Will PPI pay IVA off or will it be taken to pay off more of my debt ?

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1
User avatar
john302
Posts: 3
by john302 » Sat Dec 23, 2017 2:50 pm
What am wondering is I received a letter from my bank saying am due some more PPI back the amount am reciving is enough to pay the remainder of my iva off which I owe or will the iva company who am with take it as paying more of the debt which I owed from the start.
User avatar
Foggy
Forum Expert
Posts: 26056
Contact
by Foggy » Sat Dec 23, 2017 3:07 pm
It will not affect your IVA payments until you hit the total of the full original debt, plus fees and possible statutory interest --- until that time it will go towards paying the debt you owed at the start, so increasing what the creditors get. .
User avatar
john302
Posts: 3
by john302 » Sat Dec 23, 2017 3:18 pm
Foggy wrote:
It will not affect your IVA payments until you hit the total of the full original debt, plus fees and possible statutory interest --- until that time it will go towards paying the debt you owed at the start, so increasing what the creditors get. .


That's what I thought it would do pay more of the debt from the start.i no on the letter I've got it said I could appeal the descion an on some of the forums they say you could appeal cause its was before the the iva and all the debt.i was hoping it would pay what i owe now and finish my iva off an not from the start cause the amount from the start as been wiped off.
User avatar
Foggy
Forum Expert
Posts: 26056
Contact
by Foggy » Sat Dec 23, 2017 3:25 pm
john302 wrote:
Foggy wrote:
It will not affect your IVA payments until you hit the total of the full original debt, plus fees and possible statutory interest --- until that time it will go towards paying the debt you owed at the start, so increasing what the creditors get. .


That's what I thought it would do pay more of the debt from the start.i no on the letter I've got it said I could appeal the descion an on some of the forums they say you could appeal cause its was before the the iva and all the debt.i was hoping it would pay what i owe now and finish my iva off an not from the start cause the amount from the start as been wiped off.



Nothing gets wiped off until the IVA ends.

Doesn't matter if it was before the IVA -- it is an asset you now have. Using that argument you could go into an IVA owning a Picasso painting worth millions and say that you do not have to sell it because you bought it before the IVA !
User avatar
john302
Posts: 3
by john302 » Sat Dec 23, 2017 3:45 pm
Foggy wrote:
john302 wrote:
Foggy wrote:
It will not affect your IVA payments until you hit the total of the full original debt, plus fees and possible statutory interest --- until that time it will go towards paying the debt you owed at the start, so increasing what the creditors get. .


That's what I thought it would do pay more of the debt from the start.i no on the letter I've got it said I could appeal the descion an on some of the forums they say you could appeal cause its was before the the iva and all the debt.i was hoping it would pay what i owe now and finish my iva off an not from the start cause the amount from the start as been wiped off.



Nothing gets wiped off until the IVA ends.

Doesn't matter if it was before the IVA -- it is an asset you now have. Using that argument you could go into an IVA owning a Picasso painting worth millions and say that you do not have to sell it because you bought it before the IVA !



Yeah I wasn't 100 per cent sure how it worked.i know when I toke the iva out it says you can have say 75per cent of your debt written off.so I assumed from that when I toke the iva out it would be what it started at for example 6000.instead of the 15000 original debt.
User avatar
Foggy
Forum Expert
Posts: 26056
Contact
by Foggy » Sat Dec 23, 2017 4:01 pm
Would be nice if it was -- but the idea of the IVA is to pay back as much as possible, not, as the ads would have us think, to save as much as possible ! Any extra money paid in increases what the creditors get back. Hopefuly you will already have been paying over a share of any extra income you might have got ( overtime, bonus payments etc), because they will be after you for that if not.
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 3 guests