Overpaid IVA

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Post by darren479 » Tue Jul 31, 2018 5:43 pm
I had an IVA which finished in December 2014, it was originally with Grant Thornton, when it came to closing my IVA, i was told i was due a refund of £2,706 as i had overpaid my creditors and i had the option of taking a reduced refund of £1,900 or i could wait for the full amount but this could take months to get the money back from my creditors, so i chose the £1,900, i think i know where the additional £800 went, so a few months back i had a PPI refund come back from Barclays but they said i was still subject to an IVA which i thought was strange as i was under the impression this was closed in December 2014. i called the insolvency register people who confirmed i was not subject to an IVA and to call Aperture, Aperture confirmed i was not subject to an IVA. so i called Barclays who said Aperture had to contact them to say they had no use for the cheque. i have spent a month emailing Aperture with no response, i cannot see how i can go from overpaying my creditors and them owing me money, to them still being interested in PPI, i know Aperture have banked the money and im fighting to get it back and im currently being met by a wall of silence. i have complained to the BBC watchdog programme, The financial ombudsman and have gone on Aperture's twitter account to voice my displeasure, so i am in limbo at the moment.


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Post by Foggy » Tue Jul 31, 2018 6:15 pm
It will be very interesting to see what the various bodies you have complained to come up with ... maybe there is a new take on the situation. But, it pains me to say, Aperture are acting within the terms of the arrangement .... let's see if I can explain:

During your IVA you paid in sums that were not properly due under the terms of the agreement. That is to say, money in excess of the agreed payments. So Aperture paid these back. The difference between the overpaym,ent and the smaller sum offered was probably that the smaller sum was still in the IVA account but the rest had been sent to credipors as part of the dividend. Getting money back in these circumstances is very labour intensive and long winded ... and not usually successful.

Now ... PPI is correctly due to the IVA, even after completion, as recently confirmed in the High Court. During the IVA you always owe the full original debt, plus fees and possible statutory interest. So this refund is correctly due as a payment agreed under the terms of the arrangement, until such time as the sums just referred to are fully met.

Sometimes it is not economical to dig out old files and re-contact old creditors and the IP will let you have the refund ... Indeed some IP's simply lose interest and let you have it anyway.

My take would be ... if Aperture did want to keep the refund ... they should refund the remaining £800 from the sum, give that to you and that would offset the overpayment to creditors as well as obviate the need to try to claw it back.

Does that make sense ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

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Post by Lisa Thomas » Wed Aug 01, 2018 8:20 am
Have you made a complaint to the Gateway?

https://www.gov.uk/complain-about-insol ... actitioner
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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