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I have been with a Iva company for about 8months with no problem. They did ask is there could be any PPi due back from my creditors and I said no as there is none and did not fill in the permission form for them to search as I know there is definitely none. While clearly our old paperwork in November ther was paperwork from Abbey national and other credit card companies from1998 to 2006. I was not sure if ppi were on any of these but still contacted them. Long story short I have been awarded just over £5000 from 4 companies. These companies sent the payments to the Iva company. I contacted the Iva company and they say this is an asset even if the ppi is not from current creditors listed in the Iva. I asked if I could have something back as I have a domestic emergency and cannot obviously obtain credit to help and cannot use wages without it causing me financial hardship for me and my son as I am a single parent with one wage coming in.
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Re: PPi refunds to Iva company
This is correct, it should go into your IVA.they say this is an asset even if the ppi is not from current creditors listed in the Iva.
I've written an article here http://debtcamel.co.uk/cant-afford-iva-payments/ on what happens if you are struggling with the IVA payments. Only 8 months in, this is not good news. Do you mind saying what the domestic emergency is? How much are you paying into the IVA each month? Do you think this is actually affordable, or have you committed to paying more than you can afford? -
Re: PPi refunds to Iva company
The emergency is before Xmas my fridge freezer died. I am not struggling with the payments as I am surviving with the budget worked out. It's just this is something unexpected. My monthly payment is 122 a month.Comment
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Re: PPi refunds to Iva company
You could ask your IVA firm if you could have a payment break for a few months.
Things do happen, this wont be the only thing that breaks in your IVA. Could you try putting £25 a month aside in an emergency fund? Not easy I know.Comment
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