Refund during IVA

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Comptonbay

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Joined: Tue Jun 11, 2019 9:04 pm

Post by Comptonbay » Tue Jun 11, 2019 9:11 pm
Good Evening

I am about 5 months away from completing my IVA. It has been a long and hard road.
During my IVA I was granted permission to buy a car as my old car gave up ! With 2 children to get to school and work for me I bought a car and paid this off.
I had a letter this week from the finance company saying I had overpaid them on my car and was not given the best advice and was over charged etc during my finance agreement with them. This was judged by the FCA. They have issued me with a cheque which I banked this week. The cheque is just short of £2000.
Please can you advise me if given this is monies I paid to the company over 4 years it is mine to keep ?

Many thanks in advance for advice
Comptonbay

Foggy

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Post by Foggy » Wed Jun 12, 2019 6:57 am
I would imagine it is payable into the IVA in the same way as a PPI refund. The arguement they will fall back on is that, if you weren't paying this to the finance company your disposable income would have been more and therefore, so too would your IVA payment.
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

Comptonbay

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Joined: Tue Jun 11, 2019 9:04 pm

Post by Comptonbay » Wed Jun 12, 2019 7:42 pm
Thank you for your reply Foggy.
It shouldn't grate me but it does.
I'm desperate for my IVA to finish after 7 years.
I actually feel like some kind of criminal at times. I did it to save my home and be able to move on. It will be nice to be able to go to a supermarket of choice and not worry about what goes on my trolley.
Kind regards
Comptonbay

Foggy

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Post by Foggy » Wed Jun 12, 2019 8:03 pm
Not long now, Comptonbay. I am 6 years post IVA and. although I didn't enjoy it at the time, am grateful that I went through it. not only to be debt free but to re-adjust my outlook and expectations, so that I am still debt free, have savings and live reasonably well in the bargain !
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
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