Probably an obvious answer. The highest amount goes to the highest owed each month? I have 2 main creditors taking up 75-80% of my total. So say they make up 10k and one takes up 2k. The 2 k is likely to be done with alot sooner so is it strung out over the 5 years for them also? Or do the amounts going to the higher owed creditors just get an adjusted share if one is paid in full before term?
They all get paid a dividend which is expressed as pence in pound. All creditors get the same dividend, so they all do proportionally as well (or badly as case may be)
if your figure is 25p in pound, a creditor owed £1000 would get £250 one owed £10,000 would get £2500 etc
If one of the creditors refuses to pay PPI back - on some written clause, and all the others do pay it back to the IVA pot, seems unfair that this creditor gets an equal share..That is what happened to me (although I am appealing via ombusman) Just an actual scenario worth mentioning I thought :-/
