I have just been notified that I am to get a repayment on a PPI @ £15,000 my IVA is left @ 11k - once this has been paid off what happens to the balance of the money?
It depends on what you mean by "my IVA is left @ 11k" .... Do you mean the remaining agreed payments are £11k ? Or the balance of the original debt, plus fees and statutory interest is £11k ?
In an IVA you do not just "owe" the agreed payments. You still "owe" the full original debt, plus fees and possible statutory interest -- only when this amount is paid will the IVA end early, or you get any balance of the PPI back.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy just about sums it up. I fear you will see nothing of the money and your IVA will continue until the end of the contracted date or you actually pay the full amount to the debts, stat interest and the IP's fees.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
I think this is all correct from experience. I received £6,000 PPI with only 4 payments of £300 to make and the whole amount was swallowed up. Did you get the cheque or balance paid directly to you? If they are one of your IVA creditors, don't they sometimes pay it directly into the pot anyway? Takes temptation away to get a one way ticket to Brazil
