i keep hearing conflicting cases

[andrew.g]

Hi Everyone,
The thing that is always on my mind is am i a bit better off in an IVA and is my bank account totally monitored as to were my money is going too after making the installments.
I mean do i have to show shopping receipts, dental bills , rent payments and council tax payments to my IP every month as once the IVA payment comes out i am weary of the rest of the balance thats left in my bank account and have to prove my expenditure.
Is this the case or is it whats left is yours to do as you please as i keep hearing conflicting cases.

[pbeck]

Andrew

You don't have to worry too much, the IVA Supervisor will not keep a close eye on how you are spending your money, the level of payment has been agreed, and what they're really concerned about is receiving the payments, so if you stick to the payments everything will be fine.

You have to remember creditors are driving IVA fees down, IPs simply don't have the time to go through your affairs with a fine tooth comb to see where your money's going.

Philip Beck

Licensed Insolvency Practitioner and IVA specialist

[iva experts]

Hi Andrew,

I wouldn't worry as much if I was you, your I.P is not like a Big Brother type figure tracing every penny you spend. In your annual review they will probably ask for you bank statements but wont ask you about specifics like what you spent £5.72 at Boots on the 02/01/08, as Phil has mentioned they just dont have the time to do that kind of thing.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[MelanieGiles]

There is also a huge element of trust between the IP and the debtor, and I certainly tend to rely on the information provided by my clients, occasionally asking for evidence if something has increased significantly.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[louisa.s]

Hi there,

As long as they receive their monthly payment they really do not monitor you that closely. As Melanie says it is down to the trust between the IP and debtor.

We are with Grant Thornton and are 20 months in. We've had one annual review and we were required to submit a revised I&E, evidence of the increased expenditure (if necessary i.e if you have an accident and your monthly car insurance shoots up by £50 a month!)otherwise if it is just a standard increase they do not necessarily require proof and 6 months payslips but we did not have to submit our bank statements. And then we submit the other 6 months payslips 6 months later.

The only time we had to present our bank statements was prior to the IVA being agreed to make sure we hadn't spent excessively.

Hope that helps.

[Oliver]

The budgets are put in place so you have adequate funds to pay for your reasonable living costs but you do not have to prove that these budgets have been utilised month by month.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[andrewgoodman121]

Phew!!! Thats a relief as i am entering into an IVA with Melanie Giles and i am doing it to give myself a fresh start and put all this behind me.
I can't get credit anyway and have been living frugally for ages but i would rather do it for 5 years instead of 40 years.
I think that personally an IVA is a good option for me as i am in full time employment and it gives me a great chance to wipe the slate clean with a 60 month payment program.
Bankruptcy FRIGHTENS!!! the hell out of me and i don't want to go down that route as i wouldn't want the stigma attached to it and i would rather pay back my creditors as a sense of PRIDE!!! in an IVA.
I don't want to do a DMP as it is not legally binding and has too many disadvantages.
At the End of the Day i was stupid and naive like everyone else and i am glad i chose a good IP Company with an excellent reputation to help me put this mistake behind me.
I am nearly at the proposal stage in my IVA application and am glad i nipped the problem of DEBT in the bud before it was too late.