Claiming when account suspended due to IVA

kano24 · 1st August 2006, 04:49

Hi

Hoping somebody will be able to advise me. I have several credit card accounts that have been suspended due to me taking out an Individual Voluntary Agreement (IVA) because I was unable to meet the repayments on credit cards, partly due to the charges they kept imposing every month.

Am I able to reclaim on these charges or will it affect my IVA? Any advice would be appreciated.

Thanks

davisc02 · 1st August 2006, 10:03

From what i've read yes. The only thing is that if you win you may have to use it to clear any debt although even with this i've heard you can specify that you want your cash back and stick to your arrangement.

welly · 1st August 2006, 10:45

I think you will find that if you are claiming back for a account that is part of a IVA then the money will go into that account to pay off that debt.

But then that will be one less or some of the outstanding debt payed off so go for it mate

kano24 · 1st August 2006, 23:27

Thanks for that Guys,

Ill start the ball rolling on the 5 credit cards this week!"

craigamc · 2nd August 2006, 00:43

Hi There

I started an IVA in 2001, which subsequently finished in 2004, due to selling a house and moving.

Can I now go back to all my creditors and claim the charges back?

Thanks

elsinore · 2nd August 2006, 02:59

kano24, I think you are morally bound (legally bound?) to tell the insolvency practitioner handling your IVA, what you plan to do.

craigamc, yes.

Elsinore

kano24 · 2nd August 2006, 04:10

I was thinking that too.

I will give the insolvancy practitioner a call tomorrow and discuss it with them first. they ought to be able to tell me where I stand

Glenn UK · 2nd August 2006, 11:48

FWIW

If your in an IVA then i would have thought any money claimed back would have to be distributed amongst all your creditors not just the one you sue.

Im not sure that a creditor can insist on where they pay the money unless they try to make it a condtion of any settlement. if it was an award at court, id suggest ensuring that the creditor paid you and then allow you in conjucnction with your ip to determine what happened to the money if thats possible.

i didnt have an IVA but was in a payment plan and im certain that was the general concept. since you will be sueing your creditor it seems to me that if you win that money shold be dealt with in the same way as a win on the lottery.

JMHO

Glenn

craigamc · 2nd August 2006, 23:36

My IVA ended in January 2004. Can I still claim?

Thanks

elsinore · 2nd August 2006, 23:40

craigamc, I did answer you a few posts back, but it wasn't very obvious.

The answer is yes.

Elsinore

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