Loyalty Reward from secured loan

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Allywally

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Post by Allywally » Thu Mar 07, 2019 4:17 pm
Hi

My husband and I had a secured loan during my, still active, IVA. We received a letter today saying we are owed £1641.22 as we signed a loyalty eward certificate and adhered to all terms and condition.

Freeman Jones have told me this is classed as a windfall and my total share should be paid in. I have a clause which says over £500 is payable but they insist because it is over £500 the whole amount is payable. This has come as a shock to me as have always thought I could keep £500 of any windfall. Gutted, I am nearly at the end of the line.

Foggy

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Post by Foggy » Thu Mar 07, 2019 4:42 pm
Sorry, no ... the windfall clause reads that a windfall under £500 you keep all of it.... a windfall over £500 you pay in all of it. You do not get to keep the first £500 :-(
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

Allywally

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Post by Allywally » Thu Mar 07, 2019 4:46 pm
Already knew that just a bit disappointed :(

luluj

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Post by luluj » Fri Mar 08, 2019 4:58 am
I can hear the frustration in your voice, but sadly it is owed into the iva for a bigger return to creditors.

Well done for reaching almost the end of your iva.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Allywally

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Post by Allywally » Fri Mar 08, 2019 2:23 pm
Thank you Lulu, so happy to be nearly there. :D
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