Who gets ppi surplus?

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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?
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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.
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Lisa Thomas
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by Lisa Thomas » Fri Jul 28, 2017 10:56 am
I agree with Foggy I'm afraid.
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