June 2017 my IVA was completed, as shown on my credit report, all creditors satisfied with £0 outstanding. I have my completion certificate and I thought this was a distant memory.
Today I received 2 letters from Lloyds regarding closed accounts (1 loan and 1 credit card).
Basically a review on the banks actions / interest charges / and fees at the time in which we suffered financial difficulty leading up to us taking out an IVA, had resulted in refunds being calculated of over £900.
They then state 'as the amount to be refunded is greater than the amount we owe'???, the credit has been made into the closed account.
I think what Lloyds have done is wrong.
The IVA process ensures all creditors receive an agreed percentage of what I can afford to repay, and any windfall would be distributed accordingly. I was led to believe this doesn’t go on forever, and after an agreed amount of time, the account is settled and no more money is owed.
If an IVA is never actually settled or closed, and the bank can reclaim money indefinitely, surely this additional funds should be distributed on the terms of the IVA to all creditors, and the IVA practitioner? How can this be fair to the other lenders?
If the IVA is complete and creditors can’t make any more claim for money against a closed settled account, surely this money should be paid to me, after all it was these unaffordable never ending excessive charges that made the IVA appealing in the first place!!!!
Sending me an apology for making me go Insolvent because of inappropriate charges / interest and fees, 1 year after completing the IVA, but in the next sentence telling me I will be getting f all is just pain cruel...
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