In an IVA - Can i reclaim Charges?

[stevo7790]

Hello everybody.

 

I have been reading every post I could from the site over the last week and have been really interested in the claims people have won.

 

I don't want to appear the class clown here but I do not know where to start, I am terrible with money and although not in a financial crisis anymore would atleast like to know where I stand.

 

Please forgive me for not having the dates at hand for the following or the exact year, this is something I have tried to forget about until i realised I might be able to claim back.

 

In the past but not before 2000 I have had the following:

 

Credit Cards:

Barclay Card - 2000 limit

MBNA - 4000 limit

Capital One - 250 limit - closed

 

Bank Accounts:

Lloyds TSB - My current bank

Natwest both personal and business

Barclays - Personal and business

 

Loans:

Career Development Loan - Barclays - 8,000

Small Business Loan - Natwest - 16,000

 

I suppose the first question I have is, at the moment I'm in an IVA which covers all the above minus the Capital One account as that is closed.

However what do I need to do inorder to find out if any of the Credit cards are unenforcable aswell as claiming back any charges.

Based on what happens there, especially if several of the cards were to be written off how would this impact my IVA?

Commonsense would dictate the total overall amount would be lowered, however I am aware it is not always this easy.

 

I would also like to look into claiming back charges from each of the accounts as I know there were some charges applied.

 

From the notes I have taken from various posts, I know CCA and SARS need to be requested but I'm afraid I have confused myself reading so much, especially the Morgan Stanley posts even though no ties with them

 

I do want to take action but the Acromnyms have played havoc with me.

 

Any help will be greatly appreciated and I'll also follow up after each course of action is taken.

 

Thanks

 

Steve

[IdaInFife]

Hi Steve and Welcome to CAG

 

any unenforceable agreements will make no difference to your IVA I'm afraid and this has already been agreed with your IP and your creditors and your IP will not take any creditor off the list because of an unenforcebale agreement.

 

you can claim back any charges and or PPI but you will need to advise you IP of this and you may have to pay any monies refunded to them, depends on your IVA agreement.

 

http://www.consumeractiongroup.co.uk/forum/formal-solutions-bankruptcy-administration/

 

Ida x

[stevo7790]

Hello Ida, thanks for your response.

 

I do have a question, if the agreement was unenforceable and then that account closed, how can the debt still stand within the IVA?

Surely whether it was prior agreed to or not the fact that the debt is no longer legitimate should come into question?

Or am I barking up the wrong tree?

 

I have just been reading a post very similar to mine http://www.consumeractiongroup.co.uk/forum/formal-solutions-bankruptcy-administration/220747-iva-can-i-still.html

 

Where one poster is saying I can, Hmmm... might give the IP a call

[IdaInFife]

it will dependant on your IVA agreement but certainly your IP should be able to tell you.

 

 

If they remove a creditor then you IVA will probarbly fail

[stevo7790]

Back off the phone to the IP.

 

I'm with the Debt Advisor, just so you are all aware.

 

They have not had anything like this come up before and are extremely interested, want me to keep them posted.

 

This is the outcome.

 

If a creditor within the IVA is actually not owed any money then they cant be part of the IVA.

Furthermore if a CCA request is found to favor the agreement being unenforcable then the debt will be removed from the IVA.

The IVA cant fail on grounds the debt no longer exists.

The IVA is still valid if even after deductions the amount in debt is over 15-17,000.

 

In my case as just told, I have roughly 32,000 give or take of debt in my IVA, if my 2 included credit card amount were to be erased so to speak of, I'd still have 26,000 in the agreement.

 

If I then claimed back the charges, then whether the creditors get all/part/none is then totally subject to circumstances.

In my case the Debt Advisor has said they would convene a creditors meeting and tell them I have received a windfall, however as I have had to fight you (being the creditors) to recover the amounts that were taken unlawfully then I would only be paying back a pre-agreed amount, could be 50-50 for example.

 

Interesting... I think it's time to send off some CCA forms

[IdaInFife]

that's very interesting and thanks for coming back with that info

 

what i am trying to work out is how they connect an enforcebale cca with actually no money owed?

 

no cca means unforceable at court but the debt still exists and i would have thought that any IP would be different.

 

But as long as your happy and that the IP office have confirmed it then it's good news for you

 

ida x

[skippync]

Im in an IVA and I Found 3 accounts fully closed off now and main account is with DCA with a figure 6k less than on the listing at creditors meeting. Spoke with IP who stated they will confirm the information and that the IVA will be ammended to reflect this, and as long as the dividend agreed initially for me 40p in the pound then i will have fulffilled my part of the IVA. This should shave the last two years off my IVA. Challenge all your debts. It appears that debts under 1k are straight written off by companies.