Can i get back bank charges while in an IVA?

[qwerty1]

Can i persue back any bank charges with the banks that i have an iva with? i have been fined many times back in the past.
if it is possible, what will happen to the recovered money?

[R1chard]

im guessing it will be classed as a windfall and all go to your creditors.

[lenalena]

Hi

There is currently a test case in progress with 7/8 of the major high street banks and the Office of Fair trading. This is to see if bank charges are legal or not. I would not expext to hear the outcome until late this year and its more likely to be next year.
Currently it would be harder to get any monies repaid.
If you were to be sucessful the monies as Richard said would be paid to your IVA classed as a windfall.

KR, Lenalena

http://www.debthelpexpert.org

[PoorbutHappy]

I got sum money back off Lloyds over misselling loans. Basically they knocked it off what I owed them. Still £4K less I owe people.

Would do em for bank charges, but I guess we have to wait for the test case to sort itself out first

[Oliver]

Yes you can but it is likely that the money would either be shared out between your creditors as a windfall or that the money disputed would be simply deducted from what you already owed.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[jpj]

I put a claim in about 3 weeks ago with a company that claims back your charges.
The claim went in just as the test case was announced,I thought the whole thing would grind to a halt,but the company still seems to be going ahead with it and is chasing the bank!!
I guess companies that have staff that do nothing but chase banks for charges cant just lay everyone off till the OFT sort their lives out... be interesting to see if they do get me any money before the ruling!!...[:o)]

[jandc]

Hi

I am in an IVA and my main creditor was HSBC. I took them to court for my bank charges totalling £3k. The first response from them was that they would take it off what i owe, but i did not accept that as i am already paying them back what i owe in my IVA. I sent the next step letter saying i wasnt accepting and received my full and final settlement of £3k a day before the court case. I split the money 50% with the IVA company. Hope this helps.

[Yani]

I have just received a letter after about a year trying to get my overdraft charges back when going trough an IVA. Got £382.50 and it going to my creditors as a windfall!! It wont deduct anything of my outstanding balance. It`s simply going back where it came from to banks who charged me riddicoulous money at the first place! my Iva company says it is just extra for the creditors to share inbetween them! is this ok? Im really struggeling understanding this at all. Please help.
[:(!]Y.S

[MelanieGiles]

I am suprised that the bank in question has not retained the money against their claim - but if the cheque is coming to you it is a windfall and it is right that your creditors share the money amongst themselves.

[plasticdaft]

Sounds about right. As Mel says its a surprise that the bank hasnt kept the money themselves,but thats what happens when they dont communicate with each others departments!!!

[MRBLUESKY]

WHEN CREDITORS VOTE TO ACCEPT IVA,S AND IN MOST CASES ARE AGREEING TO TAKE A SHORTFALL ON THE ORIGINAL DEBT COMMONLY OF THOUSANDS OF POUNDS WHY PURSUE THEM IN THE FIRST PLACE FOR A FEW HUNDRED POUNDS. PERSONALLY I WAS GRATEFUL TO MY CREDITORS FOR AGREEING TO MY IVA AND WOULD,NT DREAM OF PERSUING THEM FOR BANK CHARGES.

[mickyboy]

Can sort of agree with what you are saying. However, there charges probably added to your debt of the years. These charges are unfair and it does not cost them as much as they claim. When i applied for my IVA, Capital one have put charges on my account for £50.00 just to send me a letter. Does it really cost this much to send 3 letters.

[kallis3]

I shan't be pursuing any charges. I'm grateful to have been given a second chance and I shall just leave it at that.

Ronald.h.1 - can I ask that you don't post in block capitals please, it's classed as shouting.

[mickyboy]

Yes Jan,
I understand that we are all grateful for our second chance.However, the charges that these companies were applying to our accounts for missed payments or late payments or exceeding the limit because of the late payment were over the top. When we applied for the IVA, my wife a had a card from GE Money, they were nearly charging £60 per month for a PPI insurance. This had been charged from day one. The amount increased over time to the £60 when we entered the IVA. My wife was unaware of the insurance that was added at the start of the agreement. We will be making a claim against them. I know this will go straight into the IVA, but i feel it is money they have scammed out of us anyway. I know not everyone will claim against the banks and that they are happy with their IVA they have set up with the companies. I am very happy that i have had a second chance to clear my debt, however i can't help but feel aggrieved that i have to pay these costs that are over the top.

[kallis3]

I understand what you are saying as well, and I don't have a problem with something like the misselling of PPI (which I fortunately never had!).

However, if I were to claim charges back, and they went towards my IVA, I can't see the point. The bank had them off me, I get them back and they go to the bank again.