🗳️ ELECTION 2024: THE MSE LEADERS' DEBATE Got a burning question you want us to ask the party leaders ahead of the general election? Submit your suggestions via this form or post them on our dedicated Forum board where you can see and upvote other users' questions. Please note that the Forum's rules on avoiding general political discussion still apply across all boards.

PPI refund and our IVA

Options
:) 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.

Comments

  • Anondebtadvisor
    Options
    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
    Options
    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
    Options
    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.
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 8 Election 2024: The MSE Leaders' Debate
  • 343.9K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 236K Work, Benefits & Business
  • 609.2K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards