Firstplus secured loan - payment protection insura

[caraf]

Hi everyone
I have written on here before regarding the First Plus Payment protection insurance and the refund you get if you dont claim in the first 5 years. Do we ever get to the bottom of this ??
If I manage not to have to claim should I pay this amount back into my first plus loan aaccount so it just reduces the balance I owe or could I make a F&F settlement on my iva with this ?

[Adam Davies]

Hi
I think that we felt that it would fall under the windfall clause of your IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[caraf]

So would it be better to reduce the amount I owed to First Plus rather than pay it into my iva ?

[Adam Davies]

Hi
There is no benefit in either case,in reality you should declare it as a windfall.
Here's Melanies response to your initial question


Posted - 13 December 2007 : 08:56:53

You would not be able to use this money to effect a full and final settlement, given that it would fall under the windfall provisions of your IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp


Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp