Iva & ppi

mrmitchell

Good evening, I have an IVA, and I've only got 3 more payments to make before completion. Yesterday I received a letter from one of my creditors, stating they have reassessed my complaint about being mis-sold PPI.

They have offered my just over 6k, this will be paid to Freeman Jones.

Anyone had had anything like this? Will I get the remainder once they take the amount to cover the 3 payments?

Many thanks

mwarby

Unless your payment and PPI lead to a dividend of 100p in £ (so all debts and iva fees repaid) the PPI money changes nothing

If your repayments and PPI mean you have paid everything back, you would recieve the difference

I don't know the derails of your IVA but I suspect all that will happen is your creditors get more than they expected (eg proposal stated expected return 25p\£ they get 30p/£)

mwarby

I've just looked at your previous posts, as i understand it

debts -32k
proposed repayments -21k
PPI 15k+6k

Total repaid =42k

The key will be what fees where charged for the IVA and what the position is with statutory interest, if the fees and statutory interest(if allowed for) come to £10k you'll get nothing.

If they are less you should get the difference back. I would speak to your IP and work out what if anything your due, and what if anything you need to pay month by month.

I would continue to make repayments until told otherwise, as this will prevent delays in completion

hope this helps

mrmitchell

I've just looked at my documents my original total debt was £32,735 and as of last month, I have paid back £31,954.

mrmitchell

Thank you mwarby ��

mwarby

mrmitchell wrote: »

I've just looked at my documents my original total debt was £32,735 and as of last month, I have paid back £31,954.

I wonder if that includes IVA fees, if it doesn't there might not be much left, if it does you should get a good chunk back

mrmitchell

Just an update, I have spoken to my IP and they have said in my file it says after the first PPI windfall any further PPI will be taken to reduce the monthly payment and as their fees have already been taken I should get the majority of the windfall back. But should wait for confirmation, fingers crossed ��