Paid extra into proposal value to Payplan. Can i claim the extra back?

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ian135
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by ian135 » Sat May 13, 2017 4:48 pm
Hi I have just completed my iva after 5 years with Payplan, my query relates to the fact that I have paid £1200 extra into my iva than the proposal value, Payplan say the proposal value can go up or down but I cannot see this written anywhere in the paperwork. Therefore can I claim this money back? the extra paid in was due to overtime payments, also my proposal value was actually reached many months before my final payment was due but Payplan said I had to continue payments right up to the fin
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Foggy
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by Foggy » Sat May 13, 2017 5:52 pm
You will see the dividend described as estimated -- there are various clauses regarding extra payments in addition to the agreed 60 (or 72) payments. The intention is to pay back as much as you can afford ... not just the estimated dividend ---- and you still have a good chunk written off.
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ian135
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by ian135 » Sat May 13, 2017 6:24 pm
Thnx Foggy I can't complain really considering the situation I was in beforehand thnx for your reply
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Foggy
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by Foggy » Sat May 13, 2017 7:14 pm
ian135 wrote:
Thnx Foggy I can't complain really considering the situation I was in beforehand thnx for your reply


This is true for most ( if not all ) of us :-) Well done on completing though -- a fresh start :-)
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kallis3
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by kallis3 » Sun May 14, 2017 7:27 am
Well done on finishing!!
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ian135
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by ian135 » Sun May 14, 2017 7:52 am
Thnx all, just for info my total debts were £21000, my iva was £11000, £6000 was the proposal value and the other £5000 was equity in my house, as I had got divorced the house I wanted my wife to keep for herself and my two children, the property was transferred into her name as part of the divorce which was what I wanted to happen as well, as a result there was a variation meeting to discuss the equity that I didn't have anymore, the creditors voted in my favour that the equity wasn't there anymore which would cost £300 for the variation meeting and another £300 first the creditors, I've heard they can ask for another 12 months worth of payments maybe as I had paid £1200 extra they didn't request this. I've just received paperwork from them now to complete my iva and for them to send the completion notice. I would definitely recommend an iva if it's suitable for an individual, the iva costs a lot of money to set up and keep going but it's realky worth it, I've had no issues with Payplan at all its run completely smoothly.Thnx everyone.
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