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Are we entitled to money back from clear debt ? Our IVA completed 3 years ago
Posted: Sun Dec 24, 2017 3:35 pm
by Les.94
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.
Re: Are we entitled to money back from clear debt ? Our IVA completed 3 years ago
Posted: Sun Dec 24, 2017 3:39 pm
by kallis3
Unfortunately as this was an asset in your IVA it is due to your creditors and will be paid across.
Re: Are we entitled to money back from clear debt ? Our IVA completed 3 years ago
Posted: Sun Dec 24, 2017 4:14 pm
by Foggy
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.