iva and reclaiming bank charges

saltytowers | 18:06 Thu 07th Dec 2006 | Business & Finance

3 Answers

I recently entered into an iva, under the agreement 50% of any additional income has to be paid to my creditors via my IP. Does this mean that I can claim old bank charges and keep 50% of this for myself, or can I keep it all, or do I have to pay it all to the IP?

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Ethel

It is additional income - so half must go to your creditors.

shomer42

You have to pay half of additional income to your IP. What an unfair modification.

dancecaller

Unfair to who?
Seems like you've got an incentive to earn more, because you keep half, but the creditors get something too.
If the bank is your only creditor thet may try to set this against the debt, no idea of they can.

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