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UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Hi, we have been on an Iva repayment which finishes in October

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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 .

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
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 .
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.

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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 .
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