Confusion over final payment

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Post by adrian309 » Tue Feb 23, 2021 7:51 pm
I've an IVA which I thought was paid off,but they claiming that they didn't receive a payment from a PPI claim. My mother hadn't realised I was having financial problems and said why didn't you say,ring them and I'll pay it off. Final figure is £4660,my mother transferred the money but they need to speak to her. She's 80 years old and said fine,but for some reason,variations or something it can't be paid,I'll just hold onto it for a week as they've emailed me since saying I'm in arrears?


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Post by Foggy » Tue Feb 23, 2021 8:48 pm
First they cannot just accept payment. You are proposing that the IVA is ended early and creditors will need to agree to this. For that to happen a variation meeting must be held.

You say that £4660 was 'the final figure' --- where did this figure come from ? What does it represent? Is it a settlement figure given by your IP, or the number of remaining payments ?

This PPI payment 'in arrears' --- who claimed this PPI ? Did you get the PPI refund ? If you claimed it and had the money, this has to be repaid to the IVA as it belongs to your creditors. This money does not replace any agreed payments, but adds to them, so the creditors get more of their money repaid.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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