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If some one is about to enter into an IVA and one of the creditors return an amount of PPI, does that amount have to be declared. Thank you to any one for advice on this..

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If some one is about to enter into an IVA and one of the creditors return an amount of PPI, does that amount have to be declared. Thank you to any one for advice on this..

 

Hi there,

 

As it's classed as a 'windfall' you would have to declare it. The IVA firm are likely to want a percentage of it which would be paid to the creditors in addition to the amount that you pay monthly.

 

Hope this helps!

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