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Hi,now our IVA is in place we want to go ahead and claim bank charges.

We are no longer with the bank in question, and it was left with a £2000 overdraft which is part of our IVA. we figure we are probably owed about £4000 in bank charges, if we were to get this how would this work against the IVA, would our IVA payments reduce? or would we just pay it all to our IVA company?

If its not worth doing we wont bother, just wondered.

Thanks

hi Baz

I was going to go on that route but was advised against it. To be honest it's probably not worth the risk if you are in an IVA as it will just go to creditors and not reduce payments, that is of course providing you win your claim. There is always the possibility that you may have to take them to court and lose!!!

Hi Baz

You would need to enquire of the individual bank as to whether their policy would be to issue you with a cheque or use some of the money to pay off their debt (the most likely option). If you were then left with some surplus, then this would need to be offered up to the IVA generally as a windfall.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk