Do I have to tell me IP about PPI?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
lisa773
Posts: 1
by lisa773 » Fri Apr 06, 2018 8:33 am
I have just received £5000 ppi payment 2days before going into an iva do I need to inform my ip
User avatar
Foggy
Forum Expert
Posts: 26893
Contact
by Foggy » Fri Apr 06, 2018 8:40 am
I am afraid that cash in hand (which you had) going into an IVA should be declared as an asset. There is a possibility that the IP will want some, or all, of it. There is a possibility that he won't (unlikely). You can ask if you can keep some if you have essential expenses to cover (boiler blown up, car conked out) ... worth a try.

You could not mention it and keep it to yourself ... would the IP find out? Possibly .. especially when he / she gets around to claiming PPI him or herself .. in which case the IVA could be failed and flushed down the toilet !! Apart from the stress on you about whether you will get found out over the next 5 or 6 years.
User avatar
Lisa Thomas
Industry Expert
Posts: 6869
Contact
by Lisa Thomas » Fri Apr 06, 2018 8:40 am
Yes - it's an asset that will have to be paid over into the IVA I'm afraid.

Unless it's enough to help you do a deal with creditor direct and avoid the IVA, saving on all the costs.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 13 guests