What happens if Im on IVA

plshelpme_2

What happens if Im on IVA and will try to claim bank charges and PPI?
If there is a good result, will the creditors put all the refunds on your outstanding balance or will they pay you by cheque? Is it better to wait to finish my IVA which is in four years time or is it ok to claim now? please help me please,,,, thanks

Charco_2

I posted a reply in your other thread there but i'll reiterate here.

Your creditors will try to offset the balance in their accounts and there is little that can be done to stop them... it would cost too much money to sort out and therefore there would be no real benefit.

Technically the payment should not simply go back to the same creditor, it should be given into the IVA and dispersed for thwe benefit of all creditors.

However if you wait until AFTER your IVA, you may stand a chance of getting the made to you for your benefit.... not much help now though since you're only 10 or 11 months into your 60 month arrangement!

happychappy74

I claimed my credit card / bank charges during my IVA. The terms of my IVA stated that any amount over £500 would be considered a windfall and would be taken for dispersal accordingly.

I had a range of claims over credit cards and banks, which I persued. All of which were lower than my £500 threshold. As a result I claimed EVERY credit card amount. Some of which were cheques sent straight to me, some were cheques sent to Payplan (but were then sent on to me) and a couple of times the banks said they would only deal with Payplan for the payment. This was fair enough, but I kept on top of it and it turned out they had not sent any payment. I did chase this up of course. Devious so and so's.

The bank charges are currently on hold but the credit cards are all finalised.

I also sent a letter to Barclays for PPI and they paid up straight away (this was also less than £500 so simple enough).

In short...if u paid money that u shouldnt have and it can go back into your pocket then claim it back!!!!!!

Just check the details of your own IVA and do what u can.

Good luck