www.iva.co.uk

hi financial os is trying to get me back bank charges and mortgage that was misold,which if get all back it amounts to about 14000,owe 14,900 left to iva ,what would be good f&f offer be,and also if dont get it all back can we keep 50% of it thanks

Hi,

You might find that if you get back the bank charges that the bank will keep them to offset against your loan, which in turn means that your other creditors will receive a greater dividend.

If you do get them back, I don't know if you would be allowed to offer this as a full and final or not. Bear in mind that you owe the full amount of your debt until the IVA is finished, and this may just mean that you pay more back.

As to keeping any, this is something you would have to sort out with your IP.

This is likely to be a windfall, if the banks do decide to refund you directly rather than reduce their claims. When you say you owe £14,900, is that the balance of the remaining contributions or the full amount you still owe to creditors?

hi thats the balance of the remaining contributions

I think on that basis it is doubtful whether you could use reclaimed money from your creditors to offer a full and final settlement. The monies will be captured under the windfall provisions and you will continue to make your monthly repayments in the usual manner.

the bank charges are from a creditor,but the mortgage fee is not from a creditor and we are not with that company now,say if we got full compensation from the mortgage company would i be in a position to offer then thanks

Still a windfall sorry!

It might be acceptable to creditors as you will have done a lot of work to get this money back and creditors will enjoy the benefit. You would need clarification from your IP who may need to consult with creditors but if you do not chase this money it will be lost. Get the okay before you get the money back or it could just be treated as a windfall.

it seems to me that these compensation cases regarding bank charges, misold mortgages etc.are better persued after iva,s are concluded.would you agree melanie.

No - if there is a genuine claim to be made, which other creditors can share from, then I think it is right to do that as soon as possible.

thats right for the creditors, but what about the debtors rights.

I would suggest that they come after paying creditors in full, wouldn't you?

no because creditors have been proven to be irresponsible in lending thats why we are in the middle of a world recession.they have been driven by greed,most debtors have borrowed to consolidate debt through desperation.

Maybe creditors were irresponsible, but we also have to take responsibility for borrowing (and spending) the money.

what do you say to thousands of people that have lost their jobs,through no fault of their own, but down to the banking fuelled recession,then they have no money to pay their mortgages.so end up homeless, is it their fault they got a mortgage. would it be better for us all to live in a communist council housing nation, where the state pays our rent if we become unemployed,then there would be no need for personal ip.s etc.and borrowing be restricted to say £1000 a year per adult pending on employment status,that should help sort the national personal debt out ,what do you think banks.