I'm only 4 months into my IVA with Stepchange, so far, so good! Anyway, I received notification today that an affordability complaint on a historic settled loan with Amigo Loans has been upheld, and I am due a total refund on the interest, etc of c£3,300. This loan was taken out in 2012 and fully repaid in 2015, so obviously some years before the start of my IVA, and is obviously therefore not included in the IVA.
I've looked through the terms of my IVA and I am still none the wiser as to whether: -
1) I will get to keep all of the refund
2) keep upto 10% (based on my yearly income) and all creditors get 50% above this limit (although the terms suggests this relates to earned income such as overtime, bonuses, etc)
3) all of the refund goes into my IVA
What's everyone's thoughts?
I've already emailed Stepchange but my last query took over 2 weeks to get a response due to covid and I don't want to touch a penny of this money and risk breaching the terms.
Thanks in advance for any help anyone can provide.
I think it will be classed as a windfall and will need to be paid across to your IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I agree with Kallis in that the whole sum will probably be payable into the IVA. They might treat it like PPI and any statutory interest paid might be allowed to be kept -- but not all ( not many, in fact) IPs did this and most kept the lot.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk