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Posted: Mon Apr 29, 2013 11:21 am
by Stoxxy
If I that our an IVA in the UK,am I legally obliged to declare savings and bank accounts overseas??
Will the IVA process find these if I don't??
Posted: Mon Apr 29, 2013 11:23 am
by ClareSilver
Yes you need to decalre all of your assets and savings as they form part of your estate.
Posted: Mon Apr 29, 2013 11:33 am
by Adam Davies
Hi
It would be a criminal offence to not declare assets under a formal insolvency agreement.
Regards
Posted: Mon Apr 29, 2013 8:35 pm
by MelanieGiles
Whether the IP found them is not really the issue Stoxxy. Why would you want to hide them as a matter of interest?
Posted: Mon Apr 29, 2013 9:45 pm
by Stoxxy
I don't have a huge amount,just some savings and it's not enough to cover all my debts,but it's still something to fall back on,a cushion so to speak,obviously entering into an IVA then this money would be taken as part payment against the debt oweing,but still IVA would require same amount over same time,only difference is that I wouldn't have any savings at all,and really be broke,I know that sounds contradiction,maybe a debt management programme wild be better???
Posted: Mon Apr 29, 2013 11:05 pm
by MelanieGiles
If you have free assets - ie savings - they should be used to repay your debts. The sooner your debts are repaid, the sooner you can build back those savings again. I doubt you would find any reputable DMP company prepared to act for you in the knowledge that you intended to hide assets from creditors. How much are you actually holding, and how much do you owe to creditors?
Posted: Mon Apr 29, 2013 11:26 pm
by Stoxxy
Understandably I don't want to disclose amounts of what I owe or what I have on open forum, is there a pm section I can email you???
I thought on I dmp you didn't have to declare all assetts??
I hear what you are saying but as everyone knows its harder to start saving these days ,this was money from a house sale of few years ago!!
Posted: Mon Apr 29, 2013 11:28 pm
by MelanieGiles
You can email me directly Stoxxy - my contact details are on the "Ask an Expert" section of this site.
In a DMP you should include a statement of your affairs, listing all assets and known liabilities. I know that some firms don't do this, but reputable ones will.
Posted: Tue Apr 30, 2013 12:02 am
by Stoxxy
Dear Melanie,
Just sent.
Regards
Stoxxy
Posted: Tue Apr 30, 2013 1:20 am
by MelanieGiles
Not received yet? Can you send again please
Posted: Tue Apr 30, 2013 5:29 am
by Stoxxy
Hi Melanie...
I did send it via ask expert area but it was posted in the forum!!
Have moderated the post now ...
Do I need to click on your link to get in touch with you directly!
Regards
Stoxxy.
Posted: Wed May 01, 2013 2:08 am
by MelanieGiles
Yes - contact me via the contact Melanie link on my website. I'll be happy to chat this through with you.