www.iva.co.uk

Dear All,
I need your support to understand how is working the IVA. Recentely, I have engaged a financial claim management company to re-cover a mis sold PPI on one of my previous loan. So I have received an offer from a Bank which is one of the creditors of my IVA. Of course they didnt admit any liability, but offer this money under a goodwill gesture.The total ammount is around 3.500 pounds which 1.300 they will put directly on the loan as goodwill(I dont if this is leagaly, but my supervisor said it is), and the rest 2.300 they will send to me via check. My current situation is that I am not working since I have been made redundant(4 months) and am currently not paying the IVA but in holiday till august. I spoke to my Supervisor and she said that I have to paid the all ammount offered as it is a Windfall. Is this right? Bear in mind that I have thought to pay this money to the IVA, but this will not decrease the IVA total but only increase the creditors dividend. My question is, in view of my current situation and counting of a gesture of goodwill from the Bank, I cannot keep a percentage of the offer as I am not working since 4 months?

Hi,
Welcome to the forum. I can't answer your question but I'm sure one of the forum experts will be along soon to help you out.
Best wishes,
Chardonnay [:)]

Hi,

Unfortunately not as this is caught under the windfall provision so you will have to hand it all over.

It is certainly a windfall but I surprised that the bank does not claim offset against it's own debt in the IVA. This would have the effect of reducing your overall total liabilities and increasing the dividend to creditors. The unemployment situation is entirely different and you should contact your IP for a payment break until you find a new job.