IVA and PPI reclaims

millipops

Can anyone tell me if your in a IVA and get a ppi reclaim does this go to reduce your iva or do you still have to carry on paying for the full term?

FoggyBrain_2

Hi. It will be paid into the IVA pot to increase the monies the creditors get. By paying more than the agreed payment ( overtime etc) you don't speed up the endimg of the IVA but increase the total amount paid over the term. The only time extra money paid in will end the IVA earlier is if you manage to repay 100% of the debt plus fees (which doesn't often very often) or the creditors agree a full and final.