www.iva.co.uk

Hello,

Obviously being in an IVA, a new bank account was set up. A relative sent some money to my old bank account (was a creditor)

My question is....is my old account deemed closed and therefore the money will be refunded/returned to my relative's account, or is it merely frozen. I'm kind of expecting the money to be lost, just wondered if anyone had any information.

Many Thanks

This has happened before and the money is usually returned to the originating account or they might allow you to draw it out yourself. It will need input from you otherwise might just sit in a black hole.

Some banks have been known to try to hang on to the funds to offset tdebt, but they are not allowed to do this and will normally back down when challenged (especially if your IP makes the challenge).

Thanks Foggy.

It's not a substantial amount (£25.00) - Is it best to just contact my old bank and explain situation and hopefully they will return it.

Thanks

It will likely be returned to the sender so let them know you changed banks and they can send it to you when it is returned. Your relative does not need to know why you changed banks as people do it all the time.