I have recently entered into an IVA. My question is: The bank account linked to the IVA, is this still active? I have credit coming back (Not much) from a holiday which was cancelled due to COVID-19 but they have to send it back to the original account which paid for the holiday first.... will it be bounced back? I’m concerned it will not be....
What do you mean by "account linked to the IVA" ? Do you mean your old bank account and you now have a new one ? If so, the state of that account depends on what you did with it. I had an account with a bank that was a creditor and opened a new account elsewhere, just leaving the old account sitting there, unused. 10 years later the account is still actually open, with 18 pence in it ! So, it that is the case you might just be able to withdraw the money from the old account.
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
I had the same issue, where a holiday refund was paid into my old First Direct Account which was closed as I had a loan and credit card debt with them.
I called them today and they said that I had a savings account still also, so they put the refund into there, but had to contact my IVA company for permission to transfer this to my new account with Santander - Im guessing this is due to First Direct being a part of my IVA. This wasn't an issue as my IVA company said that it was fine.
First Direct said that if I didnt have a savings account with them , the refund would of been returned to sender.
If your old account is now closed the refund will be 'bounced back for re-issue to a different account - you maybe able to reach it then.
However if your old account is part of your iva list of creditors I would doubt they would be forthcoming on allowing you access to that money, nor would I imagine the bank would be forthcoming in giving the money to the iva provider to add to the pot for distribution to all creditors.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !