Help Please!!!

marshallka

di3004 wrote: »

Cheers for posting on this one, I was getting rather confused in regards of the IVA, so glad you 2 came along to clarify.:D;)

If someone has been redressed correctly they are never out of pocket choose how the redress is actually made if you owe them money and there is no other means of repaying them (ie arrears). I know that massive amounts can actually be the cause sometimes of entering into DMP and IVA's but not such a small amount as the above I would think.

Why do you say "confused by the IVA"? Is it different on DMP's than this? I thought all extra money after entering in these things is then used to reduce debts?

di3004

marshallka wrote: »

If someone has been redressed correctly they are never out of pocket choose how the redress is actually made if you owe them money and there is no other means of repaying them (ie arrears). I know that massive amounts can actually be the cause sometimes of entering into DMP and IVA's but not such a small amount as the above I would think.

Why do you say "confused by the IVA"? Is it different on DMP's than this? I thought all extra money after entering in these things is then used to reduce debts?

Not sure on how IVA works out, not on DMP either so not sure to be honest.
I assumed that with an IVA it was just taken over by them, so there would be no account as such, saying that maybe its bancruptcy I'm thinking of, really do not know.

liverpool1988

Ok just a quick question then can the banks say that they are not directly going to give you the money back but are going to knock it off the loan amount etc?

Or can you request that the money is sent via a cheque to yourself?

Cheers.

di3004

liverpool1988 wrote: »

Ok just a quick question then can the banks say that they are not directly going to give you the money back but are going to knock it off the loan amount etc?

Or can you request that the money is sent via a cheque to yourself?

Cheers.

Hi there.

This can vary from one bank to another, but if there are any outstanding arrears, mainly it is repaid towards them, there is no harm though in requesting if they can do this though, but its not likely really.;)

liverpool1988

I just hope they send me a cheque for myself!