our IVA was completed about 3 years ago. We have just had a letter from Lloyds regarding a credit card. They refused to pay out on missold PPI issue, but have agreed now to our surprise that on a high commision rate we are due £1500 they say they have paid this directly to Cleardebt our IVA company. Since the decision re the commission rate came well after our IVA was completed, Are we entitled to this money back from Cleardebt. We actually paid over the original agreed level of IVA as our income increased year on year.
Unfortunately as this was an asset in your IVA it is due to your creditors and will be paid across.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
This, albeit unknown at the time, existed during your IVA and is therefore an asset of the IVA. It will be paid to the insolvency firm who will decide whether it is economical to open the files and distribute this to creditors. If they decide it is uneconomical they will return the money to you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
