I have been in an iva for almost 1 year now and just had a letter from debt free direct about my annual review.
I can understand why they need to see my last three pay slips and p60. they also want my last 3 bank statements.
can anybody tell me why this is neccessary as i dont think its fair that people are going to be able to basically see what transactions have been on my account and what i spend the remainder of my money on.
many thanks
r.t
Speak to DFD and explain that you believe that your bank statements are private. We do not ask to see them unless you cannot provide evidence of income or you wish to provide evidence of particular cost increases. Explain to DFD your concerns and they may be fine about it but ultimately it is a breach of your IVA not to comply with any reasonable request of your supervisor. I am sure it will not come to that and if you do have to forward the bank statements DFD will not be too interested in how you spend your IVA allowances.
I am afraid that when you enter into an IVA, the Supervisor is entitled to review this documentation on an annual basis - indeed it is essential to be able to see whether you are maintaining payments at an affordable level or could increase your payments.
It would appear that this may not have been adequately explained to you by your IP at the time your proposals were first presented, but don't worry they are not trying to catch you out.
7.3 Income should be verified by means of 3 months of pay slips, or a suitable equivalent for the self-employed, and bank statements (in the case of weekly pay slips, it is sufficient to check a selection to cover the 3 month period). In the absence of pay slips (e.g. if they have been lost), then bank statements should be checked.
Consequently if requested you need to send your bank statements to your provider.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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
another thing i was worried about earlier on is that i share a flat with a friend and ALL utility bills, council tax, phone, internet etc are in his name so when thet look at my bank statements i wont have any direct debits/standing orders coming from my bank acc just a lump sum monthly transferred to him for my rent then i give him bill money whenever it is needed, it was playing on my mind but then thought to hell with it, i was honest about everything when i entered into the iva last year so im not gonna worry anymore, theres more important things in life to fret about..
We are with DFD and we did not have to submit our bank statements last year - we sent our payslips for last three months, P60 and all evidence of increase expenditure like receipts for fuel increases, food etc etc - our chairmans report states they will request site of the payslips and p60 - no mention of bank statements - however at the end of the day as long as you can show you them what have you to hide - your statements will off course show some shopping - we all have to live and we all have to buy things - as long as we are living within our agreed expenditure don't get stressed out about it !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
hiya luluj,
your right , i have nothing to hide, just the fact that i dont like people to be able to see what i maybe buying, paying for etc. seems these days we have no privacy over anything we do.
DFD proposals are basically protocol compliant ones so clause 7.3 as indicated in a previous post here would apply. All of DFD proposals will be protocol compliant fairly shortly - this is what they told the IVA Standing Committee
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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