2nd Bank Account

[crazymoose]

Hi,

I have been reading this forum for a while now and have found it very helpful. Myself and my wife are 3 months into an IVA and I have a question regarding an additional bank account that we have opened.

My mother and father in law are divorced, the mother in law lives here in the UK and the father in law lives in South Africa. My wife has a 12 year old brother and my father in law still sends money over to help with child care costs.

Since the mother in law is a compulsive gambler my father in law does not want to deposit the money directly into her account as he is worried she will most likely gamble it all away.

So we have opened a savings account in my wife’s name and my father in law will deposit money into it occasionally and my wife will make regular cash withdrawals and give the cash to my mother in law.

What I want to know is will it be picked up at our annual review? I don't want to have to try and explain this all at the end of the year when we have our review. Our P60's will clearly show our income for the past year so I am wondering if I should be worried at all?

Should I be worried?

Regards
Kris

P.S. Sorry for the lengthy explanation and thanks for taking the time to read it.

[debbiw]

Hi Kris

I think that all bank accounts have to be declared in your annual review, so better to be honest with your IP.

[crazymoose]

Hi,

Thanks for the reply - are they likely to require some kind of proof? Will they take my word for it?

Regards,
Kris

[wooderz79]

Is your father-in-law aware that you have the IVA. If so, just ask him to put in writing that you don' t benefit from the money, and give your IP a copy at review. Can't see why they should hold it against you.

[debbiw]

I think you will have to provide bank statements for all your accounts, but I'm sure if you explain to your IP, or like wooderz79 says, get a letter from your father in law, there won't be a problem.

[crazymoose]

The father-in-law is unaware of our situation and we don’t want him to find out if we can help it, he has bailed my mother-in-law out of her gambling debts twice already and I’d hate to burden him with our debts too (He is financially able to help us out of the IVA completely so it would only weigh on his conscious)

Obviously if we have to get him to provide us a letter then we will have no choice, I was just hoping to avoid the situation altogether.

If we don't inform the IP is there anyway they can find out? I am aware this is not ideal as we should be open and honest, I just want to know all my options so I can make the best decision for our family.

Regards,
Kris

[jpj]

Cant the account be in the 12 year olds name with your wife as an authorised person to sign on the account?? My niece has an account and shes only 2!!

[crazymoose]

I have accounts in the name of my children, I can use those.

Would I have to declare those to my IP as well?

Thanks,
Kris

[crazymoose]

I suppose I should mention that my Children are 3yrs old.

[jpj]

I shouldnt think so,your children have the right to their own accounts.

My IP has never asked for all my bank statements..only the last 3 months at every review.. I dont think they have time to go through EVERY clients bank statements EVERY year...There is a certain degree of trust in an IVA!