I am in the 3rd month of my IVA. I have been told by my IP that when the annual review takes place they will need to see my P60 and 3 months bank statements. I am a bit confused as to why they only require 3 months statements? Is this normal practice as i would have thought that the whole years bank statements would need to be seen? Just confused so any help appriciated.
Each IP is different as to what they require to see. The majority, if they do want bank statements, will only ask for the last three.
For ours, it's only our last 3 payslips and our P60's.
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
Ah I see. So its not a governing IVA rule that 3 months bank statements are required. Fair enough. However I dont understand why only 3 months? What if "other" funds have gone through the account that are not taxable during the months 1 to 8? Not suggesting that this would happen but how can this be monitored if only months 9 to 12 statements are needed to be shown to my IP?
I think some IP's ask you to sign to say that you have not received any extra monies throughout the year.
Other than that, I don't know how they would know. As I say, my IP doesn't want to see any of mine, so I could, if I wanted to, win money on the lottery (I wish!) and pay it into there and I presume they wouldn't know about it.
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
It does seem a bit hit and miss. I am self employed and my earnings do fluctuate from contract to contract. In essence I could earn more or less, however earnings for the IVA have been based on a set figure. I'll just see what happens. Main thing is to earn enough to keep afloat and pay the IVA each month!!
As long as you can pay everything and hopefully have a little bit left over, things should be good![:)]
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
IPs do vary on what they require. However Protocol compliant IVAs require at the outset the following:
7.1 Income should be verified by means of 3 months of pay slips, or a suitable equivalent for the self-employed, and bank statements (in the case of weekly pay slips, it is sufficient to check a selection to cover the 3 month period). In the absence of pay slips (e.g. if they have been lost), then bank statements should be checked.
Hence this should possibly be the same on Annual Reviews.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Our has only ever been payslips, even when setting up the IVA originally.
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
Interesting then your IP has not complied with the Protocol - presumably you have a protocol, compliant IVA?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I'm quite happy I don't have to send them as I do paperless banking and would hate to go back to having a rainforest sent to me every month!
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
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
