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Posted: Mon Nov 28, 2011 10:42 pm
by sean
I have just had an iva accepted on 16th nov and on the 12 th I had a letter saying I was being given a chq for £5714 for a error I'n my capped rate on my mortgage !! I was very suprised but rang up to accept the chq and was told they would have to contact my iva company !! I spoke to via company and they said it will have to go I'n the iva pot and I'll get nothing Im gutted was hoping to use to change my car as I will not get credit I's there anything I can do ??
Posted: Mon Nov 28, 2011 10:54 pm
by kallis3
Hi Sean,
Unfortunately it will have to go to your IVA - unless your car is on its last legs then I doubt you will be able to keep any back for another one.
Posted: Mon Nov 28, 2011 10:59 pm
by Foggy
Hi. As Kallis says, this will fall under the category of a windfall and will go into your IVA. If your car is on iot's last legs and is essential to you ( for work etc), your IP might allow you to use some towards a replacement on the grounds that a newer car is more likely to last the IVA .... slim chance, but always worth asking.
Posted: Tue Nov 29, 2011 12:15 am
by Broke of London
That's pretty gutting but even though you go the letter before the iva was accepted, it is still an asset for the iva. Congrats on being accepted...you're well on the way to clearing your debts now x
Posted: Tue Nov 29, 2011 1:09 am
by plasticdaft
More in the pot for creditors I'm afraid!! Ask your IP about keeping some of it to fund a newer car but I wouldnt hold my breath!!
Paul
Posted: Tue Nov 29, 2011 7:16 am
by littlefi
I know it's hard to swallow when something like this happens but that's why we need to consider the for and against case of an IVA. I know I would find that tough, but then I signed up for an IVA as I had no other options and with that I'm afraid we have to take all the consequences. At least more will have gone in the pot and so more has been paid off, that's a good thing isn't it!
Posted: Tue Nov 29, 2011 9:44 am
by Tina Shortland
Hi Sean - unfortunately the alternative would have been you were not in an IVa and therefore could keep all them oney but you would have still had all your debts and the lump sum would not have gone very far with all those repayments to make.
If your car really is not set to last the IVA and there will be an issue later down the line I am sure if you have a good IP they will work with you on this for a replacement car.
Congratulations on getting your IVA in place and best wishes with it - keep us posted how you get on.
Regards,