I don't think you will have a problem Lesley. You can explain all the transactions away, and have not been trying to deceive anyone.
I would not advocate 'hiding' any money on a prepaid card or opening another bank account. It's best to be honest and above board.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I agree with Kallis Lesley, I think you'll be fine.
I also agree with her that it's not a good idea to hide money on a prepaid card or to open another bank account with the idea of keeping things from your IP. Don't get me wrong, prepaid cards are fine, but I wouldn't try and hide anything from your IP.
My energy supplier has just paid a £67 loyalty bonus into my bank account, 2 months ago my gas and electricity tarriffs were increased 29% and 19% respectively, should I declare the £67 or just keep it, I think in all fairness I should keep it but I don't want to get into trouble. [:(][:(]
Advice please[?][?]
IVA COMPLETED ON THE 17th MARCH, FINAL I&E COMPLETED 26th APRIL, COMPLETION CERTIFICATE ARRIVED 2nd AUGUST
You should declare it as it is called a 'bonus' and see what the IP say...you don't want to put in a prepaid card or in another account that could be construed as hiding something?
It will be paid into your normal bank account anyway, so wouldn't be capable of being 'hidden' anyway Kalla.
I would speak to your IP. As your expenses have gone up, you may be allowed to keep it. If not, they may ask for 50%.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Check the terms of your IVA - some state that you only have to hand over money over £500 for example.
If you're not sure it's definitely worth checking with your IP - as it'll be paid into your normal account they'll probably pick it up at your annual review.
I think a lot of posters are worried about nothing. We do not ask for bank statements at annual review time unless we require verification of expenses or the client does not receive wage slips. If a client manages to save some money that is down to their own good management and means that the IVA is likely to run it's course and will not need varied.
In any I&E there is contingency/miscellaneous, car maintenance, medical,dental,optical and numerous other items not payable every month. I always advise my clients to open a new savings account at the time of the IVA into which to transfer any remaining monies at the end of each month. Then when the head gasket blows, the heating breaks down or dental work is required, the client has sufficient monies on hand to pay for these. This prevents missed payments and variations and rather than be something that people in IVAs should be embarrassed about, they should be proud that they have regained control of their finances.
Michael,
A great answer that answers the concern.....nows that is A FORUM EXPERT!! Having another account makes sense, imaging if your ONLY card account was hacked(PIN fraud) and someone stole the money...takes a week to be reimbursed and you have no access to funds?? Having different accounts help to spread the eggs in different basket. What you save is yours and if you 'don't eat' and save loads its yours....for that luxuary purchase....now that is certainly allowed. People seem to think they have to have one account and tell the IP everything.Ips are so so busy busy.....only the VAT man would want details and details as people pay less VAT than they should. BESIDES HOW MUCH CAN YOU CONSISTENLY AND REALISTICALLY SAVE IN ANY IVA.....VERY LITTLE.
Last edited by kalla on Mon Nov 24, 2008 3:27 pm, edited 1 time in total.
A savings account to put away any small amounts you manage to save, and to save your contingency money is fine. I doubt your IP would be happy if you were able to save loads of money - if you can manage that, you can pay more to your IVA. As far as I am concerned, luxury purchases are something I won't even contemplate for the next five years. I don't need them and can manage without. I certainly won't be 'not eating'!
I would far rather pester my IP about any surplus money or windfalls and be told that I am ok, than to suddenly be presented with a large bill when it comes time for my yearly review.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Kalla, I'm glad you're finally happy with an answer on the forum. At no time has anyone said that someone couldn't have another account, just that it shouldn't be used to hide money from your IP.
