PPI claim paid out to IVA company

[DerbySaint]

Hi all,

Sorry if it is a bit of a long one!

I received a call from my IVA company (Varden Nuttall) before Xmas saying that they were going to contact my creditors about claiming back any PPI that I was entitled to so I signed authority form when it came through, sent it back and didn't think anything of it.

Yesterday I received two letters from two of my Creditors (Egg and Halifax) regarding PPI Complaint refunds saying that they'll reimburse me a total of £4,531.76 (Egg) and £669.50 (Halifax) - when I say 'reimburse' they will send the amounts to my IVA company!

I received a letter from Varden Nuttall on 15th March 2012 advising that they will aim to ensure that any PPI monies are paid into the IVA for the benefit of all creditors rather than just offset against one particular debt upon which PPI was taken out.

I contacted Varden Nuttall earlier this month to see how much was currently outstanding on my IVA and they informed me that it was £5,623.00.

I emailed them this morning advising them that they will be receiving the above amounts along with the calculation below:

March's IVA monthly payment: £264.00
Egg's PPI refund: £4,531.76
Halifax's PPI refund: £669.50

Above total amount paid to IVA company: £5,465.26

Total amount outstanding: £5,623.00

Balance outstanding: £157.74

Has anyone had this happen to them before? Does anyone know what is likely to happen?

Obviously I would just like it to be all paid-up but there's something nagging me in the back of my head saying it won't be that easy!

Thank you very much for any replies in advance.

Paul.

[Pandy]

This is only all that you owe if you are paying back 100% of your debt plus fees.
You will still owe the total amount of your debts until the end of your IVA and the creditors agree to write off anything remaining after you have paid you 60 odd payments.
If it is not your total debt plus fees then unfortunatly it is just a better return for the creditors and you will not finish earlier than expected.

(Edited to correct spelling mistakes [:I])

[DerbySaint]

Thanks Pandy.

I've just spoken to my IVA company and they've pretty much said exactly the same

I wish Egg would have sent the cheque to me and I could have claimed it as a F&F - oh well, I can dream!

[Broke of London]

Varden Nuttall did say in one if the letters that the refund is due to creditors but they would consider using it as a F&F in some cases so if you have extenuating circumstances you may be lucky.