What is IPA OVE REFUNDS?

benroles

Hi all,

Not really the right forum for this but couldn't fit it anywhere else (plus this sub-forum gets a lot of views!). Yesterday I had a credit to my bank account (Hfax) of £103.70. Unsure what that was I waited for the description to show today. Well it now says:

Ipa ove refunds

And that's it! Anyone know what this is? Going to google and within 8 hours this term has shot up the rankings (it's now the #1 auto-term when you start typing IPA).

I rang my bank and all they could tell me further was a sub-description of UPL refund and a 9 digit code (mine was 0903576). No further detail was available.

I'm not expecting any money back and am completely lost to what this is.

Can anyone help?!

Thanks,
B.

benroles

Just a one-off gentle bump. No one know what this might be?

Regards,
Ben.

rae46m

I have recently had a similar payment and it was from Santander. I had paid off a loan based on a settlement figure they gave me and i think they took an extra monthly payment incorrectly. This money is arefund of the difference between the amount i paid off to clear the loan and what really was due to be paid once they had taken an extra payment.

I would check any loan or other item you have recently paid off.

Hope this helps. It was a bit weird.

Steve

pigsmightfly

Just wondered if you ever found out what this was at all?

I've just checked my bank this morning and got a refund of £20 and all the description says is IPA OVE REFUNDS ON.

I haven't recently paid off a loan or anything so no idea what this is?

Thanks

charlie_bear2012

IPA's are santanders holding accounts which can be used for differing purposes.

OVE means overpayment, so as suggested likely to be a refund of an overpayment you have means on the closure of your loan / mortgage. If received in error i'd advise you to contact Santander.

Mrs_Ryan

I think Santander must be doing an audit or something because OH had a cheque for £70 a few weeks ago as a refund of charges he had been wrongly charged - presumably if they had had his new Barclays account details he would have had a payment as well.

stephane_2

charlie_bear2012 wrote: »

IPA's are santanders holding accounts which can be used for differing purposes.

OVE means overpayment, so as suggested likely to be a refund of an overpayment you have means on the closure of your loan / mortgage. If received in error i'd advise you to contact Santander.

You're 15 months late......