Hi I started my Iva in 2017 my original debt was for 10k it got reduced to £8500 I’ve paid £3260 so far!! I had a ppi payment of just over 6k I got £500 and the rest went to my Iva and the ppi company, I’ve never received a statement to say how much of my ppi went to my Iva!! Aperture are still saying I owe £5192 so where would the ppi money have gone I thought at least some of this would have been taken off of my Iva? Hope this makes sense. Thank you
The PPI money would have been distributed between your creditors ( after fees). You should get a statement of where monies have gone at your annual review.PPI does not lower your payments, but adds to the dividend creditors get.
Most of the payments made in the first year or so go towards Nominees fees for setting up the arrangment, as agreed by the creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
