PPI owns me. Does that mean i have a year less on my iva?

[guinness1798]

hi im in my first year on iva they sent me a letter to claim for ppi. Turns out ppi owns me 1k. Does that mean i have a year less on my iva? i pay iva 1k a year

[kallis3]

Hi,

Not necessarily - you will always owe the full amount until you reach 100p in the pound plus fees plus fees and possible statutory interest.

[Lisa Thomas]

No - not unless this payment is going to pay everyone off in full plus the interest and costs.

This just means the creditors will receive more than originally estimated.

[Foggy]

Extra payments into the IVAm such as PPI, only increase the dividend to the crediotrs and do not affect your payments at all, unless there are some massive payments sufficient to cover the whole original debt plus fees and possble statutory interest.