RECLAIMING BANK CHARGES IN AN IVA

[flumpy dog]

HELLO HAS ANYONE EVER ATTEMPTED TO THIS AND MORE IMPORTANTLY SUCCEEDED ?

[David Mond]

Yes - sometimes the responsible bank will agree a refund and then reduce the amount of their claim in an IVA. Otherwise if the bank is not owed any money then the refund is classified as a windfall and comes into the IVA for the benefit of all creditors.

[MelanieGiles]

One of my clients who posts on the forum was successful in getting a refund, but as he owed the bank in the IVA the claim was just reduced - but this did leave more money for the other creditors.

I believe that matters are still tied up with the legal case, and that banks are not accepting any more claims until that is resolved, but there is no harm in gathering up the details of your claim in the meantime.

[james.c]

I thought about this, but hen through all the effort of doing it and if i did get money back, then i would never see it as it would be offset against my debt.

How ever i can see melianes point of view then it gives more money in to your IVA, but then in my views this should be for banks to recognise their own mistakes and pay up instead of me taken up my time to sort out and not actually be better of

[David Mond]

Does anyone know of any bank that unilaterally owns up on their own initiative and pay compensation?

[Andrew Graveson]

Hi David,

Presumably they need a little help from the FSA to do the right thing?

[PoorbutHappy]

My complaint went to the bank first, who "didn't recieve it". Then to the FOS, then the bank replied.

Wasnt about charges though, more along the lines of exploitation, irresponsible lending, forcing PPI.

Anyway Lloyds coughed up. Only cost a bit of time and a couple of stamps.

pbh

[David Mond]

Well done.

What with the Banking Code, the Treating Customers Fairly (TCF) from the FSA, the Banking Standards Board and the EU directive of Unfair Practices - we are moving in the right direction. Banks don't realise it yet but the OFT are the ones that will be policing the new EU directive which has teeth (the directive that is). Watch this space.