www.iva.co.uk

Posted: **Fri Jul 06, 2007 11:30 pm**

i have just been sent a letter offering me my bank charges back, but the bank letter says the cheque will be going to my IVA company do the banks have to do this?

Posted: **Sat Jul 07, 2007 12:09 am**

Hi janeyg

Yes - I am afraid that your claim is treated as a windfall and has to be handed directly to your Supervisor.

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: **Sat Jul 07, 2007 8:11 am**

Good morning,

Your IVA will include a 'windfall' clause. Any assets, including lottery wins, bonus payments, gifts or inheritance have to be declared to the Supervisor and paid into the IVA for the benefit of the creditors.

And I am afraid that your claim is treated as a windfall.

Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

Posted: **Sat Jul 07, 2007 10:32 am**

Hi Janey,
Is there a clause in your IVA agreement about windfalls e.g. 50% for your creditors and 50% for you? If so, you may get some back. If not then at least there is a sense of justice in that the bank have had to return what they should not have taken in the first place.

I'm going to tackle Nationwide about the £1,000s they've taken from me over the years. I probably will not receive much, if any, of it but thats not the point, they shouldnt have it either.

Also, I'm sure I've read somewhere that some banks just reduce their claim in an IVA rather than payout - anybody know of such cases?

OW

- 'I wont cry for yesterday 'cause there's an ordinary world somehow I have to find...'

Posted: **Sat Jul 07, 2007 1:27 pm**

Hi OW
Yes i read that in one of the national papers that banks are keeping the refund to themselves where it gives them a better return than the IVA dividend and just stepping out of the IVA.
Can they just step out Melanie ?

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: **Sun Jul 08, 2007 10:50 am**

Banks will generally exercise their right to mutual set-off in these cases of bank charges claims, but they should also be entitled to receive a dividend payment on the balance.

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: **Sun Jul 08, 2007 3:16 pm**

Hi Melanie,
So are you saying that they would reduce their claim in the IVA yet receive some of it back as part of the 'windfall payment' being distributed pro rata to all creditors.

If so, that makes sense and seems fair.

OW

- 'I wont cry for yesterday 'cause there's an ordinary world somehow I have to find...'

Posted: **Sun Jul 08, 2007 3:19 pm**

Depends whether the claim would be higher than their outstanding debt or not? If higher, then they would be effectively paid in full leaving the surplus to come into the IVA as a windfall. If lower, they would just reduce their claim and still receive a dividend on the balance.

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: **Fri Jul 20, 2007 10:42 am**

Hi just to let you know i did not agree to giving all my bank charges and sent a letter asking for 50/50 and have had a phone call today from my iva provider telling me They will still get the cheque from the bank but will be sending me half of the money yippee!!!

Posted: **Fri Jul 20, 2007 10:44 am**

thanks for everyones feedback on my question

Posted: **Fri Jul 20, 2007 10:56 am**

So does this mean if your proposal states 50% then if I claim my bank charges I will get 50% back?

Life is far too stressful!!

Posted: **Fri Jul 20, 2007 1:43 pm**

Possibly - depending upon whether the bank use their right of set-off or not.

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: **Fri Jul 20, 2007 2:28 pm**

Hi
Well thats good news for you and will give hope to many.
I am surprised that it was not classed as a windfall though.There does seem to be a lottery style "reading of the rules" regarding certain aspects of IVAs.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: **Fri Jul 20, 2007 2:33 pm**

I was assuming the poster had the 50/50 windfall modification. If not then the whole amount outght to be payable.

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: **Fri Jul 20, 2007 4:52 pm**

Hi Melanie
Surely all IVAs should have the same conditions regarding certain things,i;e all of a windfall over £500 to go to the IVA,50/50 on overtime,bonus.Seems that we have a mixture out in the market place at the moment.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp