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Posted: Thu Oct 16, 2014 10:13 pm
by Julia.p
My IVA will be paid off in full after 3.5 years in by sale of house later this month. I had fairly substantial PPI claims paid to the creditors. Shouldn't the sum of PPIs be deducted from the total I owed. I won't complete the 5 years due to a divorce situation. No reference to PPI have been written into contract but the insolvency practitioner won't say who benefits from these payments. Surely they should come back to me or be deducted from the original total sum.
Posted: Thu Oct 16, 2014 10:32 pm
by relieved33
You are liable to pay your total debt plus statutory interest at 8% plus fees until you have your completion certificate and will not pay more than this. The ppi will be deducted from this total.
Posted: Fri Oct 17, 2014 9:05 am
by Michael Peoples
The IP will have to provide a full list of creditors and their claims plus a receipts and payments account. The PPI will either be offset by the lender or added to the pot so the overall balance will have reduced.