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Posted: Thu Oct 01, 2015 7:41 pm
by Mr M
PPIs has been claimed and been sent to the IVA company but this has not been sent to creditors. This should be offset against my debts to end the IVA. They will not do this. They have £21,000 and my debts are £25,000. Please can you help with regards to this.
Posted: Thu Oct 01, 2015 8:11 pm
by MerlinL14
Are your Total debts £25,000? Reason I ask is that this figure may be what was calculated at the beginning of your IVA given your payments at that time. You will always owe the full amount of the consolidated debt until the IVA closes officially. Any 'extra' income, windfalls etc will be paid to the IP administering your IVA.
Posted: Fri Oct 02, 2015 9:46 am
by lifenoteasy
A lot will depend on how long you have been in the IVA but if £21k in PPI has been received then your total debt left is:
£4k plus fees (including IP) plus possibly statutory interest at 8%.
This potentially means £12k is still owing so a lot will depend on how long you have been in the IVA plus how much you pay per month.