IVA v PPI

MUM40

We are currently in a IVA and have just been awarded some PPI from a loan (firstplus) which was not included in our IVA?

does this need to be paid into our IVA or our we able to keep it?

The cheque is being sent straight to our IP.

Thanks for any help.

Btw if we need to get a new fridge would we be able to claim some for this purpose?

FiatFan_2

Sadly even if the loan with PPI wasn't included in the IVA the IP will still claim it as a windfall/asset or whatever term they choose they'll still have it off you. You can put forward a case for keeping some of it for meaningful purpose, just don't get your hopes up.

There are several on here who were successful in retaining some, unfortunately I wasn't. Good luck trying

Sluggy

Hi,

To try and explain i need to give you a timeline.

Took out the loan with FirstPlus. 5 Years passed and the PPI premiums were refunded to us. As per the agreement.

A year later we entered our IVA. Firstplus wrote to me with the usual Blurb about mis-selling so i took a chance.

The claim was successful and the account reset as though the PPI had never been applied. The repayments dropped by £70pm and we were refunded all the additional monies that the PPI had added in the first place.

This was a payment of over 5k, made up of 4k additional money added and 1k - 8% intrest added.

Our IVA company informed us that we were able to keep the 8% interest. It should be a similar case to yours.

All the figures will be in the proposal from FirstPlus, look for the 8% figure and that should be yours. The cheque initially went straight to the IVA, but they then refunded the 8% to us once it hit their account.

Keep pestering though, it took over 6 months to get the money!

FiatFan_2

We had a FP loan included in our IVA, whilst we did receive the PPI refund after 5 yrs as the agreement. Like yourself Sluggy we could claim for the interest that was charged over the term of the loan. Unfortunately our IP won't agree that we can retain any funds received therefore we're currently reluctant to spend time pursuing a claim. The IP said they won't force us to claim any possible PPI at any point during our iva.

Best thing since all IPs have very different views on the subject, even in the same practise. Put a very well worded proposition to them and see how you get on. Be interesting to know how it goes.