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Right to see family members bank account?
Posted: Mon Mar 29, 2021 12:02 pm
by richard726
Hi, I have a family member who has gave me the cash for an offer to my creditors. This was out of their personal savings. Has the IVA/creditors a right to see their bank statements showing funds when I have stated it was out of their life savings? With the current data protection laws I find this odd. Please could someone shed light of this please. I have deposited said money into my bank account and forwarded the iva company my bank statement showing this. I await their response. TIA.
Re: <t>Right to see family members bank account?</t>
Posted: Mon Mar 29, 2021 12:12 pm
by kallis3
They just do this for money laundering checks, nothing sinister and they will require confirmation from your donor that the money is only available for a full and final and will not be available otherwise. Your IP company may see this deposit as a gift and take it anyway into your IVA.
You need to speak to your IVA company to sort this out with them.
Re: <t>Right to see family members bank account?</t>
Posted: Mon Mar 29, 2021 12:15 pm
by Foggy
As Kallis says, this is for money laundering regulations and the IP is required to carry out these checks.
Re: <t>Right to see family members bank account?</t>
Posted: Mon Mar 29, 2021 1:28 pm
by richard726
Thanks guy's. Yes, I stated in the email that it's for the full and final offer. Thanks again.
Re: <t>Right to see family members bank account?</t>
Posted: Thu Apr 01, 2021 5:51 pm
by richard726
If its life Time savings tho it will not be a single transaction of £5k, it's what they have saved over many many years so what will a bank statement prove? This is very frustrating, I have the money now in my bank to put to the creditors but constant delays. Will a bank statement be the only source the creditors will accept? He could of saved £41 a month for 10 years so would they require 120 monthly statements proving this!
Re: <t>Right to see family members bank account?</t>
Posted: Thu Apr 01, 2021 5:59 pm
by kallis3
You need to speak to your IP to see what they will accept.
Re: <t>Right to see family members bank account?</t>
Posted: Thu Apr 01, 2021 6:36 pm
by Foggy
Thu Apr 01, 2021 5:51 pmrichard726 wrote:
If its life Time savings tho it will not be a single transaction of £5k, it's what they have saved over many many years so what will a bank statement prove? This is very frustrating, I have the money now in my bank to put to the creditors but constant delays. Will a bank statement be the only source the creditors will accept? He could of saved £41 a month for 10 years so would they require 120 monthly statements proving this!
The purpose of money laundering regulations is to check where the money has come from .... statements showing a gradual growth will do this --- they wouldn't want all 120 ! When money is laundered it usually appears in a lump sum with no explanation as to source --- that is what the regulations are designed to detect.
Ten years ago a letter from the donor, along with ID would suffice. But I guess things change.