I have been in an iva since feb 2014. I used to bank with Lloyds tsb but owe them money well rather the debt got transferred to Lloyds when they split. I had a basic account with Lloyds which I do not use but can still access via internet banking. This week I received a letter from Lloyds bank stating I was getting a refund from them from a loan I had with them some years back. this loan was paid in full and not a part of the iva. it isn't a ppi refund but an interest refund. They are supposedly repaying the amount into the basic bank account I have with Lloyds which hasn't been used since Feb last year. I am a bit confused regarding this as I thought this money would have been offset against any debt I had with them. I telephoned them up to query this and they were not able to shed much light on this as a lot of customers were due refunds and all they could say was if it did not appear in that bank account I should receive a cheque in the post in the next 2 week. any advice please
Technically it would be regarded as a windfall but if under £500 could be yours to keep depending on the wording of your iva.
If over £500 the whole amount should be handed over.
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.
It could also be deemed as an asset of the IVA as it could come under 'financial irregularity claims'. You should notify your IP anyway to make sure you keep everything right.
How much will it be for? Its a long shot but it could put a big dent in your IVA balance and could hep you close your IVA quicker (or give you a reduced enough balance that you can make a F&F to settle)
