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Posted: Mon Jul 16, 2007 3:59 pm
by s.s.
I started an IVA January 06 and have just recently decided to reclaim some bank cahrges from a former bank. They have offered me a sum of money but say they are going to send it to my IVA supervisor, should i accept of course. Are they allowed to do this? Does this mean i wont see a penny of what i think should be mine?
Posted: Mon Jul 16, 2007 4:01 pm
by mick.i
99% sure that the money will be treated as a winfall so will go to your creditors.
Posted: Mon Jul 16, 2007 4:03 pm
by Oliver
I agree with Mick. This money will likely have to go into your IVA and be spread amongst your creditors.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
Posted: Mon Jul 16, 2007 4:09 pm
by iva_squirrel
Hi s.s.
I'm afraid Oliver and Mick are right, if you receive that money it will go to your creditors.
Regards,
Michelle P.
Posted: Mon Jul 16, 2007 8:47 pm
by PoorbutHappy
Lloyds just reduced my balance with them when I complained about various things.
Least its another £4K off what I owe (so the rest gain slightly when it comes to hand out time) and felt good too!
Posted: Mon Jul 16, 2007 9:31 pm
by MelanieGiles
The monies are classed as a windfall and will need to be paid into your IVA.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
Posted: Wed Oct 17, 2007 6:01 am
by jpj
Melanie. Can the banks offset the refund against what you OWED them? I presume if you are in an IVA and the debt has been sold on, they have no choice but to send it to your IP so it is divided fairly?
I know everyone is waiting for the OFT court case, but I have read that only Devon and Wales have put a blanket ban on cases and that some other cases are still going ahead !
JPJ[B)]
Posted: Wed Oct 17, 2007 9:51 am
by MelanieGiles
Yes - the banks can offset this money agains their debts, even if the debt has been assigned to someone else.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp