www.iva.co.uk

Back in February, a full and final settlement was agreed for my IVA. My final payment was transferred to my Insolvency Practitioners and I am now waiting for my final report and certificate of completion which I have been told will arrive shortly.

Following this I have received a large sum of money from a relative which I have put into a new savings account. However, I have just discovered that the bank I have chosen to invest the money with is part of the Lloyds TSB group. Lloyds TSB were one of my creditors and I am concerned that they may have a claim on the money. Please can you advise me where I stand and if I have anything to worry about? I hope that as a settlement was agreed and paid, that should be the end of it but would like some reassurance.

Also, I am still able to access my Lloyds TSB account online. I still receive monthly statements and the account is still accruing interest. I have made my practitioner aware of this and they have contacted Lloyds. I have been assured that the accounts are included in the agreement and to disregard any further correspondence but to continue to forward it to them so they can deal with it. Now this is all coming to an end, I would like to close my Lloyds TSB accounts and wonder how I go about this? I assumed this would happen automatically but it seems my accounts have just been 'suspended'.

Hi cheesy and welcome to the forum

I would wait around for one of the many experts who post to answer this question, I am sure one will be along soon[:)]

Hi Cheesy

I forsee a problem with this for you - as you have received a windfall during the period of your IVA, which needs to be declared to your Supervisor. Are they aware of this money, and what was the source?

The money (£10,000) was a gift from a parent and was received this last month. We didn't know about the money when we made our settlement offer and discovered shortly after that I was pregnant....which is what initiated the gift. It is intended for my children as well as myself and isn't something I intend to touch until needed. I just didn't want it sitting in my current account and chose the savings account purely on the interest offered. It didn't occur to me that they would be linked to Lloyds TSB until I was reading through the paperwork earlier today.

We made our settlement offer back in October 2007 and the settlement meeting took place and was agreed at the beginning of February.....long wait. My IP doesn't know about the money purely because it really didn't occur to me as the settlement had been agreed and paid.

I am still within the 14 day period in which I could cancel the account. Would it be wise to cancel it and pay the money back until a later date or is it too late?!!!!!

Any advice would be gratefully received as I now feel panic setting in .....

Hi
It's not a windfall but a gift
To be safe cancel the account and return the money until your IVA is concluded
Regards

I completely agree with Andy - get your parents to hold it in a deposit account for you and chase up that completion statement.

Spoke to my IP this morning and funnily enough the final report has been done and is waiting for the final sign off and the completion statement may even be in the post today.

I've just been and closed the account so now I have a cheque for £10000 sitting in my purse! Should I wait until I receive the completion statement before paying it into my current account so I can transfer it back to my parents or is it okay to do this ASAP?