Will any compensation come to me directly ?

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richard964
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by richard964 » Wed Nov 29, 2017 9:01 pm
I had IVA from late 2010 and made payments for 3 years ending Jan of Feb 2014. My administrators also claimed PPI which went to them which I was happy enough with. A claims company took details recently to try and make a further PPI claim which was upheld by my bank and compensation is due. On the letter advising me of this they have indicated that as I recently was in an IVA the compensation will be paid to the company who dealt with this rather than myself. My question is why if an IVA lasts for 5 years or thereabouts is the compensation paid direct to them and what happens to this money, will any compensation come to me direct?
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Foggy
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by Foggy » Wed Nov 29, 2017 9:17 pm
The PPI is an asset of the IVA, as it existed, albeit unknown to you, during the IVA and, as such, and as has been ruled on in court, the PPI refunds belong to your creditors and will be distributed to them by your former IP. It could be that the IP deems it uneconomical to do or just isn't interested, in which case the refund will be sent to you.
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