I have approx 17 months left in an IVA. My wife has recieved inheritence payout of 100k. She has not part in the IVA all the debts were soley in my name. But..... She eas transferring some of this money to ensure that no more than 85k (fccs state youre insured upto 85k in any 1 bank) We both share the same initials..whilst transfrring to her account on her mobile she mistakinly sent it to my account. No the bank have held the a/c due to iva. what can i do.. its not my money
First the bank have no right to freeze your account due to an IVA and retain the funds. They can ( and some do) close your account, but must release the funds to you. HSBC and First Direct are known for this. Demand the money is returned to the sending account. If no joy complain to the Financial Ombudsman.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
As foggy says they have no right to the money and must release it for you to return it to your wife.
You have an explanation as to why this has occurred and seeing as your wife is nothing to do with your iva and debts the money does not full under the iva in anyway. Once you have released the money and put it back into your wifes account I would email your IP with the explanation and evidence of the two transactions cancelling each other out.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
