www.iva.co.uk

Our total iva debt was 20.000 pounds.. our final payment for the iva was in december 2012
all in all we have paid 13.000 in the 5 years ,then we were awarded 15.000 in PPI claim back ,which ,after signing an amendment,(spotty letter)the cheques were sent to GT.The interst on the PPI claims was around 5000...and the contract stated(as an incentive we could have the interest back) so where does the interest go ! back to us ????? OR NOT.
Thanx.

Hi Steve, don't know the answer to that one however some companies have been known to refund the interest, whether you are entitled to the whole amount is another question and i'm sure i've read somewhere the jury is still out on that as it wasn't effectively an asset when you took the IVA out. Hopefully one of the experts will be along soon and can answer that question.

I believe that if you are in agreement with the terms of the proposed variation, then you will be allowed to retain the interest element of any future claims - providing that creditors also accept the terms of course.