PPI claim rejected pre IVA, now in IVA will be paid to creditors!

Davey112

Well, on my calculations and current payments etc, it is £1000 less than the £7000, so in that sense I'm down a grand over the term of the iva.

debtfree2016

Hi Davey, I was with Payplan and they used EIF for PPI, you should have calculation for PPI in your paperwork. I cant see how you get £100 from £6000?

Davey112

Hi,
When I spoke to them on the phone, the 3 examples they gave me was if the refund was for £80, I would receive the full 80. If it was for £120, I would receive 100, an the 20 would go to creditors. If it was for £5000, I would receive 100 and 4900 would go to creditors. So anything over £100 goes to creditors and the 100 to me it seems.
I will have to look through the paper work for the wording etc.
Thanks for your reply.

debtfree2016

40% would normally go to the third party for chasing PPI (disgusting I know) You should get 8% less any HMRC tax and the balance direct to the creditors. If you are with Payplan you should have access to their site with your account. I would aks for everything in writing including a full breakdown of the figures. I would also ask for a full breakdown of the PPI refund from the Bank.