Old Bank Account

bandicoot421

Can anyone answer this for me?:cool:

I sorted out a 'clean' Barclays bank account in July 2011 for my IVA, started 1/9/2011, but i had a payment from work go into my 'old' bank account with the Lloyds TSB by mistake, i presumed that after accepting the IVA that Lloyds themselfs would have closed, capped or stopped the 'old' account as its part of my IVA, but i have since found that my payment has gone into the still active Lloyds account. Obviously its lost in there now but will this account stay 'open' and collecting charges on the overdraft i left in there until my IVA is finnished or can i somehow close or stop the account, can my IP sort this for me!

Im still new to this and keep finding ways to lose money etc.:(

FoggyBrain_2

Hi. The account will probably stay open while the O/D exists (which will be when the IVA concludes). Once the O/D is then partially satisfied and then written off I imagine they will then close the account. They might dabble with adding charges and interest in the meantime, but will only be able to claim the dividend on the loan as it was when the IVA was agreed.

It should still be possible to retrieve the amount paid in by mistake ( was it a lot?), as the bank cannot, once the IVA is in place, offset monies against the O/D which was included in the IVA.

stecast

Exactly the same thing happened to me when i started my IVA, my wage was paid directly in to my bank account (that happened to be Lloyds) who i owed a majority of mt debit to.

Before i started my IVA i opened a new basic account and instructed my employees that this was my new bank account that my wages had got to be payed in to. Everything was going well for about 4 months until one payday when i checked my account and my wage had not been payed in.

Checked with my employee as to why and after checking they admitted to making a mistake and payed it in to my old Lloysd account, me thinking i would not see that money again and they would keep the money seeing as i was in debit with them, i phoned my IVA company for advise on what to do.

I was told Lloyds had no rights to keep the money as i was in a IVA so i popped down to the branch to explain what had happened, after a bit of haggling with them, the assistant was adamant that i could not get the money back. In the end she went to see the manager for advice and within 5 minutes she was back with the full amount in cash that they had got from me.

Basically once your in a IVA they can't keep your money.

6 month to go and it's bye bye IVA and i'm counting the days.

bandicoot421

Many thanks FoggyBrain and stecast, will have a go at Lloyds TSB asap.
PS £121?

Update 3/10/2011, went to old bank, took about 1 hour to explain, wait around and sort it out, very helpful staff and ai got all my money back, thanks again for the advice.