Windfall/Statutory Interest/PPI

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Drantheman
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by Drantheman » Thu Jan 18, 2018 11:15 pm
Hi there, I have received a windfall which means that after 5 years of my 6 year IVA I can pay it off - however I currently don't have a job so need some of the windfall to keep me going and pay my rent etc (which I have to pay 6 months in advance because of my IVA) etc. The final amount they have quoted comes out at nearly double because of the amount of statutory interest that they are charging (totalling £31k on a £22k debt and I have already paid £8k!). I have asked for a variation to waive the statutory interest and offered the full and final amount payable including their fees (which are over £5k) etc, it is really just the statutory interest that I am asking to waive. They have then come back to me and said they need to talk to be about Bankruptcy and PPI (seriously didn't even mention bankruptcy?!) and said that any unclaimed PPI would then go off to pay the debt. The think is that I would have paid off the full amount anyway (if I asked them to waive the statutory interest) so where would this extra PPI money go to?! Confused.....would appreciate your advice.
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Foggy
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by Foggy » Fri Jan 19, 2018 7:54 am
I guess they are running on auto pilot and not thinking things through. If S.I is waived and you have paid the full debt plus the fees any future PPI will be yours (get your IP to sign a letter to that effect as well as the completion certificate in due course too) .

The BR reference (is this payplan, by any chance) need not be brought up at all --- if your offer is refused then the IVA continues "as is" --- of course you still have to deal with the windfall issue, but BR does not come into the equation until such time as you do something to bring it on.
Drantheman
Posts: 3
by Drantheman » Fri Jan 19, 2018 10:18 am
Foggy wrote:
I guess they are running on auto pilot and not thinking things through. If S.I is waived and you have paid the full debt plus the fees any future PPI will be yours (get your IP to sign a letter to that effect as well as the completion certificate in due course too) .

The BR reference (is this payplan, by any chance) need not be brought up at all --- if your offer is refused then the IVA continues "as is" --- of course you still have to deal with the windfall issue, but BR does not come into the equation until such time as you do something to bring it on.


Thanks Foggy - appreciate your help and yes it is Payplan funnily enough! Ive got a call with them next week so wanted to be clear about the PPI side of things as this was confusing me!
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kallis3
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by kallis3 » Fri Jan 19, 2018 11:35 am
You also tell them to remove any reference to BR and they will do so.
Drantheman
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by Drantheman » Mon Jan 22, 2018 6:46 pm
kallis3 wrote:
You also tell them to remove any reference to BR and they will do so.


Hi, I had a conversation with Payplan today and they said they can't remove the bankruptcy clause after it has been signed as a legally binding agreement. So that one of the outcomes of the variation meeting will be that I may be made bankrupt - can they do this?
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Foggy
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by Foggy » Mon Jan 22, 2018 7:31 pm
Drantheman wrote:
kallis3 wrote:
You also tell them to remove any reference to BR and they will do so.


Hi, I had a conversation with Payplan today and they said they can't remove the bankruptcy clause after it has been signed as a legally binding agreement. So that one of the outcomes of the variation meeting will be that I may be made bankrupt - can they do this?


No they cannot -- it is YOUR variation, not theirs -- they are spouting rubbish ! The variation circular is NOT a binding agreement until such time as it is agreed !!!!
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kallis3
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by kallis3 » Mon Jan 22, 2018 7:37 pm
Yes, they can, and will remove BR! I had to get them to do it twice.

Stick to your guns!!!
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