ppi claim whilst on iva plan

jason2704

hi

currently over half way through an IVA plan. recently have sent off for a ppi claim. what happens to the money if we are successful with our claim.
thanks

The_Swerve

jason2704 wrote: »

hi

currently over half way through an IVA plan. recently have sent off for a ppi claim. what happens to the money if we are successful with our claim.
thanks

I believe you would be expected to use the funds to pay towards the IVA (quite rightly in my opinion)

Is the PPI with a creditor who is in the IVA?

The_Swerve

jason2704 wrote: »

thanks, thought that might bethe case. yes the creditor is part of the IVA.

Yes then you have nigh on no chance of seeing that money I would say. I would also think as a part of the IVA, any 'windfall' you might recieve, you would need to declare to your IP.

amersall

If you were mis sold i would still claim,this will reduce your iva balance.
A refund will be shared among your creditors,they cant favour one creditor over another.

The_Swerve

amersall wrote: »

If you were mis sold i would still claim,this will reduce your iva balance.
A refund will be shared among your creditors,they cant favour one creditor over another.

I dare say the IP might instigate a reclaim themselves to be honest. I am trying to think what the benefit would be if the OP did make the reclaim...maybe if was a homeower!!!???

What I would say is DO NOT use a claims management company. The resulting fee might cause alsorts of problems