Hi guys can you please help me sent all my paperwork off 2weeks ago for review and I spoke to an advisor today to see if all was ok and she explained that the review was conducted yesterday and that a letter has been sent out to me with the outcome there are a few problems with transactions on my bank statements they are questioning payments made to,
Capital one credit card!
This card is my wife's secured card incase of emergencies with a £200 credit limit and a Balence of £60.
Studio cards,
This is a mail order gift catalogue that I have had for years back in feb I ordered a washing machine out of it because mine broke and I could not afford a £500 machine four weeks after Harrington brooks agreed I could keep the over payment I was due to pay in because my drier had broken so I could buy a new one.
There is about £400 owing and a credit Limit of £700
I don't know what to do is this a bad thing am I in trouble with my iva I'm now concerned
You need to speak with HB but you may be fine. You are normally allowed credit up to £500 and you are both below this limit. However your IP should know as should the finance company.
Is your IVA an interlocking arrangement with your wife? If not, then the Capital One credit card is fine. However, as Michael says, many proposals 'allow' you credit of up to £500. it will say something about this in your proposal.
Was the Studio account 'live' prior to your IVA being approved? If it was, then it really should've been included as a creditor in your arrangement. You should really speak with your IP about this. Things should be OK though.
Last edited by ClareSilver on Tue Sep 10, 2013 4:10 pm, edited 1 time in total.
Hi Steedie - try not to worry I am sure it can be cleared up with little issue. Speak to your IP asap and explain the circumstances. They will either look to bring the creditors into the IVA if they can, the balances may need to be settled outside of the IVA if they can be with a revision of your I&E or third party help if that is an option, but really it will be you own IP who will be able to advise on what the best way forward is. No IP would want an IVA to fail for something as small as this so they should work something out with you.
Let us know how you get on.
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This post is a bit worrying, do all reviews include a trawl through your bank statements or is it only certain companies? I was only asked to produce my bank statement initially to confirm debt (overdraft) so am not happy about having to justify every single debit from my account! We have now made 9 months payments so review is due within the next few months and posts like this make me a bit anxious. Surely, only income should be reviewed with reference to essential expenditure and allowances?
Thanks guys for your responses I will wait now see what increase on payment they are proposing and what issues they have with the trans, when I receive the outcome letter.
I'm off work thurs and fri so I will contact them then.
My iva is joint so we are both responsible and the catalogue and secured credit card were live before the iva went live just never had a Balence.
Last edited by Steeddie on Tue Sep 10, 2013 10:55 pm, edited 1 time in total.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by esgt1967
This post is a bit worrying, do all reviews include a trawl through your bank statements or is it only certain companies? I was only asked to produce my bank statement initially to confirm debt (overdraft) so am not happy about having to justify every single debit from my account! We have now made 9 months payments so review is due within the next few months and posts like this make me a bit anxious. Surely, only income should be reviewed with reference to essential expenditure and allowances?
Maybe it's being scrutinized because they are taking it as I have taken out further credit ( not just that I used because I had a emergency and needed to buy a washing machine with no money)
I have not explained myself to them yet (not that I feel I should but who am I to question lol) it's my first annual review
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by esgt1967
This post is a bit worrying, do all reviews include a trawl through your bank statements or is it only certain companies? I was only asked to produce my bank statement initially to confirm debt (overdraft) so am not happy about having to justify every single debit from my account! We have now made 9 months payments so review is due within the next few months and posts like this make me a bit anxious. Surely, only income should be reviewed with reference to essential expenditure and allowances?
I've just had my first review with StepChange and had to provide my previous 3 months statements for all accounts held. I presume it's to confirm incoming and known outgoings, none of my outgoings were questioned.
I am surprised that they have time to review bank statements as part of the annual review process, but each to their own at the end of the day. There does have to be honesty and trust between client and IP, but if some firms feel that they need to double check up on their clients I guess they are doing nothing wrong - and in this instance it has highlighted incidents of additional borrowings which might give them cause for some concern.
Mine get scrutinised. On several occasions I have had to explain credits to my accounts. Stuff like if I've been to the supermarket and the bill came to 35 quid and I've only had 30 on me, I've had to pay with my debit card and pop into the bank the next day to pay the money in to cover it. Odd how they never question the debits.
I get mine scurtinised each year becasue my wife and I operate a bills account. Its in my name and we both pay into it. so her bills like CC, Ln and Phone all come out. Makes for interesting reviews I can tell you! espicially re the split of disposable income... hey ho next month we do it all again for the start of yr 4..... im actually quite excited. As for the OP - I think if some common sense is applied then everyone will reach an agreement. Good Luck
thanks guys for your help and advice i have still not recived the outcome letter so hopefully i get it tommorow so i can look over it and contact them and sorth this issue out, i was totaly unaware it would cause this problems or i wouldent of used it ooops. im so stupid..
