Who gets ppi surplus?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
Richard.59
Posts: 7
Joined: Sun Feb 01, 2015 10:37 am
by Richard.59 » Fri Jul 28, 2017 8:44 am
Ppi claims total more than balance owed.

If the ppi claim is more than the iva total owed who gets the surplus?

E.g. owed 30000, paid 20000 plus fees ppi claim 15000 there is a possible 5000 surplus who gets this?
User avatar
Foggy
Forum Expert
Posts: 22872
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Fri Jul 28, 2017 9:01 am
In an IVA you actually owe the full debt, plus fees and statutory interest ---- over a 5 year term, on the debt of £30k, this would be around £48k, so there would be no surplus. Check paperwork though, as sometimes interest is excluded, which would bring it down to around £36k.

If there were any surplus it would be refunded to you.
User avatar
Lisa Thomas
Industry Expert
Posts: 5746
Joined: Wed Dec 03, 2014 10:26 am
Contact
by Lisa Thomas » Fri Jul 28, 2017 10:56 am
I agree with Foggy I'm afraid.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Lisa Thomas and 10 guests