Foggy is spot on. When I borrowed the money, I had the means and the intention to pay it back but so many things happened in a short space of time and I found myself using my credit cards to buy groceries, and i knew that couldn't go on. I called a credit management helpline, got referred to the IP and got swept along by the process. To me, as far as i was concerned, that was that sorted. I paid every month, on time and put it out of my mind. They never questioned me, i never questioned them. As i said before, it was pitched to me as a way of legally writing off a proportion of my debt. As Foggy says, if it were pitched to me as a way of paying as much as i could, i would have taken a different view. The IP told me to pay back my small overdraft prior to the IVA starting, so i wrote to the bank and told them, but they never took it off, and the IP never checked. Towards the end of the 5 years i started to panic as i thought they would see my P60 with the bonus on it, so i called to find out how it would work. My first question was - will you need to see my P60? Their response - no, no need, no review. Throughout my IVA, i did what was asked of me.
I have learnt more about the process by reading these posts than i ever knew when i was actually in it. I now realise how slack the IP really was.
IPs are professionally qualified and experienced - most of us having had to pass fairly rigid examinations to get our licence. Our clients trust us to give them best advice and there should be no reason to doubt that bad advice is being provided. Cindy's IP is responsible to his own regulatory body for any short-comings, and none of that is her fault.
This is exactly the reason that i have informed my IP that i have taken voluntary redundancy and now have £34000 sat in the bank. I have made an full and final offer, and i only have 2 payments to go. There is no way i would even take the chance of hiding this cash, although i know i could do. I have worked hard in My IVA, i am not proud of getting into the mess to start with, but i am extremely proud of what i have achieved in getting this far. There is no way on this planet i am going to let anything fail it at this late stage. The IP company are dragging their heels in dealing with it, so as far as i am concerned i have kept my side of the deal by informing them, if they drag their heels beyond completion in April, then that is their problem not mine, and i keep the lot.
MelanieGiles wrote:
I don't understand the comments Stewpot - why do you feel "treated like vermin" when presumably you are in an IVA which was explained to you from the outset and which you freely entered into in the knowledge of all of the terms and conditions.
IPs simply expect their clients to honour their commitments to the contract - after all we don't make up the rules just enforce them - and creditors expect their customers to pay their monies in line with the contract.
It is great to see you back posting - the forum needs a good balance of views from all sides of the fence.
People can do what they like its this 'mantra' I dont get.
ie I found £5 in the road should I keep it ?
No take it to the Police station or you will burn in hell seems a common theme.
That's ridiculous exaggeration! The majority of people who post on here desperately want their IVA to succeed and therefore ask questions that you might not. That is what the forum is here for, and we will always give honest advice, whether the person likes it or not.
If I found a fiver, I wouldn't tell my IP! But i comply with my IVA because I felt like vermin when I defaulted and paying as much as i can is my way of getting my self-respect back. I am also terrified of returning to the days of creditors calling non-stop, threats from the debt collectors, not having any money and all that malarky. It doesn't have anything to do with a mantra...it survival, it's getting my life back! It is good to have you on the forum and I'm pleased you're posting again. We need all opinions here or it will become a mantra if the only people who post all agree with one another. And we all disagree on certain topics so don't let anyone put you off!!
Broke of London wrote:
If I found a fiver, I wouldn't tell my IP! But i comply with my IVA because I felt like vermin when I defaulted and paying as much as i can is my way of getting my self-respect back. I am also terrified of returning to the days of creditors calling non-stop, threats from the debt collectors, not having any money and all that malarky. It doesn't have anything to do with a mantra...it survival, it's getting my life back! It is good to have you on the forum and I'm pleased you're posting again. We need all opinions here or it will become a mantra if the only people who post all agree with one another. And we all disagree on certain topics so don't let anyone put you off!!
If someone gives me £30,000 cash can I look at it for an hour before ringing my IP [:)]
If someone gave me thirty thousand, I'd look at it, throw it around and then call my IP in floods of tears while I handed over the deposit on my imaginary house to pay for a load of crap I bought years ago! xx
Hi
I think the point to remember is that an IVA is a formal agreement and as such the debtor is bound by it's terms and conditions. This means that extra incomes, bonus's, windfalls etc etc have to be declared otherwise you risk the failure of your IVA and possible prosecution.
I can understand that it is tempting to withhold information, my own IVA was far from smooth, and this is down to the individual themselves to make these decisions and also to interpret the conditions relating to their own IVA [with the help of the IP if needs be]. The IP is just doing their job and are duty bound to check for extra funds etc.
We don't judge people on this forum but at the same time we must ensure that all advice is whiter than white so can't condone withholding information from the IP.
Regards
i have just found out that they are trying to hide it in their childs account and they cannot see that it is wrong. I am quite ashamed of being related to them. What should i do?
The money should go towards paying the creditors and shouldn't be hidden in another account.
I know of at least one IP on here who has been told in the past about someone hiding an inheritance and was able to do something about it.
I am not going to tell you what you should do, that's down to you. There is always the possibility that they could be found out.
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
Please don't let it damage your relationship with your relative. If they are being honest and open to you about the money then you could tell them that you believe it's quite risky to hide it, and encourage them to do their own research.
If they are hiding it in an account that belongs to someone else then it might not be investigated. However, if their IP discovers that they have been dishonest then their IVA will probably fail.
I would always recommend being completely open and honest with your IP. Your IVA is there to protect you. But when you sign your proposal you are agreeing to all of the terms, including the ones designed to protect your creditors.
