IVA and PPI refund

norabee

My husband had an IVA accepted last week (yeay)
However, this morning he recieved an offer of refund from LLoyds Tsb (his main creditor) saying he will be refunded xx amount by cheque. Ths claim had been submitted for nearly 16weeks - long before we even looked at IVA as a solution.
Although, the loan the refund is for was only in my husbands name, i helped pay this loan (it was paid from our joint account)and both our salaries were paid into the joint bank acct. Am i entitled to keep some of the money? it seems alittle harsh that the IVA company takes ALL the money? Please can someone advise where we stand on this. thanks

balmk

Best course of action would be to check with his IP - depending on the terms of your agreement you may be able to keep half, or depending on the amount reduce your IVA term.

Don't try and squirrel it away, or let Lloyds try and deduct it from the amount that you owe them as it should be (in whatever ratio retained by the IP) distributed amongst all the creditors as the IVA has now been agreed.

norabee

I will speak to his IP - i dont mind the companies spliitting it fairly as its funds owed to them anyway. Its just a little something for a new carpet or similar would be nice (we have our second child due in Jan)
Thanks LAura
x

ladymoon

You need to speak with the IP asap, but don't hold out too much hope. The loan was in his name and the cheque is in his name, therefore they could take the lot under the windfall clause.
Explain about a baby on the way and they may be more sympathetic and let you keep some.