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Is it right that the whole PPI is taken ? I thought it would be a %.
Posted: Fri Feb 10, 2017 1:45 pm
by EmJ6
I was told with bonuses they would take a % from you. I thought this was the same with PPI... but inetead they take the whole PPI from you... is this right? Thanks
Re: Is it right that the whole PPI is taken ? I thought it would be a %.
Posted: Fri Feb 10, 2017 1:47 pm
by Debt_guru
Depends on the terms of your IVA, i would ask the IP dealing with it.
Re: Is it right that the whole PPI is taken ? I thought it would be a %.
Posted: Fri Feb 10, 2017 3:01 pm
by kallis3
It also depends upon how much you owe in total. . If it will pay off all of your debts plus possible statutory interest then anything left will be yours
Re: Is it right that the whole PPI is taken ? I thought it would be a %.
Posted: Fri Feb 10, 2017 3:32 pm
by Foggy
A bonus is work related income and falls under the extra income clauses. PPI is considered an asset and is dealt with as such. They are two entirely different beasts.
Re: Is it right that the whole PPI is taken ? I thought it would be a %.
Posted: Fri Feb 10, 2017 9:07 pm
by Kazza
We had lots of successful PPI claims (Payplan used Credo claims for this) and on each successful claim, Payplan gave us the statutory 8% interest that was awarded with the refunds. This amounted to a fair amount in total, which was unexpected and a very big blessing as I doubt we'd have even bothered with trying to claim back any PPI as we didn't know we had any - which is precisely the point. It was mis-sold! We agreed to all claims being made on our behalf but always thought any / all funds went in to the IVA pot. For us - another plus point of being with Payplan. Not all companies work the same way.
Re: Is it right that the whole PPI is taken ? I thought it would be a %.
Posted: Mon Feb 13, 2017 9:05 am
by Lisa Thomas
Some terms and written to allow the debtor to retain the interest element. You will need to look at your terms to see what was allowed for.