Do banks automatically liaise with IVA companies to inform them what is going in and out of your accounts? I am expecting a little cash settlement from a pension and was hoping to use this to pay for some urgent work on my property just worried that I will not be able to keep this amount around £500. Please can you advise on this.
Hi. They do not routinely have any contact with your IP. However, if your IP gets wind of undeclared income he or she will ask for bank statements and all will be revealed.
It is surprising how things like this do come out of the woodwork eventually.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Why don't you simply explain to your IP that you need the money to effect essential repair work to your property Robert? A good IP will consider this carefully, and at worst you may have to pay over additional funds at the end of the IVA to compensate for this.
