Claim PPI when on an IAV

colrees

Hi
Can anyone tell me, if I am currently on an IVA...
eg.
£20,000 in debt
IVA is running and I have agreed to pay £10,000 of this over 5 years.
If I now claim back £1,000 PPI does my £10,000 IVA payment get reduced to £9,000 or does it go towards the £10,000 that I am not currently paying back?
Thanks

Col

[Deleted User]

colrees wrote: »

If I now claim back £1,000 PPI does my £10,000 IVA payment get reduced to £9,000 or does it go towards the £10,000 that I am not currently paying back?

You cannot "claim back" a set amount, as (if successful) you will only ever receive a refund of the PPI you actually paid. In addition, any PPI redress may well be set off against unpaid debt solely with the Bank you complain to and so won't be equally spread amongst your debtors.
http://www.moneysavingexpert.com/banking/setting-off

You may wish to look and post at the IVA board for further more informed help with your situation;
http://forums.moneysavingexpert.com/forumdisplay.php?f=159

colrees

Thanks for that
£1000 was just an example amount.
I now realise I should have claimed my PPI after my Iva had finished!!
Col

[Deleted User]

colrees wrote: »

I now realise I should have claimed my PPI after my Iva had finished!!

Do be aware that any redress you may be awarded can still be offset against monies written off as part of your IVA even after it has been completed.

colrees

Thanks for the reply
I've already claimed it all now, and it has now been passed to my creditors
Col

dunstonh

You may wish to read this:
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=16826

You will see that it doesnt matter if you do it before or after. it is the wording that matters.