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pam3019

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Post by pam3019 » Tue Aug 03, 2010 7:33 pm
I am seeking advise. I am 18 months into and IVA. Before I started the IVA I started legal proceedings regarding a mis-sold payment protection. It looks like I am going to get a lump sum which will be around 14000. This would easily pay off the amount that my creditors settled for, with some left over. However, I believe that my IVA company would just take the money and it would not come off my debt. Am I able to ask my company for a list of my creditors, what has been paid to them, and make direct offer to them to pay off the debts. I know that a lot of lenders are happier to get anything they can, as when I was setting up the IVA, they all kept writing to me, with offers of repayments, but at the time I just wanted someone else to take the problem off me and deal with it all at once.
 
 

kallis3

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Post by kallis3 » Tue Aug 03, 2010 7:39 pm
Hi,

You may find that the original company will use this towards their own debt, which will mean that your other creditors will get more.

If it is paid to you then you need to inform your IP as it is classed as a windfall. Your IVA company will not take this money.
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
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 03, 2010 11:31 pm
This money would be a windfall, and therefore captured under the terms of the IVA. You cannot change the terms of the contract without the consent of the parties to the contract - ie the creditors, and the supervisor. I would therefore pay the money into the IVA and let your supervisor share it amongst the creditors.

Did you make your supervisor aware that you were intending to claim this back?
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Wed Aug 04, 2010 6:44 am
What I meant to say, having read my post again, is that your IVA company will pay this across to your creditors. They won't keep it for themselves.
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
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