How much PPI goes into IVA

[katrina525]

I have 1 more payment of £101.00 left on my Iva and I have some ppi money that I have been awarded to but it is going to my debt management.
Surely they can only take wot is left owning????

[kallis3]

If your debt has not been paid off in full plus fees, I'm afraid PPI will go to your creditors.

[MerlinL14]

What you will find is the IP will take it all. It will be distributed to all your creditors as an addition to the dividend they were told to expect, which would always be the minimum calculated from your disposable income (monthly payment). Unless this last payment is for the full amount of the debt plus interest plus IP fees then you will see nothing of it. Sorry.

[luluj]

Sorry to disappoint but I agree with Merlin your creditors will benefit from the ppi payment as you have not paid the full original debt back to creditors

[abbiesmum2003]

Same scenario.
Last of our 60'payments goes next week and got a letter on Monday saying awarded PPI (£800) was going into our IVA.
Its gutting but thats what we signed up for.
Always owe full amount of debt you entered the IVA with plus additiona fees/interest i think. What isnt paid from the 60 payments is written off so ppi, inheritance etc all goes into the pot as extra towards debt.
Id rather not get letters say "hi heres £800 ppi but we are sending it to your IVA company"!!! Would rather not know!!!!!!

[Kazza]

We were always lucky with PPI claims as Payplan always gave us the 8% stat interest that's awarded on PPI. Even after almost 2 years out of the IVA we've just been given 2 lots of Barclaycard stat 8% interest! (we had interlocking IVA's). And we had a lot of successful claims whilst the IVA was running!

[kallis3]

You were lucky Kazza! We had nothing.

[Kazza]

Sorry Kallis, so busy with work these days (which is great!) I sometimes forget/ don’t get the chance to check the forum like I used to (I swear I lived on here 24/7 whilst we were in the IVA!!) But yes, extremely lucky as never expected to see a penny but boy we did alright with it all! Our actual ppi refunds were large sums (just goes to show you what the banks did to us!) that our interest elements were also big! Got us a few holidays so we were very lucky indeed. Still maintain the IVA was the best financial decision ever! Still budget and save like crazy!

[kallis3]