I have come to the end of my IVA.I have been making regular payments but contributions have come up about £3000 short from a £15000 IVA.However I also contributed £10000 from PPI claims claimed back by myself so total contributions from myself total around £22000.I was a little dismayed to see the only around £5000 of the ppi claim was distributed to creditiors and the Practitioner has pocketed the rest.Anyway my point is I have offered £1500 to settle the IVA in full but dont seem to be getting anywhere.Is this something that is feasible.Just want to get it closed as it has been open 7 years.
If the IVA has ended you cannot make any full and final offers, but you can argue the amount they say is outstanding. However, this amount is probably based on any missed payments and / or any shortfall in payments due to overtime, bonuses or windfalls that were due but unpaid. Ask your IP where they have got their figures from.
PPI refunds paid in do not affect the sums due by way of the regular payments or overtime / bonuses, bur are in addition to these payments and any windfalls due.
As to the amount that your IP has paid over to creditors from the PPI refund: 50% seems rather rich for the IP to be getting. Have a look at your IVA proposal and the Chairman's report of the initial meeting where fees should have been agreed and documented. Commonly, these days, creditors agree a percentage (typically 15%, but sometimes higher) of monies paid over to the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
