IPA refund?

Shingle

Hi, I'm 17 payments into a 36 month IPA and was just purely wondering, if after I've paid all of the monies (22k) and say part of it isn't claimed by the creditors, am I entitled to a refund of the remaining funds? If so, would this be an automatic thing or something I would have to claim? Thanks in advance.

luvchocolate

The ORs fees are paid first before creditors and I imagine this is part of the calculation of the IPA you are paying 

Shingle

Thanks for the reply, but alas that isn't actually what I was asking.

Minkym00

In theory, yes. How much was your bankruptcy debt?

Shingle

Minkym00 said:

In theory, yes. How much was your bankruptcy debt?

It was 38k.

Minkym00

So the first £8k of your £22k repayments is claimed by the OR for their fees. So, unless creditors with a total value of less than £14k (out of the total of £38k) make a claim in the bankruptcy then you won’t see any money back.