PPI win taken all from me

markmark1985

Hi there,

Was wondering if anyone could help me. I recently won a ppi claim of just under 4k. The bank had sent my cheque to my iva company who have claimed it all and stated I won't see a penny of it and also won't shorten my iva length. Is this correct as the iva company didn't even tell me when they received it, only found out after ringing them up myself!

Thank you

Mark

nottoolate

yes thats correct. ivas gobble up anything you get like that.

[Deleted User]

Why are you asking the same question that you asked in January, markmark1985?
Your query was fully answered by several people back then.

Here's the thread, in case you can't find it;
https://forums.moneysavingexpert.com/discussion/comment/64386348#Comment_64386348

markmark1985

I don't know why I asked again, probably cuz I'm just very p****d off with it all maybe?!

[Deleted User]

markmark1985 wrote: »

I don't know why I asked again, probably cuz I'm just very p****d off with it all maybe?!

Three months on, nothing has changed and it's not going to. Time to move on from this, markmark1985.

Custard_Pie

If you look at it like this. If you leant some £1k and they never paid it back, then you were kinda forced into accepting a £1 a week for 5 years, would you be !!!!ed off if they came into £500 and kept it all?

For whatever reason, you owe money and are paying it back via an IVA. It's not unreasonable to expect any such windfalls to go into the pot.

tamiami

I thought you would be entitled to 8% interest on the £4k.

woodformoretrees

markmark1985 wrote: »

Hi there,

Was wondering if anyone could help me. I recently won a ppi claim of just under 4k. The bank had sent my cheque to my iva company who have claimed it all and stated I won't see a penny of it and also won't shorten my iva length. Is this correct as the iva company didn't even tell me when they received it, only found out after ringing them up myself!

Thank you

Mark

To be fair, if you have debts and you're in an IVA it never was your money. It always belonged to the people whose money you haven't repaid.
Does it really not feel in any way positive to know that you're paying back what you owe?

[Deleted User]

tamiami wrote: »

I thought you would be entitled to 8% interest on the £4k.

Not in the circumstances detailed by the OP. Someone who was merely in arrears might have only the capital aspect offset. In this case, all the money has been swallowed by the IVA.