www.iva.co.uk

What happens with PPI money ?

If you are owed ppi and it's worded within your iva as an asset, then this has to be declared and it is distributed amongst the creditors.

Mine was all done by a company working for my IP, the results went straight into the pot. I saw nothing of them except on my annual statement as the payments were out of my hands. Strangely though I got two cheques through as a good will gesture when I finished my IVA though..didn't expect that.

It is regarded as an asset or comes under the windfall clause.

Whilst in an IVA there is no option but to give it to the IVA company.

There is a legal case about what happens post IVA but that is more to do with what a completion certificate means in practice.

As said above, basically, your creditors get it.

. what u ment to say foggy is once the ppi company and the iva firm take a whacking great chunk out of ppi payment the creidtors get the scraps. [:D][:D][:D][:D][:D][:D]

Interesting to see what happens when claim company fees are capped.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by dawn20

. what u ment to say foggy is once the ppi company and the iva firm take a whacking great chunk out of ppi payment the creidtors get the scraps. [:D][:D][:D][:D][:D][:D]

Very true Dawn [:D]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lifenoteasy

Interesting to see what happens when claim company fees are capped.

If the banks hadn't spent the last few years trying to avoid refunding premiums, causing the need for multiple repeat claims, PPI would have run it's course by now. Fee capping would now be coming much too late to have a serious impact as many of these firms will be diversifying or winding up.

Now if only something similar could happen to credit reference agencies and risk analysts.