Payday loan redress

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Post by john102 » Wed Nov 27, 2019 5:03 pm
I am under an IVA, I have had an redress through a payday loan company I had a loan with, they have contacted my payday loan company who have said they want the money and not to send it to me, the loans are not part of my IVA they were taking out years before I got my IVA is this ok for them to do


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Post by Foggy » Wed Nov 27, 2019 5:18 pm
Such things as these are treated the same way as PPI and will be drawn into your IVA for the benefit of your creditors. The refunds are an asset and, as such, will be used towards your current debts.

The loans do not have to be part of the IVA ... look at it this way .... if, many years ago, you purchased a valauable painting, then went into the IVA years later, that painting would still be an asset and will be sold for the money to go towards your debts --- even though you bought it years ago and it was nothing to do with the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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