This is my second chance! My only money worry now is something happening to throw my IVA off course - I wouldn't sleep knowing I'd done something to jeopardise it. Besides, I've done all my spending now's the time to cough up!!
I think the biggy is that, after spending a while dodging phone calls and worrying about finances, the last thing any of us want to do is to have to do the same thing over our IVA's.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your friend would be very unwise not declaring the money - she could end up with a criminal record and community service - which I have seen an Official Receiver award for a much lesser offence.
Perhaps they were able to bring up your credit record on screen to check. No idea how they work.
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 impressed by the responses here- good to know that your friend is in the minority!
However tempting it might be it would be very dangerous not to declare this money, as it could jeopardise the IVA and even bring criminal proceedings as Mel says. Best to own up, cough up and be thankful and proud that the creditors are getting a good return.
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
Is Paul.01 for real??? Can anyone really be daft enough to even consider that - if you receive a sum of money - that this should not go into your IVA?? I am in an IVA - I regularly report ALL additional monies that are received and pay 50% of these over.Paul - how can your friend even think otherwise????Surely EVERYONE in an IVA must realise that every last penny should be paid in to help increase the dividend to Creditors that has been incurred as a result of the debts incurred by us debtors. SURELY everyone in an IVA must realise that it is their requirement to repay everything possible??? Are there seriously people who are trying to avoid this??? Unbelievable - we must hope that any such action is suitably dealt with. We OWE THE MONEY THAT WE BORROWED. END OF STORY!!!!
Last edited by OPTIMIST12 on Wed Jan 26, 2011 5:26 pm, edited 1 time in total.
Hopefully this thread will have helped Paul to tell his friend that everything should be declared.
Hopefully he will.
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 once caught out a client who had witheld a £117k inheritance - where I was tipped off anonymously by one of his relatives. When tackled about this, he denied everything but around 10 minutes later rang back to confess. I must have made him feel guilty - and of course we IPs have ways of finding things out if we are given a good lead!
Result - payment in full to creditors with statutory interest - and he was able to keep around £40k.
Now i know i'm sticking my neck way out here for criticism but i have been a lurker on this site for a long time and i am always amazed at how righteous some people can be...
I completed my IVA some time ago and the IP i used just let me get on with things and i merely considered it a monthly bill. I understand now about the need to try and increase your dividend as best you can but at the time i didn't, and i have to say my IP definitely didn't encourage me to. FOr the duration of my IVA, my salary increased by about £6k, but my payments never did. i never had to show payslips or bank statements, just my P60 at the time of my review. Because of this, my IP had no clue about my personal circumstances, and never questioned me. At the time it was set up, they got me to max on all the entitlements so i had as much cash as possible for things i didn't actually need to pay for.
I read about people living and breathing their IVA every day but i have to balance it out just a little bit - i barely gave mine a thought, didn't worry about it and then it was over and i got my certificate and i am getting on with life as i was before. I have no guilt - I am debt free and i don't think one of my creditors are losing sleep because little old me couldn't pay them back in full. I had very difficult circumstances at the time and got myself out of debt. I would say at least a third of my debt was interest piled on by the greedy corporates anyway. I didn't consider any additional cash i got to be anyone's business but my own. How controversial! But i think that's how a lot of people feel and it quite realistic. CAn you honestly say if someone put a wad of cash in your hand, you'd immediately ring your IP? I doubt it.
Sorry if this shocks you but this was my experience and it does sadden me that other people seem so invaded by the process when mine was a breeze.
I'm sorry, but I disagree. Any extra money should be declared to the IP, regardless of where it comes from (unless it is a birthday gift - and I'm not talking talking thousands here).
If I received an inheritance or a windfall then I would inform my IP and I want to pay back as much as I can to my creditors. Ideally I would pay back the lot, plus the interest, as that's what I intended to do in the first place.
For my own personal circumstances I blame nobody but myself for the mess I got into - yes, the banks loaned me the money, I didn't have to accept it though.
I doubt any IP today would take the stance that yours did.
Can you tell us who it was? I'm sure a lot of posters would be wanting to contact a firm who isn't interested in payrises.
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
Totally agree - we all borrowed the money with the intentions of paying it back in full didn't we??? If that was not the case then an IVA is not really for you as it is a second chance to do this.
Cindy you say how righteous some people can be but it is a little thing called morals that most of us were brought up with - to try and do the right thing no matter how hard it is. I for one am glad I went down the IVA route and paid as much as I could back and I feel so much better for it I really do. I chose to blow the money and have learnt for the better.
Interesting post cindy.me, it just shows how some peoples experience of an IVA can differ to another. It is a good idea to have sustainable budget where possible instead of a tight one where every month is hand to mouth - that then begs the question if an IVa was right in the first place. Ideally there should be a balance.
It sounds lke your IP was very relaxed indeed and wasn't concerned about commitment to maximising the return to creditors - consider yourself lucky! An IP has to balance the best return to creditors whilst not letting their clients struggle with unrealistic payments.
Although some of your points are maybe controversial I think its good to have open conversation about this and here is the best place to do just that! Ultimately a client has a duty of honesty to their IP and creditors and the IP has a duty of care to their clients and responsibilty to creditors.....and they both should be able to sleep at night with their conscience!!
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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