If they DO take 16 weeks I'm reliably informed that statutory interest rates are 8% per day so I'd be informing them that you will be adding this amount on a per-day basis to the amount they owe. Oh, and a 'supervisory fee' for administration, IT, postage etc...
They can't have their cake and eat it and it does NOT take 4 months to issue a refund!
Statutory interest is calculated at 8% per annum, not per day (but it is usually calculated on a pro rata daily basis). Also this interest is based on payment to creditors. Not the same as interest that the IP might have earned on the money whilst holding it in the IVA account. Worth a shot though...
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas
Statutory interest is calculated at 8% per annum, not per day (but it is usually calculated on a pro rata daily basis). Also this interest is based on payment to creditors. Not the same as interest that the IP might have earned on the money whilst holding it in the IVA account. Worth a shot though...
Apologies - late-night posting, and my tongue was a little in cheek..
Today I had a response to my email which said , further to your emai, I can confirm that we would look to refund any monies due during the closure process. We would aim to send a cheque to our clients with the final documentation in regards to any refund . Should this cause any issues, please devise so that we can look to see if we can refund any sooner. Please note it would be in exceptional circumstances .
That doesn't particularly tell you anything in my humble opinion. If they've agreed the amount of refund they need to write a cheque for said amount and get it to you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I counted down every payment andkept a spreadsheet of monies paid (think that was your idea Kallis).
I am quite prepared to be shot down for this, but it's your iva and your standing order. You gave them the money over a seven month period so it may take time to confirm details.
It perhaps serves as a reminder to all to keep track of payments and balances etc to avoid future complications.
It was probably Lesley who said about the spreadsheets as I can never master them!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
So basically what they have stated is that if you had not realised a mistake was happening that 1) they would have kept on taking the money and 2) they had not actually started the closure process.
I'd suggest write back and state that a further 16 weeks is unacceptable given that they already had 7 months in which to process the cc.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
If I get money into my business account that I was not expecting I would query it.
It is also part of their job to ensure that money collected is up to date and to reconcile that against accounts.
Right and wrong on both sides but they have added 4 months to a situation where it appears nothing had been happening.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I agree that the poster was effectively 'giving' the money but the IVA company should have told them that they didn't need to pay anymore so the poster could cancel the SO.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I guess my point is that it as it was my iva and my money, I contacted Cleardebt when I knew I was coming up to my final payment so that they could reply to my email confirming that my payments could cease.
I think the iva has definitely taught me to be more responsible and aware of my finances. I still check the bank daily, check utility bills etc even though we are now complete.
If people can keep track of their own payments and dates etc, it's their money they are lolooking after.
