www.iva.co.uk

when your in an iva, does the iva company check each payment in and out of your bank???....

basically after reading a few posts it seems an iva company dictates what you can and cant spend and keep close eyes on behaviour such as this...

how does this work?! are we set for 5-6 years living off smart price food and wondering if we can put five pound in the car??!!

xx

The IVA company obviously has a duty to your creditors to make sure you're not trying to pull a fast one but you shouldn't have your account micro managed by them.
Make sure you speak to a few companies as some are 'tougher' than others. Tough isnt really a good word but some IVA companies have a more realistic view on what you need to live on than others!

In my experience (IVA due to end on Sunday) bank statements are not checked.

Once you have paid your monthly payment everything else you have left is yours.

Copies of payslips and your P60 will be requested each year at review tiome, and will also be needed if you receive a bonus.

It would not be possible for your Supervisor (and staff) to check every entry on all of the bank statements of every client.

don't panic - your I&E that is approved is yours to spend as you like - if you manage to save from one pot one month and from another the next - you can spend the money how you like - they will look to see that no additional income is received etc but you have nothing to worry about

thanks everyone. just trying to get lots of advice and opinions before signing anything!!

An IVA company does not check every payment out of your account. You will have allowances for most things and if you can save from that then great.

Some IP's ask for bank statements, some don't.

thanks everyone, so helpful