PPI letter from Barclaycard while in IVA.

Foxy-Stoat_3

If the cheque is payable to you then why not....speak to your IP though as if they expect 100% of the refund and do not agree that 8% would be yours then you would have an issue.

Get them to email/write to you to confirm also.

legoman

Foxy-Stoat wrote: »

If the cheque is payable to you then why not....speak to your IP though as if they expect 100% of the refund and do not agree that 8% would be yours then you would have an issue.

Get them to email/write to you to confirm also.

Great advice thank you!

legoman

Hello,

If anyone else stumbles upon this for help then the deal is this... (I am with Payplan and Equity In Finance (EIF) are in charge of the claim)

I will receive a cheque from Barclays for my PPI
I send this to EIF who process the cheque
They send the funds to Payplan
When the funds have cleared their account Payplan then distribute the share in the IVA to my creditors and refund the 8% statutory interest to me.

This means that my creditors get a share even after my IVA has completed in order to increase the dividend that they receive back from the IVA and therefore have less to write off.

You can spend the 8% on whatever you like, there is no tie to have to pay off your IVA with it, though it is a good opportunity to put it towards some monthly instalments...

Hope that helps some people.

Cheers,
Legoman.