www.iva.co.uk

Hello,
I applied for a refund of PPI via a company called Equity In Finance - at the time I advised I was in an IVA and they said that if I was successful obviously I would have to some of it in to my IVA.
I have just received a letter advising that one of my creditors has made an offer but it all has to go to my IVA. My understanding of the terms of my IVA are that if I receive any additional income I have to pay 50% of it to my IVA so why is this any different? Please advise.
Kind Regards,
Jess

Its not like overtime it is an asset therefore goes into the iva pot.

Paul

Hi, the PPI award will be deemed as an asset not a windfall and therefore be payable into the IVA in its entirety.

It's worth checking the wording of your proposal and if still unsure do ask your IP but in general this is how it is viewed.

Hi jess welcome to the forum. If only eh?! As already stated, they are claiming it as an asset, but have they said anything about you receiving the interest element of it? Payplan are using EIF, and I'm sure my paperwork said I would get interest on any refund of 8%. Can anyone else clarify this for Jess? You can allways ask your IP about this. x

Basically extra EARNED income comes under the 50% rule ( with a possible 10% deminimus). Extra UNearned income will either be a windfall or an asset (makes little difference which as they both all go into the IVA), assuming you have an all assets clause in your proposal.

I am with payplan and their information did say we would get 8 per cent. Signed the papers a while ago, against better judgement cos never evEr took PPI andnever heard anything from payplan