we are finishing our iva in september ! and are claiming our ppi back now through a company via our ip, what happens if the payout comes before we finish and can we stall it until the iva is done ?
Agree with ginger - it will have to be paid across.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If your Ip is aware of the PPi claim they will not somplete your case until the PPi is opaid accross, you dont make a final payment and thats it, they can keep your case open as long as they need to! Theres people had there IVa left open for up to 12 months waiting a payment from personal injury etc
IVA completion and certificate received 08/10/2012!!!
Our IP made the PPI claim on our behalf, but our PPI claim came through 4 days after we got our final report. Not sure if it was a mistake on the part of the IP, but we've got to keep the full PPI payout. But in our case the company that we we're claiming PPI back from , wasn't one of our creditors. Not sure if that makes a difference. There does seems to be a lot of inconsistency in the way IVA's are managed. May depend on what IVA company you're with. Good luck anyway
Set you mind at rest! - either email them or post a question on here, if there is PPI, nice to get it sorted out earlier then there no delays near the end.
As we do not deal with PPIs I could not answer this and am unsure of how you would find this out. As far as I am aware it is a matter of contacting each creditor individually. You will find template letters on the internet to enable you to do so. They are obliged to advise you accordingly.
Be aware that any monies you may receive in a PPI claim can be offset against the initial debt by each creditor, reducing their claim in the IVA. Alternatively it would be captured under in the IVA for the benefit of all your creditors as per modification 13 on your Chairman's Report:
13 Windfall/Asset/Inheritance
Should the debtor receive any windfall, asset or inheritance during the course of the
arrangement which would be deemed after acquired property within the meaning of
Section 307 of the Insolvency Act 1986, it must immediately be paid or transferred to the
Supervisor up to the value necessary to pay creditors in the arrangement 100p in the
£ plus statutory interest.
So we have to chase it ourselves!! Can I be bothered?
Right: We have dug out all my old statements? We have PPI on some of them and overdraft protection also on some. I have looked on the net and overdraft protection may be classed as the same?!
Now we are confused, the debt went into the IVA that debt will include PPI payments etc.. SO if we claim it back it comes off the balance of the IVA? Why don't they just work with the IVA companies and just reduce the amount owing?
Also shall we ring all the companies we owe money to to ask them if we had PPI? We are worried that this may open up something we may regret.
Any advice on what step to take would be greatly appreciated.
Angie - sounds confusing ! either wway you not likely to any of this money for yourself.
If you claim directly to the company - they may paid into into the defaulted account (which increased all the creditors divident) or send a cheque which your IVA company should get. Personally i would claim direct from any company i know to have PPI on - and leave the rest alone - hopefully the increased divident will satify everyone.
