Have a bank refund out of the blue its not PPI but from closed account pre IVA the bank say its for overcharging on my account the bank in question are not on my list of creditors the account was The IVA company say this is treated in the same way as PPI . The amount is 400 and I a windfall clause which states that i do not have to declare this as its below 500. There is confusion here on what is an asset and a windfall
Yes, it will get treated as an asset, the same way as with PPI. But some IPs have, in the past, treated PPI as a windfall ! I will see if I can find a meaningful definition ........
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
An asset is something of value which can be used to help pay off your debts, such as a car that you own or equity in your home. A windfall is something of value that you were not entitled to at the commencement of the IVA, such as a lottery win.
The premise here is that a PPI refund, or similar (Bank charges, packaged account fees, etc.) is actually yours when you started the IVA, even though you didn't know about it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
