PPI refund and our IVA

charliej_2

Hi all, we claimed mis sold ppi with FirstPlus, whom we have a secured loan with.

We today recieved a letter saying they upheld our complaint. However we have been in an iva since 2009, although the FirstPlus loan is obviously not part of it. FirstPlus have told us they have written to our ip to inform them of their offer.

Will we have to hand over the whole amount of the refund?

Thank you in advance.

Anondebtadvisor

PPI is usually classed as an asset in your IVA and will need to be paid over

If they have contacted your IVA company, they may pay it directly to them

Max_Maxwell

PPI claims in an IVA are a hot potato right now and creating a lot of discussion, however, you can be fairly certain you won't see any of the payout. The only exception could be if it is significantly greater than your debt at the outset of your IVA.

immoral_angeluk

It's likely that they'll pay your IP directly. You won't get to see any of it unfortunately as it'll be claimed as an asset in your IVA and redistributed to your creditors.