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Posted: Tue Apr 14, 2015 10:04 pm
by Gill.d
Hi. I am into my 4th year of an iva. I've just received money from a ppi claim. Does the money go to reducing the remainder of the iva.
Posted: Tue Apr 14, 2015 10:10 pm
by relieved33
It goes towards reducing the total debt plus fees and interest. If you are close and the ppi claim is enough, it could reduce the term.
Posted: Tue Apr 14, 2015 10:12 pm
by Foggy
Hi Gill. In the majority of cases the PPI money simply goes to giving the creditors more of their money back. The term will only reduce if you have paid back all of the original debt, plus fees and possible interest earlier than the predicted end date of the IVA.