PPI reclaiming whilst on IVA

AnnieFE

I just posted over at the PPI forum and Di suggested to ask my question here, which is the following...

Has anyone here tried to reclaim PPI for Loans and credit card whilst still on IVA and could give us some tips for this as we aren't sure if it would be worth doing it now and if so, would they take the reclaimed money and offset it against the IVA.

Any suggestions are very appreciated.

judojub

Hi Annie.
You could try reclaiming but yes, chances are if you are successful then the money will most likely either be captured by the IVA or the creditor will just use it to offset against what you owe them.
If you think that by pursuing the claims and being successful might get you enough money back to pay your debts + fees in full then it might be worth considering.

bernard828

If successful, then the debt you owe the compnay the PPI was with will simply be reduced.

If this means you pay off all the debt you have, plus your insolvency practitioner's fees within the IVA, then you finish the IVA early.

bandicoot421

AnnieFE, i am trying to sort out an IVA and in getting together the papers i found an old PPI loan, i sent it off with a template letter not expecting anything and by return of post i got a decent offer, as i am still some way from sorting an IVA (all my stuffs with the IP) i am putting it into a savings account and withdrawing it straight away to go under the matress!, the IPP company, Santander, offered me a personal cheque, you could ask the same from your IPP Co if your successful and then get the cheque cashed at a 'money shop' they may take a cut for doing this but it may be a lot more cash in your pocket, i was very supprised at what i got back.