I finished my Iva 3.5 years ago , I recently received a letter from one of my credit card companies saying I was entitled to a payment but it was going straight to my Iva company ? Is this right ? Also I have claimed some other ppi which was paid straight to me , am I in trouble now as it wasn’t given the the Iva company ?
PPI does belong to the IVA, even after completion. Sometimes the IP will have no interest and will return it to you. As for the previous refunds -- the IP could kick up about it if he / she finds out, or might not be interested (not a bear I would go poking at the moment).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Oddly enough exactly the same happened to me. I claimed all my own PPI back as I didn't like the thought of some middle person company taking a large cut. Plus my way of thinking - the extra cash may have helped complete my IVA sooner (which didn't happen)
I received four lots of PPI, for the amounts of £475, £450, £125 and £5,900 - the small ones where all sent straight to me via a cheque - the highest one was paid straight into the IVA pot of which I received a letter telling me that they were doing this.
To make it more complicated - one of the smaller amounts and the large amounts were both from the same creditor - the small one too me and the large one straight to them.
The way I look at it, if I had gone through one of the companies that my IP tried to set up for me, of the total PPI amount of around £7.000 - £1,250 would have been deducted - by doing the work myself my creditors gained an significant extra amount. Not that it got noticed by any of them haha. In fact I asked my IP if I could reduce my penultimate payment by £40 to have some emergency dental work done and they said ONLY if I pay it as extra on the next and final payment - in principle I refused and got it from somewhere else so it comes down to 'what is the right thing to do' once you pay it over its gone forever but you HAVE too - so its out of your hands - never feel like its done on a fair basis, we should be able to keep a small amount - say 15%?
I wonder if the complicated PPI process will be easier when we can no longer claim it?
I'm sure they will find something else to claim for!!
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