PPI owns me. Does that mean i have a year less on my iva?

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
guinness1798
Posts: 1
by guinness1798 » Sun May 28, 2017 11:21 am
hi im in my first year on iva they sent me a letter to claim for ppi. Turns out ppi owns me 1k. Does that mean i have a year less on my iva? i pay iva 1k a year
User avatar
kallis3
Forum Expert
Posts: 71780
Contact
by kallis3 » Sun May 28, 2017 1:24 pm
Hi,

Not necessarily - you will always owe the full amount until you reach 100p in the pound plus fees plus fees and possible statutory interest.
User avatar
Lisa Thomas
Industry Expert
Posts: 5891
Contact
by Lisa Thomas » Tue May 30, 2017 8:53 am
No - not unless this payment is going to pay everyone off in full plus the interest and costs.

This just means the creditors will receive more than originally estimated.
User avatar
Foggy
Forum Expert
Posts: 23527
Contact
by Foggy » Sat Jun 03, 2017 6:01 pm
Extra payments into the IVAm such as PPI, only increase the dividend to the crediotrs and do not affect your payments at all, unless there are some massive payments sufficient to cover the whole original debt plus fees and possble statutory interest.
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: kallis3 and 16 guests