I pulled out of my Iva around 2006/7 after only about 1 year.Within a couple of years all my creditors caught up with me.I managed to borrow some money so I paid them all off case closed, except for one black horse which I am still paying back now.so why is it that my Ppi claim which I won the monies have been paid to the Iva company,even though I pulled out of Iva and managed to settle with my creditors.The Ppi claim was against black horse and it is them who I still pay back monthly I only owe around £400 .My Ppi is £5000
Any advice please
PPI belongs to the IVA and will be used to distribute to former creditors as well as to cover fees. Although you have paid back the principal loans an IVA allows for statutory interest to also be paid, in the event debts are repaid in full. If there is any surlus it would be returned to you in due course.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Thank you foggy
I fully understand what you are saying but I think my circumstances are different.My Iva was dissolved after one year,I personally paid my creditors off myself and I received letters confirming all debts were wiped clean. So I fail to see what the Iva has to do with any of this.The only reason black horse paid my Ppi money to the Iva is because I was on file as been in a Ppi so it’s their duty to send them the money. I’m going to get in touch with the Iva company,I’ll let you know the outcome .Thanks
Did you pay the full amount due to your creditors or was some of the debt written off? It might make a difference.
Don't forget your IVA will remain on your record for six years regardless off the fact that you paid it off early.
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
It does sound like a total misunderstanding, but nothing is underhand. Black Horse are just complying with instructions that have been dealt with in a court of law and is now standard practise. It is your ex IP who you need to communicate with and get a full and documented break down of who it is he proposes to pay with that PPI refund and exactly how much. Good luck.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues