How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask UKSolicitorJA Your Own Question
UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
62162956
Type Your Law Question Here...
UKSolicitorJA is online now

Hi, we have been on an Iva repayment which finishes in October

Resolved Question:

Hi, we have been on an Iva repayment which finishes in October this year , we have received a ppi claim which is not in our Iva the loan was secured on our house which we are still paying , have offered to pay a sum of money to creditors and finish paying Iva , the rest of money we want to pay towards the loan on our house however our Iva company request we hand over all the money to them as it's classed as a windfall we just need advice on what we need to do , thank you .
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

Please set out the terms and conditions of your IVA proposal here.
Customer: replied 3 years ago.
I have pages of information on terms and conditions not quite sure exactly which bit you need , sorry not very good with this my husband is away and has asked me to try sort it out
Expert:  UKSolicitorJA replied 3 years ago.
I just need the bit which says what happens when you come into possession of any monies, assets etc.

Customer: replied 3 years ago.
In accordance with clause 20 of the standard terms and conditions any refunds we receive whilst subject to the arrangement such as windfall asset or inheritance including ppi funds is due into the arrangement for the benefits of your creditors . This is the bit we need advice on as the ppi refund is not in our Iva it was a loan secured on our home which we are still paying , I hope this information helps thank you .
Expert:  UKSolicitorJA replied 3 years ago.
I am afraid under this clause 20, the ppi funds are payable into the IVA, it does not matter that is in respect of a home loan.

Sorry
UKSolicitorJA and 3 other Law Specialists are ready to help you
Customer: replied 3 years ago.
Thank you for this information it has really helped me to finally get this sorted out , your response has been excellent once again thank you .
Expert:  UKSolicitorJA replied 3 years ago.
Thank you. Please click on the smiley face