I'm sure they have ways of finding out. One of our other posters had a credit card and an overdraft, and this was found out by their IP during the IVA.
I would be too worried about them finding out and my conscience wouldn't let me either.
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
credit files and bank statements.p60,s ,wage slips,you will only pay back your total debt plus fees and interest maximum.an iva is an affordable,ethical way to clear your debts,if you are found out, to have given fraudulently wrong information regarding your iva ,you can go to jail.
Last edited by MRBLUESKY on Tue Aug 18, 2009 10:58 pm, edited 1 time in total.
I recently found out about one following a "tip-off" from a relative - and creditors are now going to be repaid in full. Honesty is always the best policy - and IPs have many ways of finding things out that it is simply just best to be honest.
I note your point James, but you cannot possibly expect me to comment on that such deliberate dishonesty. Many people put forward good IVA proposals to be rejected by creditors for nonsensical reasons. Those of you fortunate enought to be accepted ought to give the procedure, your IP and ultimately the creditors the utmost respect afforded by being able to write off some of the debt.
I totally agree Melanie, and cannot believe that you were asked to comment on something underhand!
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
I'm too honest if anything with a need for all my paperwork to be 100% correct, it really is a relationship of trust with your IP and I will always respect my side of my agreement. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If the windfall is an inheritance this is public record and HMRC may even be involved. If it is a lottery or pools win and you tick no publicity it could be difficult to find out initially but again HMRC will have access to tax records. Many IVAs go to HMRC where there are tax credit debts or the clients are or have been self employed and they will inform the IP of dishonesty.
I am sure the question is rhetorical and Nikki does not intend to be dishonest as there are easier ways than entering an IVA.
I may be about to receive a "windfall" of a different nature. In the seventies I worked for a large multi-national company, mostly overseas. When I left in 1980 I received a "golden handshake" which, as far as I was aware, included cashing in my pension. I have now received a letter from that company, via DWP, trying to trace my address. It would seem, therefore, that I do have some pension rights which I will find out about in a few weeks (I am 65 in November). I haven't a clue how much will be involved (although even a small "pot" collecting compound interest over a thirty year period could be quite substantial). From what I can gather, it will be possible to take the whole lot probably tax free. The question is do I do this and hand the whole lot (apart from the first £500) over to my creditors or do I draw it as a monthly pension so that at least I will have something each month after the IVA finishes? I should add that, although this is a windfall in that I had no ideas about it, in is not like a lottery win or an inheritance. I worked damned hard in very difficult and often dangerous territories overseas and, of course paid in my pension contributions as did my employer. Surely, in these circumstances, I have a right to some benefit? What do you think?
Honesty is always the best policy, if only for peace of mind. For years before my IVA I was ducking and diving and the stress was immense. Since my IVA, that’s all gone away and even though it’s no bed of roses, I am happy with my lot. I no longer worry about the phone ringing or what’s coming in the post. If I was fortunate enough to receive a windfall, I would have no problem in adding it to my IVA repayment.
johnh wrote:
I may be about to receive a "windfall" of a different nature. In the seventies I worked for a large multi-national company, mostly overseas. When I left in 1980 I received a "golden handshake" which, as far as I was aware, included cashing in my pension. I have now received a letter from that company, via DWP, trying to trace my address. It would seem, therefore, that I do have some pension rights which I will find out about in a few weeks (I am 65 in November). I haven't a clue how much will be involved (although even a small "pot" collecting compound interest over a thirty year period could be quite substantial). From what I can gather, it will be possible to take the whole lot probably tax free. The question is do I do this and hand the whole lot (apart from the first £500) over to my creditors or do I draw it as a monthly pension so that at least I will have something each month after the IVA finishes? I should add that, although this is a windfall in that I had no ideas about it, in is not like a lottery win or an inheritance. I worked damned hard in very difficult and often dangerous territories overseas and, of course paid in my pension contributions as did my employer. Surely, in these circumstances, I have a right to some benefit? What do you think?
I would definitely talk to your IP- this would appear to be an asset you had prior to the IVA which was not included in the IVA (due to no fault of yours, of course!), and he may have different ideas about what to do with it.
Unless there are modifications requiring any pension to be included, it may be reasonable to suggest that you can keep it. But have a chat to your IP.
Thanks for your reply, Liam. I haven't yet contacted my IP on this simply because it is all speculation at the moment (I only got the letter on Friday). Of course, I will do as soon as I know what is involved. Even had I known about it when entering the IVA, it is only as assett that can be realised when I reach 65 which coincides with my annual review and loads of other changes to my IVA, so I don't believe it would have had any effect on the current proposal prior to annual review. I was really fishing for support for the idea of drawing a monthly pension rather than a lump sum. I don't think an IP or creditors can insist I take a particular path, nor do I feel ethically compelled one way or the other. I Would not feel the same way about a lottery win, though!!
