Does the money have to go towards his IVA

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sarah938
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by sarah938 » Tue Jul 24, 2018 9:35 am
Hi. My husband is looking to claim refunds from payday loans he has had between 2012-2015. Having looked through his statements it is obviously the pay day company’s are guilty of irresponsible lending at the time. Between 2008 and 2014 my husband was in a IVA which has now been completed. I wanted to know if he was successful in getting a refund of interest from the Payday loan companies, is he entitled to getting the money back himself or does this have to go to the IVA company? None of these payday loans were included in any part of the IVA and were paid by my husband. Many thanks
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Foggy
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by Foggy » Tue Jul 24, 2018 9:55 am
I would imagine that these will be treated in the same way as PPI refunds and will be due to the previous IVA if your former IP is interested (not all are and, in some cases, it boils down to economics. Re-opening dead files and re-contacting former creditors is a loathsome and time consuming business, sometimes costing more than the refund itself!)

Be aware that, if using a claims firm, your husband will still have to pay their fee if the money goes direct to the IVA from the lender (as sometimes happens). Not all IP's will agree to pay this portion back !
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sarah938
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by sarah938 » Tue Jul 24, 2018 10:30 am
Thanks for your reply.

We are putting the claim through ourselves, not using the ambulance chasers.

He was going to use the IVA as one of the checks they should have done (would have been on his credit report) among other reasons. Would you say it would be best to leave the IVA off, as I’m guessing in this scenario they wouldn’t be aware he was in a IVA unless he stated this?

Thanks again for your help

quote="Foggy"]I would imagine that these will be treated in the same way as PPI refunds and will be due to the previous IVA if your former IP is interested (not all are and, in some cases, it boils down to economics. Re-opening dead files and re-contacting former creditors is a loathsome and time consuming business, sometimes costing more than the refund itself!)

Be aware that, if using a claims firm, your husband will still have to pay their fee if the money goes direct to the IVA from the lender (as sometimes happens). Not all IP's will agree to pay this portion back ![/quote]
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Foggy
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by Foggy » Tue Jul 24, 2018 10:49 am
The fly in the ointment about using the IVA as a mitigating factor ( "I was in an IVA so you should not have given me a loan") is that taking those loans out whilst in an IVA would have been grounds for failing the arrangement at the time. Whether anyone would be interested in back tracking is doubtful, but these payday loan companies can be unpleasant to deal with. All a bit of a minefield.
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