I am trying to pay off my IVA but have been asked for my fathers bank details or ID from the company. My father had given me a lump sum to pay IVA. I have the money cleared in my bank so why would they need his details ?
Mainly it is due to money laundering regulations which the IP has to follow. Additionally they might want to verify the source of the funds to make sure they are third party funds, as opposed to something like an undeclared windfall or somesuch.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Usually a bank statement from him proving the funds are in his bank would be sufficient - as Foggy says this is to check that the funds are genuinely coming fro a third party.
The problem I have is this is a person I have little to no contact with, what would I do. I couldn't ask him for bank details. Would a letter surface saying that he has given me the money?
Also he has already given me the money, so surely a bank statement saying the money is in his account is irrelevant?
The funds are supposed to come FROM the third party into the IP's account ... better not through your account as creditors could suggest the money isn't from the third party ! Unlikely but a possibility.
You will need a letter from him stating that the money is available for the full and final only and that, should the offer be rejected, he will retain the funds and they will not be available to creditors. They might also need to see bank statements showing the payment from his account into yours. They need proof that the money comes from a legitimate source and is not YOUR money.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
