PPI Barclays Business Loan

legoman

Hi,

Need some advice if possible. I have contacted Payplan about claiming back PPI on a loan whilst in an IVA. Here is the response...

You can look to claim to get some money back from insurance, but any money should you get it, will have to go straight into the arrangement towards that debt, but it won’t reduce the amount you pay or end it any quicker. This is because although you may get some money back from them, you still owe them a lot and a large chunk of the money you owe them has been wiped off from you entering the iva, so the money you get will just come off this. It may not be worth your time to try and get any back.

What do you think I should do? I really don't know what to do. I've got the questionnaire downloaded and ready to go but just want to know if anyone can offer me some advice as well.

Many thanks!

dunstonh

What do you think I should do? I really don't know what to do. I've got the questionnaire downloaded and ready to go but just want to know if anyone can offer me some advice as well.

What they are saying is that if you complain and succeed, you wont get the money.

legoman

dunstonh wrote: »

What they are saying is that if you complain and succeed, you wont get the money.

I see, so it will just be swallowed up into the system. I'm not interested in having the money for myself in the sense of spending it just to put towards my IVA but it doesn't really work that way.

I thought there would be some way of going 'Here is some money I paid out for PPI, pay it towards my IVA' so I can be debt free quicker... No such luck.;)

dunstonh

It will go towards your debts but because you owe more than you have agreed to repay, it goes against the bit you are not repaying rather than the bit you are.

legoman

dunstonh wrote: »

It will go towards your debts but because you owe more than you have agreed to repay, it goes against the bit you are not repaying rather than the bit you are.

I see, Thank you.

legoman

Is it a pointless excercise me doing it or would it show that I'm trying to help with paying back? Even though I'm technically claiming the money it would show that I put it towards the debt? Or will it not be noted?...