Hi
I completed my IVA in June 2009. One of my outstanding creditors was Lloyds TSB, who we had 2 business loans with - one was secured on our house and paid off when we sold our house before the IVA was completed. The second business loan was with the DTI's small firms loan guarantee scheme.
We paid for business loan insurance when we took out the loans, and have since made a claim for mis selling.
I received a letter from Lloyds stating that any refund would be used to repay off any outstanding balance and the refund was to be sent to Lloyds Wholesale banking recoveries.
My question is - can they do this? I have tried to get through to wholesale banking recoveries daily over the last 2 weeks with no luck so any help would be great.
No idea on this I'm afraid although I would have thought that as your IVA was completed then the money should go to you.
Hopefully one of the experts will be along to advise.
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 agree with Jan, I am no expert but when you take out an IVA both you and your creditors agree to abide by it for the full term and whatever debt is left at the end is then written off, so I don't see how Lloyds can now claim that they are going to deduct this money from your outstanding balance when it should have been wiped at the end of your IVA?
Hi everyone and thanks for all the answers. In answer to plasticdaft...no the secured loan was paid off in full as we sold our house.
There was an outstanding balance on the Lloyds DTI business loan, which was paid 52p in the pound when our IVA completed in 2009. I'm not sure how much was left over as we have had no communication from any of our creditors since the IVA completed.
I spoke to my IP who said he thought that they should send us the money unless there was some sort of 'internal regulation' that could mean they send the PPI refund to Lloyds Wholesale Banking recoveries dept.
I was given the number for Wholesale banking recoveries and also the email address, but after nearly 3 weeks of trying to get hold of them and leaving messages, I've heard nothing from them. If anyone knows how to get in touch with them i would be grateful!!
If the dti loan was included in the iva and they received a dividend out of the iva then any outstanding balance would be written off when the iva was completed so the balance now would be NIL!
Its your money so keep chasing them.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Wow...I really hope so, I got the refund letter the day after I got made redundant and it is a substantial amount of money. Honestly though, I wouldn't mind so much if ALL my creditors received a percentage, but my IP said IVA is completed so he can't do anything with the money and that's that.
Now I just need to try and through to Lloyds....
oooh I'm in a dispute with lloyds at the moment over my treatment over my business account so I read this with interest.
If I were you I would give the Financial Ombudsman a call and speak to them about it. I called them about my problem and they thought I had a case which needed answering, I've now had the final response from Lloyds which was so far from satisfactory it was untrue.
I can't see how you have to pay this back to them when you've been in an IVA and completed.
"It is never too late to be what you might have been"
Fiona
Ah yes - very good idea...I didn't even think to call them and I had the leaflet with my offer letter as well!
I think it's definitely worth keeping at it with Lloyds as I don't think they hae a case for taking this money...the outstanding loan was underwritten by the DTI so surely the money should go to them and not Lloyds if that's their argument.
i hope you can sort out your problem with them as well
Thanks for all your help. I will continue trying to get in touch with Lloyds tomorrow and also the ombudsman if I can't get through to Lloyds. I will keep you updated if I make any progress...this has given me lots of encouragement - Thanks!
need to smile today? go on check out my blogs - I'll add to them regularly
Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
Hi, just an update on this situation of mine. It's been months of waiting but finally Lloyds Whoelsale Banking said that as our debt with them was satisfied (written off due to F&F IVA) they would not be keeping the PPI refund to offset against.
Great...or so I thought.
I heard today that Lloyds have got in touch with our IP and now the IP is saying they are going to use the PPI refund to reopen the IVA and divide up the money between our creditors (no doubt with a hefty fee taken out for themselves).
Now, I have no problem with this in principle if the same rule applied to everyone in an IVA, however, my IP has said that we are the only ones they have dealt with that they know of. So basically, if Lloyds had not got in touch and told my IP about the refund, we could have just banked the cheque and no one would have been any the wiser.
I am pretty annoyed as I spoke to my IP months ago and was told that as the IVA is finished they would not be interested....
I am also annoyed that it is only because I was honest and provided Lloyds with my IP's info and the IP with the info voluntarily that we are going to be penalised when others aren't. Luckily, I didn't pay a claims company and have down all the work on this myself....should I now and try to claim expenses for my time?!!
