What shall i do and what are my rights?

[timo]

I am currently in an IVA. I recently claimed back my bank charges and was offered £695. In my IVA agreement it states that all windfalls over £500 must be paid in to the IVA. I was told my case supervisor that I must pay the full amount in to the IVA, but this would not make any difference to my monthly payments or the length of my IVA. I think that this is completely unfair? What shall i do and what are my rights? I need this money to pay off debts to friend and family.

[jodiex]

I spoke to my IP re bank chgs and also have a clause about windfalls. Our Ip is a reputable company but I was told that we are allowed to keep the bank chgs as these occured after the IVA and were the cause of it. Bearing in mind we did not claim from the banks in our IVA but I am considering making a claim and putting it into our IVA for everyone. Our debt problems were partly caused by the Bank chgs, every moneth large fees, speak to your IP again. Good Luck

[MelanieGiles]

When you enter into an IVA, you agree to pay over windfalls as an express term of the agreement. This should therefore not come as any suprise, and you should not have incurred debts to family and friend during the IVA, as this is taking credit which is not allowed without your IP's permission.

Jodiex - your IP may be reputable but he/she is acting incorrectly. That money ought to be paid to your creditors and a windfall is exactly what it is - money received after the IVA. Although I must admit I don't really understand your post - were these charges incurred after the IVA? If so what do they relate to?

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

[Oliver]

Claiming charges back within an IVA will result in either you paying the money into your IVA as per your windfall agreement or the bank simply deducting the money from that which you already owe them, meaning your IVA term will only reduce if you pay off the full debt.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[timoteiuk]

Thanks for your replies. I already owed my friends and family money before I went in to the IVA. Unfortunatly I was told that they could not be included in to the IVA. My IP also told me that the bank could not take the money that I owe them out of the refund as they are bound by the IVA. I would rather the bank took the money, in which case I would get less than £500 which should mean that I can keep it. What do you think?

[MelanieGiles]

That was very poor advice - debts to friends and family ought to have been included in your statement of affairs - failure to do so represents a material irregularity. The bank are likely to operate their automatic right to set-off monies due to you against monies you owe.

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

[iva_squirrel]

I would normaly include debts to friends and family into the IVA. If you owe money to them they become your creditors. I think an IVA should be based in a realistic estimate of costs not including them in you creditors list is misleading your real debt situation.

Regards,
Michelle P.