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completed IVA
Silver76
Posts: 1 Newbie
My IVA was completed 7 years ago. The practitioner is no longer on business. 15 years ago I took out a car loan. I have just received a mail to say that I was overcharged on the loan and I am due a refund. The mail also stated that if I was in an IVA in the past I might have to pay this refund to the IVA as a windfall.
The loan was 3 years prior to me moving into an IVA and I no longer have any documentation as it was completed 7 years ago and subsequently removed from my credit file.
What is the position with regard to this refund as it would be very useful as I am now a pensioner struggling with the cost of living?
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You would probably do better asking a mod to put this on the debt free pages as they're more likely to know the rules on IVA @sourcrates is a good one to advise though
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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You have posted in the wrong forum, but I can answer your question.
As long as you obtained your certificate of completion from your IP, which confirms they have no further interest in your affairs, then you have no further liability, and any windfall is yours to keep.
The company will usually check the insolvency register, to see if you appear on it, as 7 years has elapsed since completion, your entry will have been removed, so the money should come straight to you.
It would likely help if you did not mention the IVA, you have no obligation to disclose it this long after it ended.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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