Can i argue that i need not have gone into IVA if PPI claims had gone through before agreement started. Am 4 years in and never missed a payment and have handed over an additional 20k in missold monies.
You can argue but very much doubt it will get you anywhere.
PPI refunds were not fully known 4 yrs ago and at time of your iva your circumstances will have been assessed at that point with your income and expenditure ...
If it were me I woukd look at the fact a much higher return your creditors has been achieved and that you owe far less now.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
ive fished my iva payements in 2010 and ppi was a big issue then and my iva company dfd was very proactive regarding getting their hands on the money that came which was in excess of £13,000 OF WHICH VERY LITTLE WENT INTIO MY IVA but to the well lined pockets of the ppi company and dfd my debt was £27,000 and it would have gone a long way to help clearing the debt and give the creditors the money I wed back I still don't understand when people say the creditors don't mind huge chunks of monet goes in fees in my case by the time dfd and eif added fees from ppi and nomiaees fees and dfd monthly fees over £20,000 of the £34,000 that went to them not the creditors so really when the iva companies inmany cases from 2010 in my case saw money signs they were not going to let the gravy train go .when your in an iva you know its going to be a hard slog and a learning curve about being more responsible with money . what made me angry was the way what should be an asset for the iva as its drummed into people it should be put where it belongs in the pot to pay back the creditors not put in such a small % after fees . I believe there should be a capon ppi claims fees . n ot a set % of the total and aslo why do the iva companies need to have a cut to what are we paying fees for each month if not to run the iva correctly . realistically by the time u add on the fees for everything you end up owing more thanu did befoere.
PPI only becomes an "asset" where figures over 10k become involved.
Below that only other people (as you say) benefit and its more about what they earn from it.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Dawn, there is nothing to understand regarding creditors being happy to lose large chunks of PPI refunds to the claims companies. It is a simple fact that they agree to this, however wastefull we see it to be !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
