Do I have to give proceeds from successful claim to creditors ?

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Richard.ds

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Post by Richard.ds » Wed Jul 13, 2011 3:43 pm
I am in an IVA and have just received a cheque for £4150 because I won a claim against first plus. Do I now have to give this to my creditors
 
 

liamjames

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Post by liamjames » Wed Jul 13, 2011 3:51 pm
Hi Richard and welcome,

Is this claim relating to missold PPI, and are First Plus a creditor included in the IVA?
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

James Falla

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Post by James Falla » Wed Jul 13, 2011 4:44 pm
Hi Richard

The general rule if you are in an IVA is that if you receive a windfall, it has to be paid into your IVA in addition to your ongoing monthly repayments. Normally claim payouts for miss-selling etc fall into the windfall catagory. You should certainly speak to your IP and tell them about what you have received and why.
James Falla
IVA & Personal Debt Solutions Expert
 
 

Richard.ds

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Post by Richard.ds » Wed Jul 13, 2011 5:51 pm
It is for a missold PPI, but no First Plus are not part of the creditors because the loan was a secured loan.
 
 

MelanieGiles

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Post by MelanieGiles » Wed Jul 13, 2011 11:05 pm
It doesn't really matter what the background facts of this are - the payment is a windfall and needs to be disclosed to your IP and paid over for the benefit of creditors.
Regards, Melanie Giles, Insolvency Practitioner
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