IVA question

bukko

Hi,
wasn't sure which forum to post this in, but I guess more IP's read this one so here goes:
Myself and my partner have a joint IVA, mostly credit card debt (mainly charges) and about 20% HMRC (which might end up at 0 outstanding when their investigation is finalised).
My question is, can I still claim back bank charges even though we have an IVA in place?
I'm aware that it won't affect the amount I have to pay back - unless the amount owed somehow drops below the amount we're paying back - but in case of a future recalculation or bankruptcy, I'd like to try to minimise the original figure.
Unfortunately I wasn't aware I could claim back charges until after the IVA started
Thanks for all help...

bukko

For info, I just spoke to my IP (Grant Thornton) about this - not sure why I didn't before :$
The answer is Yes. You can still claim back CC charges, and the amount will be deducted from the total owed.

Charco_2

Reclaiming charges is a bit hit and miss. The best you can hope for is that you lodge your complaint and when the law is untangled and made a little clearer your claims will go back to six years prior to your complaint (not six years prior to the law being made clearer - and that's as clear as mud, sorry i'll try again)

If you lodge a complaint now, your reclaim period would go back to 2003 regardless of when the law is cleared up.

If you wait til the law is cleared up in 2011 or 2012 (or later) then your reclaim period would only go back to 2005 or 2006 (or later).

However, if you are in an IVA, bide your time is probably the best option. You can still go back afterwards and see is there anything you're entitled to.

natweststaffmember

Charco wrote: »

Reclaiming charges is a bit hit and miss. The best you can hope for is that you lodge your complaint and when the law is untangled and made a little clearer your claims will go back to six years prior to your complaint (not six years prior to the law being made clearer - and that's as clear as mud, sorry i'll try again)

If you lodge a complaint now, your reclaim period would go back to 2003 regardless of when the law is cleared up.

If you wait til the law is cleared up in 2011 or 2012 (or later) then your reclaim period would only go back to 2005 or 2006 (or later).

However, if you are in an IVA, bide your time is probably the best option. You can still go back afterwards and see is there anything you're entitled to.

On bank charges and NOT credit cards that is incorrect since the FSA Waiver on bank charges specifically states that the clock stopped on 27th July 2007 with regards to limitations so a person can reclaim back from 27th July 2001 until today or even until 2011 or 2012. 28 firms are signed up to the waiver which should cover all firms who make charges for payment instructions being returned or who charge overlimit charges. Credit card charges are not subject to the OFT test case and can be claimed immediately but are subject to the Limitations Act which would mean 6 years rule in effect. Hope that clarifies that for you.

bukko

Well I'm going to start the CC reclaiming process now.
I have nothing to lose, and if it reduces the overall debt by anything at all this might help in the future.
Thanks all