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Posted: Fri Feb 19, 2016 9:26 am
by Lee.27
I recently was awarded £1800 from a previous loan company for PPI a misled PPI policy. They sent the award to my IP even those this company was never a creditor and this loan was taken out way before the IVA my IP say's they are entitled to the money. Can someone give some advice as I believe there not or may be half but not the full amount and the bank in question shouldn't of sent it to them.
Posted: Fri Feb 19, 2016 9:31 am
by kallis3
Hi,
Unfortunately the PPI is owed to your creditors even though the company wasn't included in the IVA.
It is classed as an asset and unless you can pay back 100p in the pound plus fees then this money will be lost to you.
Some companies, however, are allowing people to keep £500 of this.
Posted: Fri Feb 19, 2016 10:38 am
by Lisa Thomas
Thats right - not the IP specifically but the PPI is an assets of your IVA (even thought you were not aware of it when you first entered the IVA).
The PPI gets paid into your IVA estate to pay towards the costs and your debts.
It wouldn't be fair for you to keep this when you (presumably) still have an outstanding debt due in your IVA.
Sorry!