Provident write off

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Teenie1

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Joined: Tue Jan 11, 2022 1:57 pm

Post by Teenie1 » Tue Jan 11, 2022 2:29 pm
I am now in my final year of my iva, my total debt was £12100, £8000 of that was owed to provident who have now emailed saying they are writing off my debts with them.

I have already paid £11100 into my iva to date.
My debt after provident has been written off will be £4100 plus £4300 in fees to creditfix so £8400 all together.

Will my iva end early?
Am I likely to get a refund of the difference of what I’ve paid and what is owed to my other creditors and fees. Which is around £2700

Foggy

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Post by Foggy » Tue Jan 11, 2022 4:52 pm
Are they writing off the entire debt of £8,000 ? Or are they writing off any remaining balance as of now ? If they are writing off the full original debt, then CF would have to reclaim the dividend already paid to them, which might be problematic. This, of course, would then need to be re-distributed to your other creditors, up to the sum of the original debt and possible statutory interest.

CF tend to do things their own way and are impossible to predict but, in theory, once the full outstanding debt, plus fees and possible statutory interest has been paid the arrangement will end early at that point. I would say that any surplus you have paid over this amount should be refunded to you. However, if CF fail to get this back from Provident they will be unable to pass any 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
http://foggy.blogs.iva.co.uk

Teenie1

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Joined: Tue Jan 11, 2022 1:57 pm

Post by Teenie1 » Wed Jan 12, 2022 2:40 pm
Thanks for the reply, according to my most recent statement from provident they haven’t received any payments since my iva was started, I queried this with CF 4 years ago who told me that they distribute payments to creditors at the end of an iva.

bowline

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Post by bowline » Mon Jan 17, 2022 3:05 pm
According to the provident website, the balances are being cleared https://www.providentpersonalcredit.com/.
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