www.iva.co.uk

Hi all!

long time no speak, been on an emotional rollercoaster lately so went into hibernation [(#)]

I am just watching the program on bank charges and am wondering whether it is worth me going into.

I am waiting for my creditors meeting date so will they just laugh at me as I owe them money?
What then happens to the money i get back if they do pay back bank charges? Does it go to that particular creditor or into the creditors pot? Shall I wait to see if IVA is accepted before I go down this route?

Hi Kezza

If you are successful in a claim for unfair bank charges, the bank will adjust their claim in your IVA. You will not directly benefit, but your other creditors will get proportionally more in the long run.

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

Melanie

Its Friday night/Sat morning. Some of the posters on here would think that given the level of IP fees you would be out now in Cardiff's finest eateries drinking the best Champagne and eating caviar. Its a good job I was typing that comment as I would have been incoherent if speaking it as my tongue is firmly in my cheek.

Thanks again for taking the time to log on when you have finished for the weekend and answering peoples' queries.

Dave

It's my pleasure, as ever, Dave to try and help. I don't always have the answers that people really want to here, but we do try our best to answer correctly!

By the way I've just got home from local pub - cheap bar meal and house wine! Have a good weekend and thank you for all of your support to the other posters as well. It is much appreciated.

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

Hi Melanie

If you want to know about cheap bargains I'm your man. Since the start of all this I have become the bargain hunter extraordinaire. I was definitely only joking about the meal.

Have a nice weekend

Dave

Morning

I would also like to thank Melanie and everyone for their good advice. From mine and my husband's point of view, our IP's charges are fair and I think we must remember that they are the total cost of the IVAs for the whole 5 year period and not just the setting up of it.

Thanks

Yes thanks Melanie,
I think I will go for that. Do I inform my IP that is what I'm doing or wait to see what the outcome is?

Your IP is already keeping a watchful eye on your efforts via the forum!!! But yes, do tell her if you are successful, as the bank's claim will ultimately need to be reduced.

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

Just one more question,

When working out the bank charges to be reclaimed, say I have been charged £30 for going over the limit, do you list that full amount?

Yes - you should include the full charge Kerry within your claim.

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

Thanks for that melanie, I'll get onto that asap [:)]

I have to say you have are a most valuble fountain of knowledge for this forum and have left the other experts in the shade some what [8D]

I am grateful for your thoughts Kerry, and good luck with the claim!

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

Congratulations on more than 1000 posts Melanie, you are a real credit to this forum.




Best Regards
Oliver

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

Sorry, just one more, honest!

If I were to send the letter to First Direct to request the last 6 years statements and explain my intention, would this affect how they would vote at the creditors meeting, would they look unfavourably as I have demanded money from them, or should I wait till after the meeting?

Kezza

I would be inclined to wait to reclaime your bank charges until after your IVA is accepted. As Melanie says, any money you successfully reclaim will only benefit your creditors anyway so why do anything now which might predudice the way they vote.

By the way, my understanding is that if you go down the bank charges reclaim route, you may have to take the banks your are dealing with to Court which will cost £250. You will eventually hope to get this back if you win your case but you will have to stump it up in the beginning.

For more info on this, why not have a look at http://www.penaltycharges.co.uk/main_bank_charges.php I believe the guys who run this site are experts in this area

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk