IP says my PPI does not cover my debt, is he right?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
lee915
Posts: 1
Joined: Tue May 23, 2017 5:03 am
by lee915 » Tue May 23, 2017 5:03 am
Hi i am in a iva i have debts of £22,000 i am in my sixth year i have paid in just over £16,500 and paying £500 a month in my last year to meet my 100 pence in the pound. My problem is my ip has £9400 of my ppi money which he admits he's got and he says it does not come of my total debt balance is he correct? Please advice. Thank you.
User avatar
Foggy
Forum Expert
Posts: 22863
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Tue May 23, 2017 7:04 am
As far as I am aware a payment into the IVA estate is a payment into the IVA estate -- regardless of source, and should be applied to the dividend to reduce the overall debt. Unfortunately about 30% of it will go to the claims company, and around 15% in supervisors fees.

Which company are you with ?
User avatar
Lisa Thomas
Industry Expert
Posts: 5739
Joined: Wed Dec 03, 2014 10:26 am
Contact
by Lisa Thomas » Tue May 23, 2017 1:54 pm
The funds do go into the pot but I wonder if what he is saying is your payments still need to continue as it is not sufficient to cover the total debts, interest and costs in full so you need to keep paying your contributions despite this large receipt.
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 18 guests