Need I declare an overpayment being paid back to me ?

[Emmad8035]

I have an overpayment on my contact lens account being paid back to me of around £350 do I need to disclose this to my Iva supervisor?

[Michael Peoples]

It may depend on when this arose i.e pre or post IVA. If it was pre IVA personally I would feel it is an asset but if you saved this money post IVA it is yours. That is my opinion but to be sure ask your own IP.

[Emmad8035]

Thanks for replying,
My hausband and I have been paying into our IVA for 8 months and he was told today that we have been overpaying on our standing order for contact lenses for a while before the IVA started, They are going to refund it back to our bank.
I read in our agreement about a windfall and was wondering it that covered this?
Thanks
Emma

[Michael Peoples]

I would not treat it as a windfall but more of an asset. However a windfall would work for you as less than £500 and you keep it. Would it be better to suspend the standing order payments for a while and save the money and just leave the £350 with the optician for when next needed?