quick question

[broke as]

Just reading through my proposal and it says that the supervisor will have unfettered access to my bank account. Is this right?? or does it mean that I have to supply documents if asked.

ALso my car is on its lasts legs, what if say my mum bought me a car on finance or cash under her name and i gave her money towards the payments would I get into trouble for this? and would i be able to log the car as mine?

QUESTIONS QUESTIONS QUESTIONS

[cat 1]

I doubt you would have to give access to your account???I'm not sure that would be legal from your banks point of view? I'm no expert..only 5 month into IVA but I think you will have to give statements upon request.I think mine will be requested upon an annual review, but I think others are quarterly and six monthly.Cat

[broke as]

Cheers cat,

just says that he will do a review every 12 months and that I should allow him unfettered access to bank/building society accounts, what the chuff does UNFETTERED mean. Why cant they make these proposals easier to understand. im just building up the courage to ring the guy as I know that when I do this is it no turning back.

[cat 1]

you must ring and ask what everything means.I still don't truely understand alot of what I signed but this forum has really helped.They don't tend to speak in English on these official documents do they? Don't be rushed and make sure you're agreeing to what you can afford and not just agreeing to anything to get out of one mess into another.Good luck

[broke as]

ha ha,

Thats what Im worried about the proposal and T's & C's are so longwinded. I have just rang them up and the woman who answered says they cannot have access to my bank account they just meant documents. But theres some sheet I have to sign which is titled "authority to disclose information" which I take as they can access my account. good god Im still confused.

Did you feel that you were signing your life away?

[MelanieGiles]

Which IP firm are you using? Freeman Jones by chance?

[ianmillington]

She's with Paul Moorhead I think, Melanie.

"unfettered access to your bank account"? Darn right you need clarification on this. If taken literally that is tantamount to controlling it which can't possibly be what is intended. The "V" in IVA stands for "Voluntary"!

If there are bits of the proposal or the standard terms, that you don't understand, then there is a potential for conflict later on, so raise them now. The IP ought to be grateful that you are actually looking at the proposal before signing it, given how fashionable it seems to be nowadays to link IVAs with mis-selling.

Ian

[MelanieGiles]

The only reason I thought it might be FJ is their connection with the "Think" banking! How can a supervisor ever expect to gain unfettered access to a bank account is beyond me!

I suggest a second opinion on the content of the proposal especially if you have had no direct contact with the IP.

[ianmillington]

Agreed!

[broke as]

Hi there

Just to let you know Ive rang up the company and asked 2 different people what this "unfettered access" means and they both said it only means if the IP needs to see statements I must provide them and they are not legallly allowed to access my bank account and they wont.

Cheers again

Nina

[MelanieGiles]

"Unfettered" means free or unrestricted. I think it is a bad choice of wording, and one which is designed to cause unecessary irritation.

[ianmillington]

Hi Nina

Whilst I hear what they are saying I'm a firm believer in things that say what they mean and mean what they say. Take a look at this site - many of the horror stories posted here in the first place stem from bad or unclear wording that is open to more than 1 interpretation.


So why don't you ask they just say that you will immediately produce, for inspection, your bank statements upon request, rather than something that doesn't actually say that? You've got 2 licensed IPs saying that the wording goes much further than that. You need to get it fixed.

This may sound finicky I know but you'll never have a better opportunity to clarify and, dare I say, influence the terms of your proposal. You are buying a 5 year recovery plan, not a bus ticket, so if the terms are not negotiable without good reason being given then I see it as a problem, given that legally it's your proposal.

Ian