Cant live with myself

locolita

I'm not a new user to these forums but have registered under a different name to stay anonymous as I'm after some help.

I have been in an IVA for a couple of years now and its been going ok but about 18 months ago I received some money back from one of my creditors in the IVA, this was not a PPI refund but an overcharge, I understood this to be as a result of miscalculated interest and I thought that they would have applied it to reduce the loan or sent it to my superviser but they didnt and sent it to me instead and said the loan amount would remain the same.

I kept the money as I thought in this instance I was entitled to it but as time has gone on I am now panicking that I wasn't entitled to keep it and I'm wondering what will happen. I don't know whether to come clean and tell my superviser or just keep quiet and hope it doesnt come up, the money was spend on normal household things (rising bills and we needed a new fire as ours broke) over a period of time, it was about £3k altogether.

Please don't tell me off, I feel bad enough about it as it is.

comp1

I think you know the answer already and i would advise telling them asap as the longer you leave it the worse it could get and better late than never .

archiesmummy_2

Is the company likely to tell your IVA people? Will the money show on the bank statements you have to send for your yearly review? (Bear in mind is only 3months previous) is the money going to show on your p60?
I think you see where I am going with this.....I despise my IVA company, I know it was my own fault I got into debt but after 6years I finally finished, but now a year on I still waiting for my completion certificate as they are still bleeding me with the ppi claims, one company still not sent them the money so I suffer. Grrr!

cheesedoffwithdebt

I really wouldn't feel bad-IVA's are not that easy to understand, what beggars belief with this company is that they sent it to you when there was a balance outstanding!!
the other replies have a point- but if your IP did get to know it could prejudice the whole arrangement, that's what you have to bear in mind. It seems unlikely after all these years, an unwanted dilemma I think.