Reclaiming PPI while in IVA

bunkka57

Hi

Can anyone tell me if its possible to reclaim PPI from lenders if im currently in an IVA with them?

Thanks

Andy

PaulinWeston

bunkka57 wrote: »

Hi

Can anyone tell me if its possible to reclaim PPI from lenders if im currently in an IVA with them?

Thanks

Andy

Yes you can matey - BUT - any money you reclaim (either for mis sold PPI, unfair credit card charges, interest etc.) is counted as a "windfall" and as such, your IVA agreement may have conditions attached to it that mean you have to declare and pay all (or some) of any windfall to your IVA supervisor - for distribution to your creditors. Of course, you still have to show that the PPI was mis-sold.

The company you're claiming against can't offset the reclaim against the amount they are owed, because that would unfairly deprive the other creditors of a proportion of the dividend.

If in doubt - check with your IVA supervisor (that's what they're being paid for).

Hope this helps