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My IVA was finalised recently. We have just recieved an amount into my wifes Natwest bank account (this was previously a our main joint account) which is only maintained to service a joint Natwest loan.

This amount is marked on the statement as "Insolvency CMA" and it doesn't show the payer.

Might this be a balancing figure from Natwest for my part of the joint loan which was included in the IVA although we are still paying it on a monthly basis?

If that is the case we have a similar arrangement with our Alliance and Leicester loan might there be a balancing figure due there too?[?]

I have no idea at all Robert - never heard of that before.

Hopefully one of the experts will pick up on it and give you an answer.

I have never heard of it either. I have seen payments made to a branch account from the insolvency unit and the account transferred then from the branch to central insolvency, but never payments to a joint account.

I think I would phone up Natwest and ask if they can tell you what this is.

Michael its a sole bank account now (my wifes) but the loan it services is joint. Its all very mysterious!

Will have to get the Mrs to ring the bank.

Hopefully its an unexpected windfall and not an error that needs to be repaid

Let us know Robert - I hope it works out ok for you, but it will also be interesting to know for future posters.

Robert. Your wife is fully liable for the joint debts and I believe is currently making the full contractual payments. If NatWest and any other joint creditors are repaid in full and receive a dividend from your IVA, the money is refunded to your wife. It is normal policy to use the dividends from your IVA to reduce the balance owing and therefore the length of time left to pay so your wife should double check why she was paid the money.

If you check your final report it should tell you who got paid and how much and I am guessing that the dividend paid to NatWest is the exact amount as that credited to your wife's account. Let us know what happens.

Hi Robert

You will need to contact your local branch of Nat West and they should be able to advise whether or not the amount received came from Natwest's Insolvency and Credit Management Department in Telford. If the funds are from them I would have assumed that they would have written to you and your wife advising you of the payment and how they have calculated it.

On the basis that the funds received are from Natwest then assuming the position regarding the Alliance & Leicester are the same as you would be advised to contact them explaining the position and requesting any refund that may be available.

Thanks

Also looked further and another amount has been paid off the loan by Natwest. So confused will check my final report when I get home

I think you do need to speak to NatWest to find out exactly what's what.

That makes more sense and there may be a simple explanation for the other deposit.

Hi got it sorted. The amount on the loan tallies with the dividend agreed and the amount in the bank tallies with the divi agreed for our overdraft which has since been repaid in full. Thanks to all for your guidance.

Good stuff Robert. Nice little bonus for the wife and a reduction in time to repay the loan. Hope she cuts you in for a few quid.

Great news Robert, glad it's all worked out ok.