Refund into bank account linked to IVA

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steph344

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Post by steph344 » Fri Jul 24, 2020 9:25 am
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....
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Foggy

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Post by Foggy » Fri Jul 24, 2020 9:34 am
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.
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skittles1

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Post by skittles1 » Fri Jul 24, 2020 5:28 pm
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.

I hope that all makes sense and helps you.

luluj

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Post by luluj » Sun Jul 26, 2020 4:53 am
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.
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