Does an IVA company have the right to hold my funds?

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lin453

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Post by lin453 » Mon Jul 19, 2021 12:25 pm
I received an inheritance and used this to pay my IVA off in full. This was just 13 months after taking it out. I paid enough to pay back everything I owed to all creditors. I also paid all the fees via the insolvency company. This was on 30th April 2021. My creditors have not been paid any money at all to date, in fact some were not paid at all the last two months. I've tried getting an answer from the IVA company but they sent me an email address to direct my query but it's blocked and my email bounced back. I sent another email to their customer service dept over a week ago but no response. They have said it will take 6 months to get my completion certificate. Do they have a right to hold my payment to accrue the interest or should they have paid my creditors? I'd be grateful for any advice as it is annoying to think that possibly on top of the fees they are also getting the interest.

Foggy

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Post by Foggy » Mon Jul 19, 2021 12:48 pm
They do have the right to hold the funds until formal completion has taken place. As they have said, this can take up to 6 months, but some manage it faster. As for them gaining interest it is very unlikely that the funds are in an interest bearing account, and, if they were the interest earned would be eaten up by the fees accrued in dealing with it with interest rates being as they are !
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
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