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Posted: Mon Mar 14, 2016 6:37 am
by Joanna.07
Many thanks to Kallis3 and foggy:)
I've got one more question though. I've received a PPI refund
of £4K and just wondering if this will be applied to my debts?
If not, can I reclaim this money somehow?
Thank you
Posted: Mon Mar 14, 2016 7:19 am
by MrsR
When you are in an iva, any ppi refunds will be added to your creditors pot, and then distributed accordingly, giving them an increase in dividends towards the outstanding debt. It isn't uncommon that ppi refunds could even amount to the value of the original outstanding debt, and can be used in some instances to support closing an iva down early - after IP fees and interest of course
Posted: Mon Mar 14, 2016 7:39 am
by Foggy
Some firms will allow you to have the 8% interest (if any), which is taxable. However the majority of firms insist that the whole PPI refund is paid into the IVA.
Posted: Mon Mar 14, 2016 7:25 pm
by Joanna.07
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MrsR
When you are in an iva, any ppi refunds will be added to your creditors pot, and then distributed accordingly, giving them an increase in dividends towards the outstanding debt. It isn't uncommon that ppi refunds could even amount to the value of the original outstanding debt, and can be used in some instances to support closing an iva down early - after IP fees and interest of course
Many thanks:)
Posted: Mon Mar 14, 2016 7:27 pm
by Joanna.07
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Some firms will allow you to have the 8% interest (if any), which is taxable. However the majority of firms insist that the whole PPI refund is paid into the IVA.
Thank you:)