Hello all.
We have been in an IVA with Payplan since 1st Feb this year. Prior to that we had been in a DMP with them, for quite a few months. We applied for the IVA and at the point of the first phone interview I asked if we should stop paying into the DMP. I was told that I should carry on with payments just in case the IVA application failed. There was obviously a gap of a few weeks whilst our application was processed and ultimately accepted, during which time we continued paying into the DMP. I did wonder at the time, what happens to all that money that was still being paid into the DMP during the IVA application process (it actually took a couple of months), as retrospectively it wasn't necessary to pay it from a legal point of view, as DMPs aren't legally binding.
Well, today, I came home from work and found that I have been sent a cheque from Payplan for over £600-00 !! This is apparently a refund of undistributed funds.(presumably the money I paid in during the IVA application process period, as the amount would make sense).
My question is, is this money classed as a windfall (and therefore subject to the rules regarding theses in an IVA), or is it to be viewed as all my money as technically I could have spent it before the IVA was confirmed. After all it was only really being held by Payplan in lieu of non-IVA acceptance, as a kind of insurance.
However, the IVA was accepted and I have been sent some money back.
Half of me says "YIPEE" and the other, more cautious half says "hold on, don't spend it just in case".
I appreciate that some of you will just reply that I should speak to my IP about it, and I will do on Monday. However, it's the weekend and I just wondered if, in the meantime, somebody could advise me as to how I should be thinking right now, is it my money, or do I have to give it up to the IVA? Do I get excited (there are so many things we could spend it on for the house).......or not??
Much appreciated,
Gabba
Last edited by
gabbagabbaskint on Fri May 14, 2010 7:36 pm, edited 1 time in total.
The man that walks towards the sun sees no shadow.
