Claiming in a DMP/IVA (merged)

Edinburghlass_2

You can claim but be aware its likely any monies will be put towards any debt account held by the bank.

Twinkly

stickman wrote: »

Hi Moneysavers,
Currently on DMP with cccs and about to start claim for unfair bank charges.
Having read all of the posts, it appears that any refund would come off the total ammount owed to bank, what gets me is that for whatever reason for me being in debt the charges applied were unfair to start with, hence everyone now applying for them back. Why should'nt people get a cheque refund for these "unfair charges" as they should'nt have been applied in the first instance. I would still be in debt to the bank wether the charges had been applied or not, basically I am claiming for something that they should'nt have been doing in the first place, regardless of one being in debt to them or not.
Obviously any refund is a bonus and will help in reducing my debt, just think that I/cccs shold be able to use it to repay all creditors pro rata.

I understand where you are coming from with this.

Basically, they do have right to set off any refund of charges against their own debt but according to the article shown below certain conditions would have to apply. If you have an arrangement to pay any loan or overdraft at a monthly agreed amount then the amount taken from your refund would have to be 'due and payable'. They could only take any missed monthly payment and not the full amount unless the loan/overdraft is officially recalled prior to refund of charges. See here for more information:

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/40/40_setoff.htm

If the loan/overdraft is offically recalled it would indisputably be in retaliation for reclaiming charges. Complain to the Financial Ombudsman about this and any issue surrounding their taking the refund against the loan. As regards payment of the loan/overdraft after recall you should retain the same rights as a debtor as usual with payments calculated on your income and outgoings. They can demand full payment but they cannot expect it.

Get a 2nd opinion on this and further advice as each case is different and personal circumstances differ. It is certainly worth a try to challenge the bank on this one though and something I would personally do if I were in that position. Good luck

Indebted2uRen79

chrissheff wrote: »

I'm currently in a Debt Management Plan with Payplan.

I have two creditors which have both agreed to my DMP.

I have somewhere in the region of £1000 in late payment charges.

Has anyone ever tried to claim back these charges whilst in a DMP?

I'm worried that if I have a go at claiming them back I might upset the apple cart and ruin my DMP.

Any advice would be greatly apprieciated.

Thanks.

Same here. Had same worries but feel much better now been reading threads.
Could reduce my debt's significantly.

Good luck.

Empire03

Hi there im a newbie and i was wondering if anyone could tell me whether you can claim back your bank charges if you are on an IVA with the banks you want to claim against. Im hoping that this is possible as the charges have obviously contributed to the debt amounted! Can anyone shead any light??
Thanks

Paulajane71

Hi my name is Paulajane

I have a Debt Management Plan with Payplan at the moment which I am managing nicely. I have been advised by various friends to look into recovering charges levied at me by the bank for being over drawn etc. My question is, can I still go in to this with my bank having gone into a Debt Management Plan with Payplan? Can anybody help?

Thanks very much

Paulajane

Bewitched2761

If you go to the top of the board theres an entire thread about reclaiming bank charges whilst on an iva
hth

teanderson1

Paulajane71 wrote: »

Hi my name is Paulajane

I have a Debt Management Plan with Payplan at the moment which I am managing nicely. I have been advised by various friends to look into recovering charges levied at me by the bank for being over drawn etc. My question is, can I still go in to this with my bank having gone into a Debt Management Plan with Payplan? Can anybody help?

Thanks very much

Paulajane

I have just started a DMP also with Payplan, I told Payplan that I want to claim charges back from banks and credit cards, they told me I could, but any refunds would go to reduce debt with them, thats so cool.......makes my DMP end quicker.

stickman

Hi Twinkly,
Thanks for your reply, maybe you could help with this one.
Just wondering I am currently on a DMP with CCCS all payments up to date.
Currently have basic a/c with co-op with the useless electron card other than that a/c is fine, no o/d/chequebook facilities; salary in DD out its just the electron card. If I try to apply for the co-op current a/c or any other current a/c with any other bank does the fact that I am on a DMP prevent me from getting a current a/c ie am I now classed as a bad risk bad credit rating even though my DMP is all ok or do my creditors "spread the word" amongst themselves and mark me down as bad credit rating. If so do you know a better debit card than this useless Electron.
Thanks,
Stickman

Edinburghlass_2

You need to check the Budgeting and Current Account board for the Basic Bank Account thread...

http://forums.moneysavingexpert.com/showthread.html?t=319736

zombie

Hi,

I have various credit card debts which I currently pay through a debt management company. Most of the credit card companies have waived the interested whilst I am on this arrangement. However over the last six years I have had various unfair charges imposed on by these companies.

I have sent letters and received some offers for a fraction of the actual charges. If I don't accept and go through the courts for the full amount, yes, I may get the charges refunded to reduce the overall debt, but could they then reverse the arrangement and insist I pay the full balance outstanding?

It would the the kind of stroke these Banks would do. That would definitely push me into Bankruptcy.

I Would really appreciate any feedback on this rare situation.


Many thanks