Many thanks to Kallis3 and foggy:)
I've got one more question though. I've received a PPI refund
of £4K and just wondering if this will be applied to my debts?
If not, can I reclaim this money somehow?
When you are in an iva, any ppi refunds will be added to your creditors pot, and then distributed accordingly, giving them an increase in dividends towards the outstanding debt. It isn't uncommon that ppi refunds could even amount to the value of the original outstanding debt, and can be used in some instances to support closing an iva down early - after IP fees and interest of course
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Some firms will allow you to have the 8% interest (if any), which is taxable. However the majority of firms insist that the whole PPI refund is paid into the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MrsR
When you are in an iva, any ppi refunds will be added to your creditors pot, and then distributed accordingly, giving them an increase in dividends towards the outstanding debt. It isn't uncommon that ppi refunds could even amount to the value of the original outstanding debt, and can be used in some instances to support closing an iva down early - after IP fees and interest of course
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Some firms will allow you to have the 8% interest (if any), which is taxable. However the majority of firms insist that the whole PPI refund is paid into the IVA.
