I have just spoken to the company who are dealing with my IVA - I am so disappointed that the PPI refunds which I am due (now standing at £1725) would have helped towards my IVA being finished earlier I have now been told that I still have 14 months to go as of September.Advice please
Any PPI refunds will improve the return to creditors and not shorten the IVA term unless you have repaid in full plus the costs of the arrangement and possibly statutory interest.
It must be disappointing to learn that now - really you should have been advised from the beginning about any monies that you come into not shortening your IVa so that you had no nasty surprises. At least this way you will be able to repay back more of the debt than you originally thought.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Hi, Michael is right we have had over 50% of our debt paid in the first 13 months due to ppi refunds but we still have to continue with payments until 100% is reached + costs
Thanks tto all who replied - I was not informed re the distribution of monies from my PPI refunds - I also found out today that none of the refunds granted have been paid to my IVA as yet - bearing in mind they were granted in June and we are nearly in September!
I phone the company dealing with the PPI and the girl in charge of my case was shocked to find out that the banks involved had not paid out the money as she said that they are supposed to pay out within 28 days!! She said that she would contact said banks withregard to this and also two other creditors who have still not replied and email me by the end of the week to update. Sorry for the long winded saga
