I've made a full and final settlement offer (settlement £3.2k) to my IVA but I've just also found out that I've won a PPI case for £4k and that has been sent to my IVA on the 27th of this month (I took the loans with PPI when I was 19 - I'm now 40 - with TSB ). Can anyone shed any light on what will happen as I can't contact my IP till next week? Thanks.
I will also add that the loans I took at 19 were in no way related to the credit I had listed in my IVA. Entirely separate (well it was over 20 years ago). I also made the settlement offer (a little bit less than the £3.2k which is the settlement figure), due to a change of circumstances in my working and personal life. Just adding background to this.
The full and final offer and PPI shouldn't effect each other unless this raises the dividend to 100p/£. If 100p\£ is reached after costs and statutory interest you get the remaining money
The rationale being the PPI money was always the creditors from the moment the IVA started, the full and final would have been in leu of monthly repayments
ie
you had debts of £20k
you have no property
your monthly payment was £100 a month
the creditors expect PPI + (£100 x 5 x 12)
your full and final offer replaces the remainging monthly payments
the creditor expect PPI + payments to date + full and final
