www.iva.co.uk

Please tell me how it works when you are in an IVA. I have just opened a new bank account with 'Abbey' so will my creditors or my IP be able to look into this account to see what I'm doing? ie. if I was to spend more one month and less another or put some extra money in (if I were lucky)or are they just produced on a yearly basis?

Welcome to the forum Sherry.
Make sure your new bank account is not linked to any existing creditors. If you have done this then neither your creditors nor you IP can monitor your activity in this account.
Some IPs will want to see 3 months bank statements at your annual review.

Thank you swardean, it makes me feel like a naughty girl - but I have been havent I thats why I am in this mess. I was advised by payplan to open an account with Abbey because they are not linked!

Hi
Your IP may ask for your bank statements at your annual review, they will not be intereted in how you have spent your allowance.All they are looking for is to see that you are declaring all income and that your major expenses [Mortgage/rent/council tax] are as you have stated on your income and expenditure form
Regards

I was wondering about the yearly review. I know they probably check your bank statements but surely not all year? and what about wages do they ask to see another 3 months every year? I worry about all sorts.

I think it varies from IP to IP. Generally they will want your P60 and your last 3 month wage slips. Melanie who posts on here says that it is, however David Mond's company also insist on 3 months bank statements.

Hi
It will depend on your IP.
Most will ask for your wage slips every three months, some just at the annual review.
Some will not ask for bank statements at all.
Regards

The majority of firms nowadays do ask for the last 3 months bank statements at review time along with the last 3 months wages slips. This should not present any problems and if you manage to save from not spending your allowable expense then no problems it is not clawed back.

I had to send my wage slip every month!

I am with DFD and they ask for P60, the last 3 wage slips, (mine are for 3 months, and hubbys for 3 weeks, as he gets paid weekly)and bank statements. And then we have to provide evidence of any significant increases in expenditure (rent, coubcil tax, car insurance etc.

I get paid weekly and it seems a lot to provide 3 months wage slips. Got to start saving them. Had so much trouble getting them last time.

It's just three months wage/pension slips for us. Hubby is also on benefits and we didn't even have to provide the post office card account statement for ours.

Wonder, you will just have to save up the last 12 weeks before your review. I keep our pay/pension slips for a few years and P60's as well.

It is really important to ensure that you retain wageslips, as they are bound to be asked for and your IP will not be happy if they have to wait whilst you get copies.