My husband has just be sent a cheque from a bank re: PPI, we sent some paper work off to a company as instructed by his Iva, he was told he had a response and he were to send more info, we are in the middle of moving ( a negative from being in an Iva ) so I haven’t got round to completing it, but he has just received the cheque! What do we do? It’s for over £7000, I’m devastated we have to give it all over, we have never had money like that and never will again, are we allowed any of it? We are behind on bills and had to get a pay day loan because we can’t cope with Iva payments, there has got to be something we can do?
Unfortunately, unless it clears all of your debts it will have to be paid across. If you are still in an IVA and struggling you need to speak to your IP asap.
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
The PPI belongs to the IVA. There should be no reason that you are struggling so much, unless either your payment hasn't been correctly calculated or your spending is awry. You need to speak to your IP to work this out. Taking a payday loan could fail your IVA, so be careful here, as you are not supposed to be taking further credit.
You may get the IP to agree to a payment break (which will be added back on at the end) in order to catch up on the bills for now.
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