claim to have no PPI and two on this post had it without being aware so it has to be worth investigating.

Yes, I would definitely recommend trying to get a refund. You never know!